Donald Trump called off tariffs that were scheduled for February 1st on several European countries over Greenland, saying a framework for a future deal covering Greenland and the Arctic has been formed after a meeting with the Secretary General of NATO, Mark Rutte. According to a statement, he said he would not impose the planned tariffs because the understanding could benefit the United States and all NATO nations (this followed recent market turbulence).
stated “Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”
Markets moved sharply after the announcement, reversing earlier losses. Bitcoin first recovered to about $90K, fell to $87K, then returned to roughly $90K at the time of writing.
Liquidated positions surged to about $1 billion, a roughly 40% increase over the prior 24 hours. (Ed. note: this figure highlights a large, rapid unwinding of leveraged positions.)
