European stock markets opened the week in decline, continuing the negative trend that began after Donald Trump’s announcement of customs tariffs linked to Greenland.
The U.S. president stated that starting February 1, Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland countries that have deployed troops to the island—will face 10% customs tariffs.
At the same time, Europe is now considering the possibility of suspending last year’s agreement with Washington, which still requires ratification by the European Parliament. The prospect of a new trade conflict with the United States is further unsettling financial markets.
French President Emmanuel Macron, who is working to coordinate a European response to the U.S. tariffs, has pushed for the activation of the EU Anti-Coercion Instrument, describing Trump’s threats as “unacceptable.”
These tensions are unfolding as the World Economic Forum opens in Davos. Major European stock exchanges are trading in negative territory, with Paris down 1.5%, Frankfurt 1.4%, Madrid 0.9%, and London 0.6%. The sectors under the greatest pressure include automobiles, luxury goods, and technology.
Experts say investors are increasingly turning toward safe-haven assets, such as precious metals. Gold and silver reached new record highs following a strong surge last week.
