In a post on social media platform Truth Social, Trump said Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland, will be charged a 10% tariff starting from February 1, 2026, on any and all goods sent to the US.
Crude oil futures traded higher on Monday morning as markets analysed the likely impact of the tariff threats from US President Donald Trump on eight European countries.
At 10 am on Monday, March Brent oil futures were at $64.31, up by 0.28 per cent, and March crude oil futures on WTI (West Texas Intermediate) were at $59.50, up by 0.27 per cent. February crude oil futures were trading at ₹5,430 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹5,449, down by 0.35 per cent, and March futures were trading at ₹5,446 against the previous close of ₹5,470, down by 0.44 per cent.
In a post on social media platform Truth Social, Trump said Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland, will be charged a 10 per cent tariff starting from February 1, 2026, on any and all goods sent to the US. “On June 1st, 2026, the Tariff will be increased to 25%. This Tariff will be due and payable until such time as a Deal is reached for the Complete and Total purchase of Greenland,” he said.
In their Commodities Feed for Monday, Warren Patterson, Head of Commodities Strategy of ING Think, and Ewa Manthey, Commodities Strategist, who quoted reports, said the EU is set to halt the EU-US trade deal and potentially revive a €93 billion tariff package on US goods. There’s also a push from France for the EU to use its anti-coercion instrument against the US. This would restrict US access to the EU single market. There will likely be plenty of noise this week around these developments, particularly as both world and business leaders gather for the World Economic Forum in Davos, they said.
January natural gas futures were trading at ₹310.30 on MCX during the initial hour of trading on Monday against the previous close of ₹280.40, up by 10.66 per cent.
ING Think’s Commodities Feed said that EU gas storage is now just 50 per cent full, well below the five-year average of 65 per cent full. Meanwhile, forecasts for colder-than-usual weather towards the end of January are proving bullish for prices.
On the National Commodities and Derivatives Exchange (NCDEX), January guarseed contracts were trading at ₹5,847 in the initial hour of trading on Monday against the previous close of ₹5,628, up by 3.89 per cent.
January dhaniya futures were trading at ₹10,406 on NCDEX in the initial hour of trading on Monday against the previous close of ₹10,114, up by 2.89 per cent.
Published on January 19, 2026
