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World Markets Jolted, Euro Softens, as Trump Vows Tariffs on Europe over Greenland

A person walks along a street on the day of the meeting between top US officials and the foreign ministers of Denmark and Greenland, in Nuuk, Greenland, January 14, 2026. Photo: REUTERS/Marko Djurica/File Photo

Global markets are facing volatility after President Donald Trump vowed to slap tariffs on eight European nations until the US is allowed to buy Greenland, news that pushed the euro to a seven-week low in late Sunday trading.

Trump said he would impose an additional 10 percent import tariff from February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain, which will rise to 25 percent on June 1 if no deal is reached.

Major European Union states decried the tariff threats over Greenland as blackmail on Sunday. France proposed responding with a range of previously untested economic countermeasures.

As early trade kicked off in Asia-Pacific, the euro fell 0.2 percent to around $1.1572, its lowest since November. Sterling also dipped, while the yen firmed against the dollar.

“Hopes that the tariff situation has calmed down for this year have been dashed for now – and we find ourselves in the same situation as last spring,” said Berenberg chief economist Holger Schmieding.

Trump‘s sweeping “Liberation Day” tariffs in April 2025 sent shockwaves through markets. Investors then largely looked past US trade threats in the second half of the year, viewing them as noise and responding with relief as Trump made deals with Britain, the EU and others.

While that lull might be over, market moves on Monday could be dampened by the experience that investor sentiment had been more resilient than expected in 2025 and global economic growth stayed on track.

US markets are closed on Monday for Martin Luther King Jr. Day, which means a delayed reaction on Wall Street.

The implications for the dollar were less clear. It remains a safe haven, but could also feel the impact of Washington being at the center of geopolitical ruptures, as it did last April.

Bitcoin, a liquid proxy for risk that is open to trade at the weekend, was steady, last trading at $95,330.

Capital Economics said countries most exposed to increased U.S. tariffs were the UK and Germany, estimating that a 10 percent tariff could reduce GDP in those economies by around 0.1 percent, while a 25 percent tariff could knock 0.2–0.3 percent off output.

European stocks are near record highs. Germany’s DAX and London’s FTSE index are up more than 3 percent this month, outperforming the S&P 500, which is up 1.3 percent.

European defense shares will likely continue to benefit from geopolitical tensions. Defense stocks have jumped almost 15 percent this month, as the US seizure of Venezuela’s Nicolas Maduro fueled concerns about Greenland.

Denmark’s closely managed crown will also likely be in focus. It has weakened, but rate differentials are a major factor and it remains close to the central rate at which it is pegged to the euro, and not far from six-year lows.

“The US-EU trade war is back on,” said Tina Fordham, geopolitical strategist and founder of Fordham Global Foresight.

Trump‘s latest move came as top officials from the EU and South American bloc Mercosur signed a free trade agreement.

HOT SPOTS EVERYWHERE

The dispute over Greenland is just one hot spot.

Trump has also weighed intervening in unrest in Iran, while a threat to indict Federal Reserve Chair Jerome Powell has reignited concerns about the US central bank’s independence.

Against this backdrop, safe-haven gold remained near record highs.

Given Trump’s recent Fed attacks, an escalation with Europe could pile pressure on the dollar if it adds to worries that US policy credibility is becoming critically impaired, said Peel Hunt chief economist Kallum Pickering.

“(This) could be amplified by a desire, especially among Europeans, to repatriate capital and shun US assets, which may also pose downside risks to lofty US tech valuations,” he added.

The World Economic Forum’s annual risk perception survey, released before its annual meeting in Davos next week, which will be attended by Trump, identified economic confrontation between nations as the number one concern replacing armed conflict.

A source close to French President Emmanuel Macron said he was pushing for activation of the “Anti-Coercion Instrument,” which could limit access to public tenders, investments or banking activity or restrict trade in services, in which the US has a surplus with the bloc, including digital services.

“With the US net international investment position at record negative extremes, the mutual inter-dependence of European-US financial markets has never been higher,” said Deutsche Bank’s global head of FX research George Saravelos in a note.

“It is a weaponization of capital rather than trade flows that would by far be the most disruptive to markets.”

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Why is AIPAC targeting Trump’s ICE funding?

The American Israel Public Affairs Committee, often a reliable ally of pro-Israel Republicans, is now echoing Democratic outrage over one of President Donald Trump’s most polarizing policies: immigration enforcement. It comes amid backlash sparked by the fatal shooting this month of Renee Good by an ICE agent in Minneapolis.

AIPAC’s super PAC, United Democracy Project, began airing an attack ad over the weekend against former Democratic Rep. Tom Malinowski, who is running in a Feb. 5 primary for the House seat vacated by New Jersey Governor-elect Mikie Sherrill. The ad highlights his 2019 vote for a bipartisan border funding bill, which included an increase in funds for the Immigration and Customs Enforcement agency. “We can’t trust Tom Malinowski” to stand up to President Donald Trump, the voiceover says in the 30-second video.

AIPAC has become increasingly controversial among mainstream Democrats for backing pro-Israel Republicans who questioned the 2020 election results. That opposition deepened during the Gaza war as Democratic voters became more polarized over U.S. policy on Israel. Congressional candidates, including some Jewish Democrats, have promised not to take contributions from AIPAC. The group has also drawn attacks from white nationalists and some leaders of the MAGA movement for their lobbying on behalf of a foreign government.

The new ad is especially notable given that AIPAC has spent years cultivating ties to Trump-aligned Republicans, many of whom strongly support aggressive immigration enforcement. By attacking a Democrat over ICE funding while sidestepping Trump himself, the group is threading a narrow needle — aligning rhetorically with Democratic outrage while maintaining its broader bipartisan posture.

In the 2024 election cycle, the group spent $28 million in high-stakes Democratic primaries. That included more than $14 million, which contributed to the defeat of Rep. Jamaal Bowman, a strident critic of Israel. Malinowski, who served two terms in Congress from 2019 to 2023, holds a mainstream Democratic stance on Israel. During his first term, he traveled to Israel on a trip sponsored by the American Israel Education Foundation, AIPAC’s educational affiliate.

Israel has not been a key issue in the crowded special election in the northern New Jersey district, which includes a sizable Jewish electorate. The Jewish Democratic Council of America held a virtual candidate forum last week with eight candidates on issues important to Jewish voters.

A spokesperson for the United Democracy Project did not immediately respond to questions about why the group is targeting Malinowski, particularly on such a deeply contentious political issue. AIPAC spent at least $350,000 on the ad.

Malinowski, 60, is a former assistant secretary of state for democracy, human rights and labor in President Barack Obama’s second term and previously served as a foreign policy speechwriter for President Bill Clinton. He first ran for Congress in 2018 in New Jersey’s 7th District, saying he was motivated by Trump’s election.

“I am myself an immigrant from Poland. My family was not Jewish, but experienced life under the Nazi occupation,” Malinowski said in an interview at the time. “That’s where my commitment to defending human rights comes from. That’s where my belief in the importance of protecting Israel comes from.” He is a close friend of former Secretary of State Antony Blinken. Malinowski was defeated in the 2022 election.

Malinowski is competing for the open seat against at least two leading contenders: Outgoing Lt. Gov. Tahesha Way and Essex County Commissioner Brendan Gill.

AIPAC typically focuses on U.S.-Israel relations and national security issues. However, its political arm has focused on domestic issues in close contests.

In 2024, they attacked Reps. Jammal Bowman of New York and Cori Bush of Missouri — two of the first House members to advocate for a ceasefire after the Hamas attack on Oct. 7, 2023 — over their votes against signature Biden-era bills, like infrastructure and healthcare.

In a statement to the New Jersey Globe, Malinowski called the attack “laughably preposterous” and suggested it would boomerang against AIPAC. “I have many pro-Israel supporters in the district, including AIPAC members, who believe you can be passionately pro-Israel while being critical of Netanyahu,” Malinowski said. “To say that they’re appalled by this ad would be an understatement. In fact, I’m reading a collective sense that AIPAC has lost its mind.”

The post Why is AIPAC targeting Trump’s ICE funding? appeared first on The Forward.

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The Jewish women who kept Confederate graves from disappearing

In June 1866, just over a year after the Civil War ended, young Jewish men in Richmond, Virginia, removed their coats and set to work among the graves of their fallen comrades. Some were “frail of limb,” a newspaper noted. They wheeled gravel and turf, filled the graves, and tamped the earth down “in a very substantial manner.” It was the last sad tribute they could offer.

The work that day was organized by Jewish women in the city. Their aim was permanence: to enclose the soldiers’ graves, to mark them, and to ensure they would not disappear “before the relentless finger of time.”

The Hebrew Cemetery in Richmond was established in 1816, decades before the Civil War reshaped the nation and long before the city became the capital of the Confederacy. It was the second burial ground for the Beth Shalome Congregation, Virginia’s first synagogue. Tucked within its grounds is the Soldiers’ Section, where 30 Jewish Confederate soldiers are buried, in what is believed to be one of only two Jewish military cemeteries in the world outside Israel.

They came from across the South, including Georgia, Mississippi, South Carolina, Virginia, and beyond. A bronze plaque at the entrance reads: “To the glory of God and in memory of the Hebrew Confederate soldiers resting in this hallowed spot.”

What matters here is not only who is buried — but who remembered them, and how.

The work the war left behind

In 1866, just a year after the war’s end, Jewish women in Richmond organized the Hebrew Ladies’ Memorial Association. That same year, the group issued an appeal “to the Israelites of the South” for aid to enable the society to care for the graves of Jewish Confederate soldiers from all over the South who lie buried in the cemeteries of Richmond.

It was a duty, an act of chesed shel emet, Hebrew for the truest form of kindness, performed for those who could not repay it.

Newspaper accounts from the period are striking for their clarity and urgency. These women understood that the work of memory is laborious — physical, ongoing, and vulnerable to neglect. Graves, they warned, could vanish unless someone acted.

So they took responsibility.

By the late 1860s and 1870s, the Association’s work had grown to include an annual memorial service. Reports describe flowers laid carefully on each grave, marble slabs placed at the head of each burial, names and regiments inscribed so those resting there would not slip into anonymity.

An 1868 account observed that “each grave has been marked in a manner that ensures that the names of the still tenants of this beautiful spot will be preserved from oblivion; and handed down to be further cherished by the generations yet to come.”

That language echoes a Jewish concept. Zachor. Remember.

Memory, they understood, does not preserve itself.

Importantly, these memorial services were not closed affairs. One report from 1868 noted that the crowd gathered in the cemetery “was not confined to any one denomination.” Jewish lives were honored in the public view, but still held apart from Richmond’s larger Confederate cemeteries, Hollywood and Oakwood, which were not consecrated for Jewish burial and could not accommodate Jewish ritual requirements, including separate sacred ground.

Tending the dead

The care itself remained constant, but the language surrounding it did not.

What is striking in early accounts of the Soldiers’ Section of the Hebrew Cemetery is not the absence of politics, but how its weight changes over time.

In the earliest years, memory and the war were still closely bound. The 1866 appeal issued by the Hebrew Ladies’ Memorial Association spoke openly of a “glorious cause” and framed the soldiers’ deaths within the language of Confederate sacrifice. Like other women’s memorial groups in the postwar South, these Jewish women used care for the dead to assert dignity and a claim to sacrifice in a defeated society.

Yet even then, the work itself was grounded in restraint. The focus was on names, tending, and preservation — on preventing the graves from vanishing. The labor was physical, repetitive, and unglamorous. Whatever meanings surrounded it, the work remained the same.

As decades passed, the emphasis shifted. By the 1930s, memorial services featured a cadet, Walter McDonald of the Catholic Benedictine College, sounding taps and the ceremonial laying of wreaths. Confederate organizations were invited to attend. In 1940 and 1941, the public was welcomed to observe the 74th and 75th annual memorials. After 1941, the Hebrew Ladies’ Memorial Association continued to participate alongside other organizations in Memorial Day observances, but it appears that by 1947 the local observance of “Hebrew Memorial Day” or “Jewish Confederate Memorial Day” faded as a distinct commemoration.

Across generations, the observance persisted, a refusal to abandon the dead to neglect. Memory grew larger than any one explanation. The women’s work became less about what the war had meant, and more about what the living still owed to their dead.

A refusal to forget

This is a complex story that shows how history so often complicates memory. It sits at the intersection of some of America’s most divisive episodes and a small minority faith community declaring its presence and its sacrifices over decades.

When the Civil War ended, Jews needed to be buried. What followed was a choice.

The Hebrew Ladies’ Memorial Association chose to take responsibility. To remember “many a loved brother, son, and husband.” To insist that whatever judgment history would render, oblivion was not acceptable for “Israelitish soldiers of the Confederate army.

Today, the Soldiers’ Section in Richmond’s Hebrew Cemetery remains. Names are still remembered. The work begun in 1866 was not temporary.

The post The Jewish women who kept Confederate graves from disappearing appeared first on The Forward.

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Spanish PM Sanchez Says US Invasion of Greenland ‘Would Make Putin Happiest Man on Earth’

Russian President Vladimir Putin welcomes US President Donald Trump’s envoy Steve Witkoff during a meeting in Moscow, Russia, Aug. 6, 2025. Photo: Sputnik/Gavriil Grigorov/Pool via REUTERS

Spanish Prime Minister Pedro Sanchez said a US invasion of Greenland “would make Putin the happiest man on earth” in a newspaper interview published on Sunday.

Sanchez said any military action by the US against Denmark’s vast Arctic island would damage NATO and legitimize the invasion of Ukraine by Russia.

“If we focus on Greenland, I have to say that a US invasion of that territory would make Vladimir Putin the happiest man in the world. Why? Because it would legitimize his attempted invasion of Ukraine,” he said in an interview in La Vanguardia newspaper.

“If the United States were to use force, it would be the death knell for NATO. Putin would be doubly happy.”

President Donald Trump on Saturday appeared to change tack over Greenland by vowing to implement a wave of increasing tariffs on European allies until the United States is allowed to buy Greenland.

In a post on Truth Social, Trump said additional 10 percent import tariffs would take effect on February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Great Britain — all already subject to tariffs imposed by Trump.

Those tariffs would increase to 25 percent on June 1 and would continue until a deal was reached for the US to purchase Greenland, Trump wrote.

Trump has repeatedly insisted he will settle for nothing less than ownership of Greenland, an autonomous territory of Denmark. Leaders of both Denmark and Greenland have insisted the island is not for sale and does not want to be part of the United States.

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