President Donald Trump on Wednesday said he and NATO Secretary General Mark Rutte have "formed the framework of a future deal with respect to Greenland."
Trump said that as a result of that negotiation, he would no longer impose punitive tariffs on a slew of European countries that were set to begin Feb. 1.
In an interview with CNBC's Joe Kernen minutes after posting the statement, Trump described the Greenland framework as the "concept of a deal."
Read Trump's entire announcement, which he posted on Truth Social:
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. Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress. Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations â They will report directly to me. Thank you for your attention to this matter!
Stocks shot up immediately after Trump posted the update.
Details about the framework agreement were unclear. The White House did not immediately respond to CNBC's request for additional information.
Despite its lack of detail, the announcement marks a stunning twist in the ongoing controversy over Trump's persistent efforts to acquire Greenland for the U.S.
The Trump administration in recent weeks has floated buying the island or even utilizing the U.S. military to take control of it, even though it is a territory of Denmark, a NATO ally.
Danish and Greenlandic officials have rebuffed the U.S., reiterating that Greenland is not for sale. As tensions ratcheted up, a slew of European NATO nations increased their military presences in the territory.
Over the weekend, Trump responded by threatening to hit those countries with new tariffs starting at 10% next month and increasing to 25% in June.
Earlier Wednesday, during a speech at the World Economic Forum in Davos, Switzerland, Trump laid out his case for the U.S. to obtain Greenland on national-security grounds.
But Trump said he would not use military force in pursuit of the territory. Stocks, which had plummeted a day earlier amid Trump's increasing aggression toward Greenland, immediately rebounded.
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