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The Stoxx Europe 600 index plummeted by about 1.3% in early trading as investors dumped export-heavy names exposed to the US market.

U.S. President Donald Trump suggested Friday that he may punish countries with tariffs if they don't back the U.S. controlling Greenland, a message that came as a bipartisan Congressional delegation sought to lower tensions in the Danish capital.

President Donald Trump said in a post on Turh Social on Saturday that he would impose a 10% tariff on eight NATO countries from Feb. 1.

Greenland's prime minister has said that the Arctic island would “stand firm on dialogue, on respect and on international law” in response to U.S. President Donald Trump's tariff threats. His comments come shortly after U.S. President Donald Trump pledged to impose 10% tariffs on eight European countries from Feb. 1 until the U.S. was allowed to buy Greenland.

PM says US tariffs are in no one's interests – and Greenland row should be resolved through ‘calm discussion'

President Donald Trump's threats are rattling the market, although investors “may be pricing in a generous degree of bluff.”

Prime Minister Keir Starmer says US President Donald Trump's threat to impose tariffs on the UK and other European nations over the Greenland issue is "completely wrong" and that "a trade war is in no one's interests." He made the comments at a news conference at 10 Downing Street.

The price of gold surged to a new high as safe-haven demand grew due to rising economic uncertainty sparked by US tariff threats over Greenland. Donald Trump at the weekend threatened tariffs of 10%, rising to 25%, against nations objecting to the US purchasing Greenland.

President Trump has warned 8 European countries of further tariffs should they block the U.S. from acquiring Greenland by June. U.S. Treasury Secretary Scott Bessent, says European leaders will eventually be convinced the move is beneficial to the collective security of all NATO members.

Concerns European nations will retaliate raises fears of more trade turmoil