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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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This national park would honor a Jewish philanthropist — if Republicans get back on board

The political climate is hardly favorable for a new national park centered on racial justice.

President Donald Trump this week called for sweeping budget cuts to the National Park Service and, in January, for the removal of slavery-related exhibits he said portray American history in a “woke manner.”

Yet a campaign to establish a national historic park honoring Julius Rosenwald — the Jewish philanthropist who funded schools for rural Black communities during the Jim Crow era — is pressing ahead.

Dorothy Canter, who launched the campaign in 2018, sees an opening for the park to finally become a reality. In February, Sen. Dick Durbin (D-Ill.) introduced legislation to create the Rosenwald National Historic Park, backed by seven Democratic co-sponsors.

But advancing the bill out of committee — much less to President Trump’s desk — will require Republican support. At a time when even the mildest celebration of diversity can be deemed an excess of the “woke” left, Canter is betting that Rosenwald’s story will be the exception.

“The environment is not the best, obviously, but this is a story that should appeal to anyone,” Canter told the Forward. “This is a positive story. Nobody can say it’s DEI.”

Rosenwald’s Legacy

Rosenwald was born in Springfield, Illinois, the son of German-Jewish immigrants. At 16, he dropped out of high school to pursue the family clothing business.

Julius Rosenwald. Courtesy of Julius Rosenwald & Rosenwald Schools National Historical Park Campaign

In 1895, he invested $37,500 in Sears, Roebuck & Company — a decision that would ultimately make him one of the wealthiest men in the United States in the early 20th century.

But guided by the Jewish value of tzedakah, he gave much of that fortune away. In 1911, he met Booker T. Washington, the formerly enslaved founder of the Tuskegee Institute, a training center for African American teachers. Washington urged Rosenwald to invest in Black education in the South.

Rosenwald would go on to help fund nearly 5,000 schools for Black students across 15 states. By 1928, one in three Black students in the rural South attended a Rosenwald school. Alumni of Rosenwald schools would include congressman John Lewis, poet Maya Angelou and civil rights activist Medgar Evers.

Canter, a retired biophysicist and national parks enthusiast, first learned about Rosenwald as an adult through a documentary — and was struck that this story of Black-Jewish cooperation was not more widely known.

“I knew that there was not one national park unit among the more than 400 that commemorated the life and legacy of a Jewish American, or told the story of Rosenwald schools,” Canter said. “And I can tell you that today, almost 11 years later, that is still the case.”

There are national historic sites and monuments honoring Jewish Americans, including the Rosenwald family home and the David Berger National Memorial. But a national historic park — a designation that often spans multiple sites and has greater cultural cache — has yet to honor a Jewish American.

Part of Rosenwald’s relative obscurity, Canter said, stems from his own philosophy. Rosenwald embraced a “give while you live” approach and did not believe in permanent endowments, requiring that the Rosenwald Fund spend all of its money within 25 years of his death.

That approach has yielded severe financial challenges decades later. Today, only about 10% of the more than 5,000 Rosenwald school structures remain, according to Brent Leggs, executive director of the African American Cultural Heritage Action Fund at the National Trust for Historic Preservation.

The Trust placed Rosenwald schools on its 2002 list of America’s 11 most endangered historic places, warning of an “urgent crisis of erasure, abandonment and deterioration.”

Many of the schools were built in rural areas that have since been abandoned, Leggs said, adding that the buildings were made of wood that has slowly decayed. The loss is personal for him: Upon researching the history for his job, Leggs discovered that both of his parents attended Rosenwald schools in Kentucky.

“It was a transcendent moment for me,” he said, “because I remember being at a school building that was literally vanishing history.”

The surviving schools have mixed ownership, Leggs said. Some act as local community centers, while others operate as commercial or office spaces, such as the Caldwell Rosenwald School in Huntersville, North Carolina — today, home to Burgess Supply, a carpet store.

A bipartisan issue?

In the final days of his first presidency, Trump gave a significant boost to the campaign for a Rosenwald national park.

He signed the Julius Rosenwald and the Rosenwald Schools Act into law, directing the Department of Interior to conduct a study assessing the feasibility of establishing the park. Eight Republicans had cosponsored the bill, and it passed with broad bipartisan support.

The study “resulted in positive findings,” concluding that the San Domingo School in Sharptown, Maryland, met all the criteria for a national park and recommending that Congress create a grant program to support the preservation of additional Rosenwald schools.

But Republican backing for a national park honoring Rosenwald’s legacy now appears to have waned.

The Forward called and emailed the three Republicans who cosponsored the 2020 bill and are still in office. None responded to the Forward’s question about their position on Durbin’s bill to establish the Rosenwald park.

A White House spokesperson directed the Forward to the national historic site at the Rosenwald family home but declined to say whether Trump was supportive of the national park commemorating Rosenwald schools.

Rep. Andy Harris, a Maryland Republican, went so far as to send a letter to President Joe Biden in 2024 expressing his support for “the expedited designation of a Julius Rosenwald And Rosenwald Schools National Park.”

His office did not respond to the Forward’s request for comment.

Nor did the office of Tim Scott, the Republican senator from South Carolina who previously advertised his support for the restoration of Rosenwald schools in his state. “Booker T. Washington helped build thousands of schools for Black children, advancing impactful educational opportunities throughout the South,” he tweeted in February 2024. “With the restoration of Rosenwald School, his legacy lives on in South Carolina. #BlackHistoryMonth”

‘A story for our time’

Durbin’s bill arrives just as the agency that would create a park faces drastic proposed cuts: Trump this week proposed funding for the already understaffed National Park Service be reduced by $736 million, or 25% of its budget.

Meanwhile, the president has sought to recast historical narratives at existing parks. In January, Trump ordered the National Park Service dismantle an exhibit about nine people enslaved by George Washington. Earlier this month, the Trump administration directed the removal of a pride flag from the Stonewall National Monument in New York City.

Yet Rosenwald’s story doesn’t fit neatly into the culture-war themes that Trump has singled out. Rosenwald himself was a political conservative, a laissez-faire businessman and steadfast Republican who believed in fostering economic self-sufficiency through education.

Dennis Ross, a former Republican congressman from Florida who retired from office in 2019 and has supported the Rosenwald park campaign, told the Forward he sees Rosenwald’s story as one conservatives should embrace.

“I’ve heard the argument that this is a way of trying to backdoor DEI. I totally disagree and take issue with that. This is showing what American history is all about,” Ross said. “If you were to dwell on the oppression of slavery, then maybe that argument might work. But I think the important thing is to look at the transition, the evolution from slavery to success.”

Canter is also optimistic, and said she plans to meet with a Republican senator — she declined to provide a name — whose staff has expressed interest in the park. As to whether Trump would sign the bill: She hopes the campaign will have the opportunity to put it on his desk.

“People with different backgrounds and cultures were able to come together, work together, find common ground and move this country forward,” Canter said. “So if that isn’t a story for our time, I don’t know what is.”

The post This national park would honor a Jewish philanthropist — if Republicans get back on board appeared first on The Forward.

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Trump Says Gas Prices May Remain High Through November Midterm Election

U.S. President Donald Trump takes questions from reporters while Vice President JD Vance and Secretary of State Marco Rubio look on, as they attend a meeting with oil industry executives, at the White House in Washington, D.C., U.S., January 9, 2026. REUTERS/Kevin Lamarque

US President Donald Trump said on Sunday that the price of oil and gasoline may remain high through November’s midterm elections, a rare acknowledgement of the potential political fallout from his decision to attack Iran six weeks ago.

“It could be, or the same, or maybe a little bit higher, but it should be around the same,” Trump, who is in Miami for the weekend, told Fox News’ “Sunday Morning Futures With Maria Bartiromo” when asked whether the cost of oil and gas would be lower by the fall.

The average price for regular gas at US service stations has exceeded $4 per gallon for most of April, according to data from GasBuddy. Trump’s comments on Sunday came after weeks of asserting that the spike in prices is a short-term phenomenon, though his top advisers are cognizant of the war’s economic impacts, officials have said.

Earlier on Sunday, Trump announced on social media that the US Navy would blockade the Strait of Hormuz and intercept any ship that paid a crossing fee to Iran, after marathon talks between the US and Iran in Pakistan over the weekend did not yield a peace deal.

“No one who pays an illegal toll will have safe passage on the high seas,” he wrote on Truth Social.

Any US blockade is likely to add more uncertainty to the eventual resolution of the conflict, which is currently subject to a tenuous two-week ceasefire. The new tactic is in response to Iran’s own closure of the strait’s critical shipping lanes, which has caused global oil prices to skyrocket about 50%.

UNPOPULAR WAR HITS TRUMP’S APPROVAL

The war began on February 28, when the US launched a joint bombing campaign with Israel against Iran. The scope quickly expanded as Iran and its allies attacked nearby countries, while Israel targeted Hezbollah with massive strikes in Lebanon.

The war has buffeted global financial markets and caused thousands of civilian deaths, mostly in Iran and Lebanon.

Trump’s political standing at home has suffered, with polls showing the war is unpopular among most Americans, who are frustrated by rising gasoline prices.

The president’s approval rating has hit the lowest levels of his second term in office, raising concern among Republicans that his party is poised to lose control of Congress in the midterm elections. A Democratic majority in either chamber could launch investigations into the Trump administration while blocking much of his legislative agenda.

US Senator Mark Warner of Virginia, the ranking Democrat on the Senate Intelligence Committee, questioned the strategy behind Trump’s planned blockade.

“I don’t understand how blockading the strait is going to somehow push the Iranians into opening it,” he told CNN’s “State of the Union” on Sunday.

In a separate appearance on CBS’s “Face the Nation,” Warner said the blockade would not undermine Iranian control of the waterway.

“The Iranians have hundreds of speedboats where they can still mine the strait or put bombs against tankers in closing the strait,” he said. “How is that going to ever bring down gas prices?”

Although Trump has repeatedly said that the war would be over soon, Republican US Senator Ron Johnson of Wisconsin told ABC News’ “This Week” on Sunday that achieving US aims in Iran “could take a long time.”

“It’s going to be a long-term project,” said Johnson, who was not asked about Trump’s proposed blockade. “I never thought this would be easy.”

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Israel’s Ben-Gvir Visits Flashpoint Al-Aqsa Mosque Compound

Israeli politician Itamar Ben-Gvir walks inside the Knesset, in Jerusalem, Oct. 13, 2025. Photo: Chip Somodevilla/Pool via REUTERS

Israel’s far-right police minister Itamar Ben-Gvir visited the flashpoint Al-Aqsa Mosque compound in Jerusalem on Sunday, saying he was seeking greater access for Jewish worshipers and drawing condemnation from Jordan and the Palestinians.

The compound in Jerusalem’s walled Old City is one of the most sensitive sites in the Middle East. Known to Jews as Temple Mount, it is the most sacred site in Judaism and is Islam’s third-holiest site.

Under a delicate, decades-old arrangement with Muslim authorities, it is administered by a Jordanian religious foundation and Jews can visit but may not pray there.

Suggestions that Israel would alter the rules have sparked outrage among Muslims and ignited violence in the past.

“Today, I feel like the owner here,” National Security Minister Ben-Gvir said in a video filmed at the site and distributed by his office. “There is still more to do, more to improve. I keep pushing the Prime Minister (Benjamin Netanyahu) to do more and more — we must keep rising higher and higher.”

A statement from the Jordanian foreign ministry said it considered Ben-Gvir’s visit to be a violation of the status quo agreement at the site and “a desecration of its sanctity, a condemnable escalation and an unacceptable provocation.”

The office of Palestinian president, Mahmoud Abbas, said such actions could further destabilize the region.

Ben-Gvir’s spokesman said the minister was seeking greater access and prayer permits for Jewish visitors. He also said that Ben-Gvir had prayed at the site.

There was no immediate comment from Netanyahu’s office. Previous such visits and statements by Ben-Gvir have prompted Netanyahu announcements saying that there is no change in Israel’s policy of keeping the status quo.

Muslim, Christian and Jewish sites, including Al-Aqsa had been largely closed to the public during the Iran war. There was no immediate sign of unrest on Sunday after Ben-Gvir’s visit.

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