Brussels, Jan 19 (NationPress) The European Union is contemplating imposing €93 billion (approximately $107.68 billion) in tariffs on Washington or implementing restrictions on American firms in the bloc's market. This comes as a response to US President Donald Trump's threat of tariffs concerning Greenland, as reported by the Financial Times.

According to sources involved in the discussions, these retaliatory strategies are being formulated to provide European leaders with leverage before crucial meetings with Trump at the World Economic Forum in Davos next week.

The publication noted that the EU had been preparing this tariff list since the previous year but chose to keep it on hold until February 6 to prevent a trade conflict. However, with increasing tensions over Greenland, EU representatives convened on Sunday to discuss reactivating the plan while also considering the use of the Anti-Coercion Instrument, which could limit the access of American companies to the EU market, as reported by Xinhua news agency.

This news follows a joint statement from the eight nations directly targeted by the US—Denmark, Finland, France, Germany, The Netherlands, Norway, Sweden, and The United Kingdom—expressing their “full solidarity” with Denmark and Greenland.

On social media, Trump announced a 10% tariff starting February 1 on imports from these eight countries, warning that the rate could escalate to 25% by June 1 unless a deal for the “complete and total purchase” of Greenland is reached.

Anticipating his attendance at the World Economic Forum on Wednesday and Thursday, Trump is expected to engage in private discussions with European leaders, including European Commission President Ursula von der Leyen, and participate in a conference involving Western nations supporting Ukraine. (1 euro = $1.16)