Wall Street Rises as Trump Withdraws Tariff Threat
These countries had previously declined to back his initiative to acquire Greenland. The reversal came once a preliminary framework was reached with NATO concerning the territory and the wider Arctic region.
The Dow Jones Industrial Average climbed 1.21%, adding 588.64 points to settle at 49,077.23 by Wednesday’s close. The Nasdaq advanced 1.18%, or 270.50 points, reaching 23,224.82, while the S&P 500 rose 1.16%, or 78.76 points, ending at 6,875.62.
Meanwhile, the Volatility Index (VIX) — often referred to as the "fear index" — dropped sharply by 15.88%, landing at 16.90.
Investor sentiment improved after Trump announced that a framework for an agreement covering Greenland and the Arctic had been established. This followed his meeting with NATO Secretary General Mark Rutte in Davos, Switzerland.
"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," Trump posted on his Truth Social account.
Although he did not share specific details, Trump confirmed that further talks are underway. He also declared, "Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st."
Trump noted that US Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and "various others" will oversee the negotiations moving forward.
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