United States President Donald Trump called off his threat to impose tariffs on European countries opposed to his bid to take control of Greenland on Wednesday, after he and NATO leader Mark Rutte agreed on a ‘framework’ for a future deal involving the island and Arctic region.

Following a productive meeting at the World Economic Forum, Trump outlined a preliminary agreement for U.S. access to small land pockets in Greenland, mineral rights worth up to $5 trillion, and his $175 billion Golden Dome missile defense system.

 The deal prompted him to cancel planned 25% tariffs on EU goods set for February 1, involving negotiations led by Vice President J.D. Vance, Secretary of State Marco Rubio, and Special Envoy Steve Witkoff.

Denmark rejected any sovereignty sale, NATO confirmed focus on security cooperation, and markets cheered with U.S. stocks gaining $700 billion amid easing trade fears.