Global Stocks Retreat After Trump Tariff Threat

U.S. stock futures and European shares dropped, while gold and silver notched record highs after President Trump said he would slap tariffs on several European countries for opposing his plan to take control of Greenland.

The Stoxx Europe 600 fell 1.2%, its biggest drop in over two months. Trade-sensitive stocks, such as LVMH Moët Hennessy Louis Vuitton and BMW, bore the brunt of the selloff. Contracts tied to the S&P 500 and Nasdaq-100 were down around 1% as of early afternoon New York time. Stock and bond markets in the U.S. were closed for Martin Luther King Jr. Day.