Trump tariffs live updates: Trump threatens 100% tariffs on Canada over China deal; Trump calls off tariffs on Europe over Greenland

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Taiwan’s President Lai Ching-te said on Friday that his country is looking forward to even more semiconductor investment in Arizona. Taiwan Semiconductor Manufacturing Company (TSM), the world’s largest chipmaker and producer of advanced chips, has already invested $165 billion in Arizona’s Phoenix factories.

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Elon Musk hit back at President Trump’s tariffs during his Davos appearance on Thursday by saying that tariffs make solar power a challenge.

The Tesla (TSLA) CEO explained that “tariff barriers for solar are extremely high.”

Musk, who was interviewed by BlackRock (BLK) CEO Larry Fink, has not always been a fan of the World Economic Forum and, in the past, has called the meeting “elitist.”

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In an interview with Bloomberg News at the World Economic Forum in Davos, Secretary General of NATO, Mark Rutte, said a breakthrough over Greenland was secured after discussing with President Trump regional security in the Arctic region, which led Trump to abruptly drop his threat to impose fresh tariffs on European allies.

The NATO chief added that the territory’s sovereignty was not discussed.

Trump had started to make threats against the EU over the week, stating he would impose 10% tariffs, which would come into force on February 1, if they prevented his takeover of Greenland; that would rise to a further 25% in June.

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President Trump outlined more details of what he said was a “framework” agreement for a future deal with the European Union on Greenland:

President Trump says he is backing away from a threat of 10% tariffs on eight European nations over the Greenland issue, saying a meeting with the NATO secretary general has yielded “the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region.”

As a result, Trump added, “I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”

The still-to-be finished Greenland deal, which the president didn’t give any significant details on in his post, means that the tariff threats are now off after days of ups and downs in the market after Trump threatened the tariffs over the weekend and then backed away from military action Wednesday morning in a speech before taking tariffs of the table in the afternoon in his Truth Social post.

The news came after a meeting where Trump told reporters that NATO Secretary General Mark Rutte was doing a “fantastic job” and went out of his way to praise increased NATO-member defense spending.

“Further information will be made available as discussions progress,” Trump added, noting that Vice President JD Vance, Secretary of State Marco Rubio, and Special Envoy Steve Witkoff would head up the talks.

President Trump traveled to Davos on Wednesday and began with a combative message to Europe: You may not like what the US is doing, but you can’t ignore us.

The president opened his speech at the World Economic Forum outlining what he described as an economic miracle in the US and said that it is good news for Europe because the “USA is the economic engine on the planet.”

“When America booms, the entire world booms,” Trump said. “It’s been the history … you all follow us down, and you follow us up.”

The pointed comments came in addition to an extended discussion of Greenland and appeared to be a direct response to Canadian Prime Minister Mark Carney, who spoke at Davos on Tuesday with a pointed speech of his own in which he called a rules-based order led by the United States “a pleasant fiction.”

Carney sketched out a future in which Canada, Europe, and other smaller nations could be aligned without the US.

Without calling out Trump by name, Carney called on both companies and countries to make their own path when, as he put it, “great powers abandon even the pretense of rules and values for the unhindered pursuit of their power and interest.”

Trump ripped Carney’s speech, calling it “ungrateful.”

“Canada lives because of the United States,” Trump said. “Remember that, Mark, next time you make your statements.”

JPMorgan (JPM) CEO Jamie Dimon spoke out about tariffs at the World Economic Forum in Davos on Wednesday.

Dimon said he doesn’t think tariffs in “general are a good idea.”

“I’m not a tariff guy. I don’t think, in general, it’s a good idea,” Dimon said.

The JPMorgan CEO did say there are times when tariffs are acceptable.

“There are three parts to trade, and some require tariffs. One part is national security, and we should do what we have to do around national security, around rare earths, and pharmaceutical ingredients and some that may require policy that is not typical, like tariffs.

Dimon said companies can not succeed if there are no barriers, quotas, tariffs or pay-for-play.

“The second one is unfair trade, and I just don’t think furniture or t-shirts are important trade, but there is unfair trade. If you are subsidizing China in this case, and anyone who tries to compete is gonna get sunk because of subsidies, then you should counter that with quotas or tariffs.”

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President Trump has officially landed in Davos, Switzerland, for the World Economic Forum. Trump’s flight was delayed after Air Force One reported a minor mechanical problem.

Trump plans to have meetings with various parties and will give a speech at Davos today.

The US President’s Davos address comes as markets and some US allies have raised concerns about his pursuit of Greenland.

Bloomberg News reports:

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US Treasury Secretary Scott Bessent brushed off Denmark’s sale of US Treasurys on Tuesday at the World Economic Forum in Davos. Bessent said he is “not concerned at all,” and told reporters it is irrelevant.

“It’s less than $100 million,” the Treasury Secretary said. “They’ve been selling Treasurys for years.”

On Tuesday, Danish pension operator AkademikerPension announced it would be selling around $100 million in US Treasurys. Anders Schelde, AkademikerPension’s investing chief, said the move was due to “poor US government finances.”

The “sell America” trade has bounced back this week after Trump escalated his battle with European leaders over Greenland. US stocks and bond prices have dropped as tensions between the two sides escalate.

Trump also threatened to impose 200% tariffs on French wine and champagne, following France’s leader, Emmanuel Macron, texting Trump and telling him he was “confused” over his choice to take over Greenland and that he would not be joining his Board of Peace for Gaza committee.

The US president said on Monday that he will impose 10% tariffs on the EU as part of his push to acquire Greenland; the duties would take effect on February 1 and would rise to 25%. Trump doubled down on his pursuit of Greenland on Tuesday as he headed to Davos, saying the EU “won’t resist too much.”

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Novartis (NVS) CEO Vas Narasimhan said he expects the company’s agreement with the US to help shield it from any possible tariffs.

In an interview with CNBC, Narasimhan said that by the middle of this year, the company will not be “exposed to tariffs.”

Reuters reports:

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