The European Union’s top official has described U_S_ President Donald Trump’s planned new tariffs over Greenland as “a mistake especially between long-standing allies."

Gold jumped to record high and stocks fell on Monday after Donald Trump’s pursuit of Greenland threatened to reignite a trade war with Europe and left transatlantic relations facing their gravest crisis in years.

Trump advisor Kevin Hassett calls for "cooler heads to prevail" as president threatens Denmark with tariffs over Greenland acquisition deal negotiations.

Asia-Pacific markets traded subdued as investors weigh renewed U.S. tariff threats tied to Greenland that have stoked concerns of a growing rift between Washington and European nations.

Europe is weighing up its toughest trade response as tensions with Washington flare over Greenland – but Brussels insists it would rather talk than trade blows.