President Donald Trump’s pursuit of Greenland looks increasingly at odds with his efforts to bring down the cost of living for Americans.

Following Trump’s vow to impose tariffs on longtime US allies that sent troops to the Danish territory, stocks collapsed and the dollar faltered. Gold — which investors typically treat as a retreat from geopolitical turmoil — gained more than it had in months. In yet another sign of eroding confidence, investors dumped US Treasuries, sending their prices down and yields up.

Trump appeared frustrated with the turn, which threatened to eclipse his own recent push to lower mortgage rates (not to mention the so-called wealth effect that keeps people feeling good about the economy). The president dropped into Tuesday’s White House press briefing to tout “the best stock market in history” and progress fighting inflation, pointing to bigger retirement accounts and lower gas prices while bemoaning a disconnect between his policies and public perception.

“Maybe I have bad public relations people, but we’re not getting it across: We inherited high numbers and we brought them way down,” he told reporters.

Since the president’s April tariffs reveal, investors have shrugged off what otherwise would be market-rattling news — most recently, the administration’s criminal investigation into Federal Reserve Chair Jerome Powell. And Trump has shown some interest in shifting his focus to flagging approval ratings on the economy, rolling out proposals this month that aim to boost consumer sentiment ahead of the midterm elections.

Despite GOP skepticism of some of Trump’s ideas, they seemed to be paying off: After Trump approved the purchase of $200 billion in mortgage bonds, long-term rates hit their lowest point in more than three years.

But as tension grows between Trump and European leaders, some of those recent gains are disappearing fast — leading some economists and policymakers to question whether the Wall Street tides might be turning.

“The thing that I’m watching and others are watching is: Is it going to be simply sequential resets … or is this more a cumulative process, a little bit like a mound of sand?” Mohamed El-Erian, chief economic advisor at Allianz, said of recent market moves.

“You keep on adding particles of sand, nothing happens — and then suddenly, the shape of the mound changes completely. We don’t know … but this is becoming a really important issue.”

If the US’ relationship with Europe sours further, it could spell bigger trouble. Countries like the UK, Belgium, and France hold trillions of dollars in US assets like Treasuries. If they decide to sell those, it could send interest rates skyrocketing.

At a minimum, Trump’s antagonism toward NATO over Greenland does more than risk overshadowing his planned economic speech at Davos on Wednesday; it also further distracts the rest of his party from touting the tax cuts they’ve acknowledged they’ll need to sell harder on the campaign trail.

“He’s undermining his own political strength and he’s undermining the GOP; he’s not able to stay on message with what the voters want to hear,” Rep. Don Bacon, R-Neb., said. “He’s got a beautiful opportunity to talk about economic growth and he’s thrown it away on the stupidity of Greenland.”

“The S&P 500 is up over 10 percent and 10-year Treasury bond yields are down nearly 30 basis points over the past year because the markets have confidence in the Trump administration’s pro-growth, pro-business policies,” White House spokesperson Kush Desai said in a statement.

“Accelerating GDP growth, cooled inflation, and over a dozen historic trade deals all prove that this administration continues to deliver for American workers and companies.”