Trump’s Tariff Wars and the Fracturing Global Economy

In January 2026, right after overthrowing the President of Venezuela but just before launching a war with Iran, the Trump Administration ramped up its efforts to annex Greenland. During this period, President Trump’s rhetoric surrounding the Danish territory reached a fever pitch, with erratic threats of both a military invasion of Greenland and the imposition of tariffs on European goods. On January 17, in response to a near-unanimous opposition by European countries to the proposed annexation, President Trump threatened several European states with blanket 10 percent tariffs starting on February 1, 2026, which would quickly increase to 25 percent on June 1, 2026. He posted on Truth Social that these increased tariffs would be effective until the United States reached a deal for the “Complete and Total purchase of Greenland.”