Trump abandons Greenland tariff plans as crypto and stocks rebound

Beincrypto reports US President Donald Trump said he would not proceed with tariffs linked to Greenland, easing trade-war fears and triggering a rebound in cryptocurrencies and US equities.

Bitcoin climbed back toward $90,000 and Ethereum rebounded near $3,000 after earlier losses driven by renewed tariff rhetoric at the World Economic Forum in Davos. The S&P 500 turned higher and gold pared gains after the announcement. The market reaction followed Trump’s statement that a framework agreement had been reached with NATO Secretary General Mark Rutte, reducing the likelihood of imminent trade action against European allies. Earlier, Treasury Secretary Scott Bessent defended tariffs as an effective negotiating tool and warned foreign governments, "Sit back, take a deep breath. Do not retaliate," while reiterating that tariffs remain central to US economic and security strategy.

The rapid recovery highlights how closely crypto markets are tied to macro and trade policy, with short-covering and spot buying helping to stabilize prices. Uncertainty remains, however: Trump said further discussions are ongoing regarding Greenland’s strategic role in missile defense and Arctic security, suggesting the issue is not fully resolved.

Key Topics

Business, Donald Trump, Greenland, Bitcoin, Ethereum, World Economic Forum