Cyprus Times

EU Prepares €93 Billion in Counter-Tariffs After Trump's Greenland Threat

Published January 18, 2026, 21:04
EU Prepares €93 Billion in Counter-Tariffs After Trump's Greenland Threat

The European Union is considering imposing €93 billion in counter-tariffs on the United States in response to President Trump's threat to impose tariffs on European countries participating in military exercises in Greenland. According to a Financial Times report, this move aims to pressure Trump ahead of upcoming meetings at the World Economic Forum in Davos, in an effort to prevent a rift in transatlantic relations. European officials are seeking a compromise with Trump, as a transatlantic crisis could jeopardize European security. They are considering reactivating a pre-existing list of tariffs, as well as using the EU's 'bazooka,' a mechanism that could restrict access for American companies to the European market. Despite the pressure, some EU countries prefer de-escalation and dialogue. Furthermore, the European Parliament has delayed a vote on reducing tariffs on American goods, in an attempt to increase pressure on Trump. However, the American side has already hardened its stance, arguing that Greenland's security requires US control of the island. NATO Secretary-General Mark Rutte has already spoken with Trump about the security situation in the area.