Investors appeared to have gotten through to President Donald Trump about the risk posed by his designs for Greenland with a message he wasn't hearing from European leaders: Threatening allies with tariffs and land seizure isn't exactly the type of policy that generates confidence in the global economy.

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Trump is now confusing Greenland and Iceland: "They're not there for us on Iceland, that I can tell you. Our stock market took the first dip yesterday because of Iceland. So Iceland has already cost us a lot of money." pic.twitter.com/Iu9CI6M2ku Related: Karoline Leavitt Just Made A Trump Claim So Ridiculous That Even Republicans Are Calling It Out

Today, Jan. 21, 2026, U.S. stocks staged a relief rally as Trump's Davos remarks eased Greenland and tariff fears.

Trump said the U.S. would implement a 10 percent tariff on goods from eight European countries amid a clash about Greenland.

Gift Nifty was trading around 25,380 level, a premium of nearly 30 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Like it never happened. The spike in the Cboe Volatility index, caused by U.S. President Donald Trump's pledge to hit European allies with extra tariffs as part of his push to acquire Greenland, has been all but wiped out.