United States President Donald Trump on Wednesday said his administration has agreed on the outline of a future arrangement over Greenland after discussions with NATO Secretary-General Mark Rutte, a move that prompted him to suspend tariffs planned against European allies.

Trump disclosed the development on Truth Social, stating: “We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region.”

Although the president did not reveal what the framework contains, he confirmed that tariffs previously scheduled to take effect on February 1 would no longer be applied to European countries that had opposed his bid to acquire Greenland.

“Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st,” he wrote.

His renewed push to take control of the strategically located Arctic island from Denmark, a NATO ally, has in recent weeks unsettled diplomatic relations and weighed on global markets.

Earlier at the World Economic Forum in Davos, Trump ruled out military action for the first time while calling for immediate negotiations with Denmark.

“We probably won’t get anything unless I decide to use excessive strength and force where we would be, frankly, unstoppable, but I won’t do that,” he said.

“I don’t have to use force. I don’t want to use force. I won’t use force. All the United States is asking for is a place called Greenland.”

Following his remarks and the subsequent announcement on Truth Social, Wall Street stocks opened higher on Wednesday and continued to climb.

Trump has repeatedly argued that Greenland’s vast mineral resources and strategic location make it vital to United States and NATO security interests, particularly as competition with Russia and China intensifies in the Arctic region.