Trump Backs Off On New Tariff Threat, For Now

Just yesterday, U.S. President Donald Trump was threatening to slap more tariffs on certain European countries who had pushed back on his attempts to make Greenland, a semi-autonomous territory belonging to Denmark, part of the United States.

Now, he's backing down. For the moment.

Trump said that he and NATO Secretary General Mark Rutte had “formed the framework of a future deal with respect to Greenland.”

So, because of that, Trump is won't enact tariffs that he'd planned to put into place on February 1.

Trump, of course, has changed his mind with little notice, and he's often failed to follow through on announcements he's made. He has also been known to spew falsehoods. So it's hard to say for sure that the this matter is settled.

If it is, it's good news for European automakers who sell cars in the United States -- especially the German makes. And it's good news for car buyers eyeing models build in Europe.

Stocks rose with the news.

For now, at least, it seems additional tariffs on certain European nations are off.

[Image: gualtiero boffi/Shutterstock.com]

Become a TTAC insider. Get the latest news, features, TTAC takes, and everything else that gets to the truth about cars first by  subscribing to our newsletter.