President-elect Donald J. Trump has threatened tariffs on many nations for a lot of completely different causes.
On Monday, he discovered a brand new goal for his favourite financial software. Mr. Trump mentioned he would “tariff Denmark at a very high level” if it refused to permit Greenland — a North American island that’s an autonomous territory inside the Kingdom of Denmark — to change into a part of america.
“They should give it up, because we need it for national security,” Mr. Trump mentioned of Greenland.
Denmark, which has a smaller inhabitants than New York Metropolis, will not be an enormous buying and selling accomplice for america. The nation — a U.S. ally and a NATO member — despatched america greater than $11 billion value of products in 2023, only a tiny slice of greater than $3 trillion of imports. The US, in flip, sends Denmark greater than $5 billion in items, together with industrial equipment, computer systems, plane and scientific devices.
However regardless of its small measurement, Denmark, which handles Greenland’s international and safety affairs, is residence to some merchandise which might be very well-loved in America, items that might change into dearer if Mr. Trump follows by with heavy tariffs. In accordance with the Observatory of Financial Complexity, a commerce knowledge platform, roughly half of Denmark’s current exports to america are packaged medicines, insulin, vaccines and antibiotics.
That’s largely as a result of the nation is residence to Novo Nordisk, the maker of Ozempic and Wegovy, the favored weight-loss medicine. The corporate is so necessary to the Danish financial system — it has lately accounted for half of Denmark’s non-public sector job development and all the nation’s financial development — that some have branded Denmark a “pharmastate.”
Novo Nordisk is growing its U.S. manufacturing to fulfill the hovering demand for its GLP-1 weight reduction merchandise. The corporate doesn’t specify publicly how a lot of its merchandise are exported, however it produces medicine in Denmark and america for the U.S. market.
A spokesperson for Novo Nordisk mentioned in an announcement that they had been following the scenario carefully however wouldn’t touch upon hypotheticals and hypothesis.
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