Trump’s tariff blitz rekindles fears of a transatlantic trade war - Jan 19, 2026

As of January 19, today’s news is dominated by President Trump’s renewed tariff threats against several European nations over his contentious Greenland proposal, reigniting fears of a transatlantic trade conflict. In a provocative move, Trump announced plans to impose new tariffs on goods from EU countries, including Denmark, Sweden, France, Germany, the Netherlands, Finland, the UK, and Norway, which will start at a 10% rate on February 1, escalating to 25% by June 1. Major European states reacted sharply, criticizing his actions as tantamount to blackmail and convening to devise a strategy to counter these tariffs, including potential retaliatory measures, as reported by Reuters. This has caused considerable unease in the markets, with European and U.S. stock indices showing a decline amid fears that these tariffs could spark a wider trade war. Turning to market developments, NKT has recently signed final contracts for two high voltage direct current (HVDC) power cable projects in Scotland, adding a significant value of approximately 2 billion euros to its order backlog. Additionally, Germany's government has updated its electric vehicle subsidy program to include cars with range extenders, aiming to support households with small and medium incomes in their transition to EVs. The subsidy program will offer between 1,500 and 6,000 euros per vehicle. Looking at global market dynamics, Canada has made a significant policy shift by removing 100% tariffs on Chinese-made electric vehicles (EVs), a move that will primarily benefit Tesla due to its established supply chain and early shipments from its Shanghai factory. This is expected to give Tesla a competitive edge as it capitalizes on the new import quota for vehicles from China. In broader macroeconomic news, the Central Electricity Authority of India has significantly revised its projections for future coal power needs in Rajasthan, indicating a requirement for 4,400 megawatts of new coal-fired capacity by 2036. This adjustment highlights the ongoing balancing act between renewable energy growth and fossil fuel reliance in a rapidly evolving energy landscape. On the global stage, the recent escalation of drone strikes by Russia against Ukraine’s energy infrastructure has left several regions without power during a critical winter period, complicating efforts for recovery amidst ongoing conflict.