Translated with AI
Global gold and silver prices reached new all-time highs after US President Donald Trump announced he would impose 10 percent trade tariffs on eight European countries over their stance on Greenland.
According to Asian exchange trading on Monday morning, January 19, the price of gold, a key asset during periods of economic and political instability, reached $4,690.59 per ounce, while the price of silver was $94.12 per ounce.
Amid new threats to the US, most stock markets declined. Japan's Nikkei index fell 1.4 percent, while MSCI's broadest index of Asia-Pacific stocks outside Japan fell 0.3 percent. The dollar weakened against the yen and the Swiss franc, while the euro and pound sterling rose. Oil prices remained unchanged.
On January 17, Donald Trump announced that, effective February 1, 2026, Germany, Denmark, the United Kingdom, the Netherlands, Norway, Finland, France, and Sweden would impose 10 percent tariffs on goods exported to the United States. He said the tariffs would increase to 25 percent on June 1. These tariffs would remain in effect until an agreement is reached on the full and complete transfer of Greenland to U.S. control. According to the president, the United States had been attempting to acquire the island for over 150 years, but Denmark had refused to agree to the deal.
The US president first voiced his intention to establish control over Greenland in 2019, during his first term. On January 14, during talks in Washington, Danish Foreign Minister Lars Løkke Rasmussen and Greenlandic Foreign Minister Viviane Motzfeldt failed to reach an agreement on the island's status. Following the talks, Rasmussen stated that the two sides' positions on Greenland were "fundamentally different." Motzfeldt noted that she would like to strengthen cooperation with the White House but does not wish to cede Greenland to the US.
On January 15, the countries against which Trump had announced tariffs sent troops to Greenland as part of an intelligence mission to bolster security and assist Denmark in preparing for major military exercises scheduled for late 2026. On January 18, a group of 15 Bundeswehr soldiers left Greenland—the day after Trump threatened to impose tariffs on Germany for supporting Denmark in the territorial dispute.
