U.S. President Donald Trump holds a bilateral meeting with NATO Secretary General Mark Rutte at the World Economic Forum (WEF) in Davos, Switzerland, Jan. 21, 2026.

Jonathan Ernst | Reuters

President Donald Trump on Wednesday said he and NATO Secretary General Mark Rutte have "formed the framework of a future deal with respect to Greenland."

Trump said that as a result of that negotiation, he would no longer impose punitive tariffs on a slew of European countries that were set to begin Feb. 1.

Read Trump’s entire announcement, which he posted on Truth Social:

Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st. Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress. Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations — They will report directly to me. Thank you for your attention to this matter!

Stocks shot up immediately after Trump posted the update.

Details about the framework agreement were unclear. The White House did not immediately respond to CNBC’s request for additional information.

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