Will Europe retaliate?

NAB Morning Call · Jan 19, 2026 · 15m

Tuesday 20th January 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPresident Trump’s renewed push on Greenland and fresh tariff threats against Europe have markets bracing for possible retaliation, with EU leaders signalling they may hold firm rather than concede — even hinting at using their anti‑coercion powers, despite German hesitation. Precious metals are surging as investors hedge the “Greenland crisis”, while currencies and bonds move only modestly in a session thinned by the US holiday. European equities are weaker, China’s latest data…