Wall Street and US dollar tumble
Your web browser is no longer supported. To improve your experience update it here Wall Street weakened overnight as investors worldwide get more skeptical about US investments because of President Donald Trump 's trade war and his criticism of the US Federal Reserve, which are shaking the traditional order. The S&P 500 sank 2.4 per cent in another wipeout on Monday. That yanked the index that's at the centre of many accounts 16 per cent below its record set two months ago. The Dow Jones Industrial Average dropped 971 points, or 2.5 per cent, while losses for Tesla and Nvidia helped drag the Nasdaq composite down 2.6 per cent. Charts on the screen of a Wall Street trader are seen through his glasses as he works on the floor of the New York Stock Exchange, on Monday, April 21, 2025. (AP Photo/Richard Drew) (AP) Perhaps more worryingly, US government bonds and the value of the American dollar also sank as prices retreated across US markets. It's an unusual move because Treasury bonds and the dollar have historically strengthened during episodes of nervousness. This time around, though, it's policies directly from Washington that are causing the fear and potentially weakening their reputations as some of the world's safest investments. Trump continued his tough talk on global trade as economists and investors continue to say his stiff proposed tariffs could cause a recession if they're not rolled back. US talks last week with Japan failed to reach a quick deal that could lower tariffs and protect the economy, and they're seen as a "test case," according to Thierry Wizman, a strategist at Macquarie. "The golden rule of negotiating and success: He who has the gold makes the rules," Trump said in all capitalised letters on his Truth Social Network. He also said that "the businessmen who criticise tariffs are bad at business, but really bad at politics," likewise in all caps. US Federal Reserve chair Jerome Powell is being pushed by US President Donald Trump to slash interest rates. (AP) Also hanging over the market are worries about Trump's anger at Federal Reserve chair Jerome Powell. Trump last week criticised Powell again for not cutting interest rates sooner to give the economy more juice. The central bank has been resistant to lowering rates too quickly because it does not want to allow inflation to reaccelerate after slowing nearly all the way down to its two per cent goal from more than nine per cent three years ago. Trump talked on Monday about a slowdown for the US economy that could be coming unless "Mr. Too Late, a major loser, lowers interest rates, NOW." A move by Trump to fire Powell would likely send a bolt of fear through financial markets. While Wall Street loves lower rates, largely because they boost stock prices, the bigger worry would be that a less independent Fed would be less effective at keeping inflation under control. Such a move could further weaken, if not kill, the US' reputation as the world's safest place to keep cash. All the uncertainty striking pillars at the centre of financial markets means some investors say they're having to rethink the fundamentals of how to invest. Gold is now the premier safe-haven refuge for nervous investors. (Getty) "We can no longer extrapolate from past trends or rely on long-term assumptions to anchor portfolios," strategists at BlackRock Investment Institute said in a report. "The distinction between tactical and strategic asset allocation is blurred. Instead, we need to constantly reassess the long-term trajectory and be dynamic with asset allocation as we learn more about the future state of the global system." On Wall Street, technology stocks helped lead indexes lower ahead of their latest earnings reports due later this week. All told, the S&P 500 fell 124.50 points to 5158.20. The Dow Jones Industrial Average dropped 971.82 to 38,170.41, and the Nasdaq composite tumbled 415.55 to 15,870.90. Gold also climbed to burnish its reputation as a safe-haven investment, unlike some others. In the bond market, shorter-term US Treasury yields fell as investors expect the Fed to cut its main overnight interest rate later this year to support the economy. The US dollar's value, meanwhile, fell against the euro, Japanese yen, the Swiss franc and other currencies. Trade War
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The Advertiser
43 minutes ago
- The Advertiser
PM arrives in Canada ahead of Trump tariff sit down
The prime minister will soon begin running a diplomatic gauntlet that will end with a much-anticipated meeting with Donald Trump, after landing in Canada. Anthony Albanese was greeted by local officials and First Nations representatives when he touched down in the Alberta city of Calgary ahead of meetings with world leaders on the sidelines of the G7 summit in Kananaskis. Mr Albanese will first meet with Canadian Prime Minister Mark Carney on Sunday local time (Monday AEST) before a talk with newly-elected South Korean President Lee Jae-myung on Monday, then more discussions the following day with UK Prime Minister Keir Starmer, French President Emmanuel Macron, Japanese Prime Minister Shigeru Ishiba, and German Chancellor Friedrich Merz. But his final chat face to face with the US president on Tuesday looms as the most important of all. Every leader has had to reckon with the impact of the US president's threatened tariffs on their economies. But Mr Carney, in particular, could provide insight to Mr Albanese. Despite vowing to fight back against the tariffs, the Canadian prime minister's meetings with Mr Trump have been relatively well received by both parties and raised hopes for a fresh trade deal between the two North American nations. Mr Albanese's meeting with the Republican president is scheduled for Tuesday on the margins of the summit. The prime minister has taken a less adversarial stance to Mr Trump's approach than his Canadian peer, preferring to highlight Australia's long history with its alliance and trading partner. "The combination of Australia and the United States when we're working together is an unbeatable combination," he told business leaders in Seattle on Saturday. Australian goods exports sent to the US market 10 per cent tariffs and - like all trading partners except the UK - there will be 50 per cent tariffs on aluminium and steel products. Tariffs are generally passed on by importers to the citizens of the country imposing the tariffs, but can have the effect of reducing demand for the exporting country's products. The Labor government is considering using US beef imports and critical minerals as potential bargaining chips as it "engages constructively" with American officials. Australians' sense of safety and economic optimism has already plunged amid the talk of tariffs, as well as growing conflicts and global disorder, according to an annual Lowy Institute Poll. Their trust in the US has fallen to the lowest level in the history of the decades-long poll, with two-in-three respondents holding little to no trust in the traditional Australian ally. "Australians are clearly unsettled by what they've seen of the second Trump administration," Lowy Institute executive director Michael Fullilove said. Australia is not a member of the Group of Seven leading industrialised nations but was invited to the event by Mr Carney. Mr Albanese previously met the Canadian prime minister on the margins of the Papal inauguration last month, but Sunday's event will be their first formal bilateral discussion. They are also expected to discuss defence, critical minerals, climate change and the escalating situation in the Middle East. The prime minister will soon begin running a diplomatic gauntlet that will end with a much-anticipated meeting with Donald Trump, after landing in Canada. Anthony Albanese was greeted by local officials and First Nations representatives when he touched down in the Alberta city of Calgary ahead of meetings with world leaders on the sidelines of the G7 summit in Kananaskis. Mr Albanese will first meet with Canadian Prime Minister Mark Carney on Sunday local time (Monday AEST) before a talk with newly-elected South Korean President Lee Jae-myung on Monday, then more discussions the following day with UK Prime Minister Keir Starmer, French President Emmanuel Macron, Japanese Prime Minister Shigeru Ishiba, and German Chancellor Friedrich Merz. But his final chat face to face with the US president on Tuesday looms as the most important of all. Every leader has had to reckon with the impact of the US president's threatened tariffs on their economies. But Mr Carney, in particular, could provide insight to Mr Albanese. Despite vowing to fight back against the tariffs, the Canadian prime minister's meetings with Mr Trump have been relatively well received by both parties and raised hopes for a fresh trade deal between the two North American nations. Mr Albanese's meeting with the Republican president is scheduled for Tuesday on the margins of the summit. The prime minister has taken a less adversarial stance to Mr Trump's approach than his Canadian peer, preferring to highlight Australia's long history with its alliance and trading partner. "The combination of Australia and the United States when we're working together is an unbeatable combination," he told business leaders in Seattle on Saturday. Australian goods exports sent to the US market 10 per cent tariffs and - like all trading partners except the UK - there will be 50 per cent tariffs on aluminium and steel products. Tariffs are generally passed on by importers to the citizens of the country imposing the tariffs, but can have the effect of reducing demand for the exporting country's products. The Labor government is considering using US beef imports and critical minerals as potential bargaining chips as it "engages constructively" with American officials. Australians' sense of safety and economic optimism has already plunged amid the talk of tariffs, as well as growing conflicts and global disorder, according to an annual Lowy Institute Poll. Their trust in the US has fallen to the lowest level in the history of the decades-long poll, with two-in-three respondents holding little to no trust in the traditional Australian ally. "Australians are clearly unsettled by what they've seen of the second Trump administration," Lowy Institute executive director Michael Fullilove said. Australia is not a member of the Group of Seven leading industrialised nations but was invited to the event by Mr Carney. Mr Albanese previously met the Canadian prime minister on the margins of the Papal inauguration last month, but Sunday's event will be their first formal bilateral discussion. They are also expected to discuss defence, critical minerals, climate change and the escalating situation in the Middle East. The prime minister will soon begin running a diplomatic gauntlet that will end with a much-anticipated meeting with Donald Trump, after landing in Canada. Anthony Albanese was greeted by local officials and First Nations representatives when he touched down in the Alberta city of Calgary ahead of meetings with world leaders on the sidelines of the G7 summit in Kananaskis. Mr Albanese will first meet with Canadian Prime Minister Mark Carney on Sunday local time (Monday AEST) before a talk with newly-elected South Korean President Lee Jae-myung on Monday, then more discussions the following day with UK Prime Minister Keir Starmer, French President Emmanuel Macron, Japanese Prime Minister Shigeru Ishiba, and German Chancellor Friedrich Merz. But his final chat face to face with the US president on Tuesday looms as the most important of all. Every leader has had to reckon with the impact of the US president's threatened tariffs on their economies. But Mr Carney, in particular, could provide insight to Mr Albanese. Despite vowing to fight back against the tariffs, the Canadian prime minister's meetings with Mr Trump have been relatively well received by both parties and raised hopes for a fresh trade deal between the two North American nations. Mr Albanese's meeting with the Republican president is scheduled for Tuesday on the margins of the summit. The prime minister has taken a less adversarial stance to Mr Trump's approach than his Canadian peer, preferring to highlight Australia's long history with its alliance and trading partner. "The combination of Australia and the United States when we're working together is an unbeatable combination," he told business leaders in Seattle on Saturday. Australian goods exports sent to the US market 10 per cent tariffs and - like all trading partners except the UK - there will be 50 per cent tariffs on aluminium and steel products. Tariffs are generally passed on by importers to the citizens of the country imposing the tariffs, but can have the effect of reducing demand for the exporting country's products. The Labor government is considering using US beef imports and critical minerals as potential bargaining chips as it "engages constructively" with American officials. Australians' sense of safety and economic optimism has already plunged amid the talk of tariffs, as well as growing conflicts and global disorder, according to an annual Lowy Institute Poll. Their trust in the US has fallen to the lowest level in the history of the decades-long poll, with two-in-three respondents holding little to no trust in the traditional Australian ally. "Australians are clearly unsettled by what they've seen of the second Trump administration," Lowy Institute executive director Michael Fullilove said. Australia is not a member of the Group of Seven leading industrialised nations but was invited to the event by Mr Carney. Mr Albanese previously met the Canadian prime minister on the margins of the Papal inauguration last month, but Sunday's event will be their first formal bilateral discussion. They are also expected to discuss defence, critical minerals, climate change and the escalating situation in the Middle East. The prime minister will soon begin running a diplomatic gauntlet that will end with a much-anticipated meeting with Donald Trump, after landing in Canada. Anthony Albanese was greeted by local officials and First Nations representatives when he touched down in the Alberta city of Calgary ahead of meetings with world leaders on the sidelines of the G7 summit in Kananaskis. Mr Albanese will first meet with Canadian Prime Minister Mark Carney on Sunday local time (Monday AEST) before a talk with newly-elected South Korean President Lee Jae-myung on Monday, then more discussions the following day with UK Prime Minister Keir Starmer, French President Emmanuel Macron, Japanese Prime Minister Shigeru Ishiba, and German Chancellor Friedrich Merz. But his final chat face to face with the US president on Tuesday looms as the most important of all. Every leader has had to reckon with the impact of the US president's threatened tariffs on their economies. But Mr Carney, in particular, could provide insight to Mr Albanese. Despite vowing to fight back against the tariffs, the Canadian prime minister's meetings with Mr Trump have been relatively well received by both parties and raised hopes for a fresh trade deal between the two North American nations. Mr Albanese's meeting with the Republican president is scheduled for Tuesday on the margins of the summit. The prime minister has taken a less adversarial stance to Mr Trump's approach than his Canadian peer, preferring to highlight Australia's long history with its alliance and trading partner. "The combination of Australia and the United States when we're working together is an unbeatable combination," he told business leaders in Seattle on Saturday. Australian goods exports sent to the US market 10 per cent tariffs and - like all trading partners except the UK - there will be 50 per cent tariffs on aluminium and steel products. Tariffs are generally passed on by importers to the citizens of the country imposing the tariffs, but can have the effect of reducing demand for the exporting country's products. The Labor government is considering using US beef imports and critical minerals as potential bargaining chips as it "engages constructively" with American officials. Australians' sense of safety and economic optimism has already plunged amid the talk of tariffs, as well as growing conflicts and global disorder, according to an annual Lowy Institute Poll. Their trust in the US has fallen to the lowest level in the history of the decades-long poll, with two-in-three respondents holding little to no trust in the traditional Australian ally. "Australians are clearly unsettled by what they've seen of the second Trump administration," Lowy Institute executive director Michael Fullilove said. Australia is not a member of the Group of Seven leading industrialised nations but was invited to the event by Mr Carney. Mr Albanese previously met the Canadian prime minister on the margins of the Papal inauguration last month, but Sunday's event will be their first formal bilateral discussion. They are also expected to discuss defence, critical minerals, climate change and the escalating situation in the Middle East.
The Advertiser
43 minutes ago
- The Advertiser
Minister plays down American review of AUKUS deal
A US review of a deal to provide Australia with nuclear submarines is routine, the defence minister says, despite calls for a backup plan in case the Trump administration scraps AUKUS. The Pentagon on Thursday announced a review of the three-nation pact that would give Australia nuclear submarines, to see if the agreement lined up with President Donald Trump's "America First" agenda. But Defence Minister Richard Marles has downplayed the significance of the review, saying it's standard procedure. "We engaged with the United Kingdom when they did their review, which is perfectly natural, and of course, when we did the defence strategic review, we also went to both the United States and the United Kingdom and sought their views," the acting prime minister told ABC Radio on Monday. "It's a pretty natural process that we all engage in each other's reviews. "We'll engage with the reviews and the (US) Department of Defense about how AUKUS is tracking in Australia." The AUKUS deal is set to be raised when Prime Minister Anthony Albanese meets with Mr Trump for a one-on-one meeting on the sidelines of the G7 meeting in Canada on Tuesday. The American review has prompted calls for the federal government to consider a contingency plan in the event the submarine deal is called off. One-time coalition deputy prime minister Barnaby Joyce said the US review was a concern. "You should have a contingency plan, as soon as the United States said 'we're reviewing AUKUS', alarm bells should have rung everywhere," he told Seven's Sunrise program. "We absolutely should have a contingency plan, but I haven't heard of any contingency plan." Under the $368 billion program, Australia will buy at least three Virginia-class submarines from the US sometime in the early 2030s. A new class of nuclear submarines will be built in Adelaide to be delivered in the 2040s. Former Australian ambassador to the US Arthur Sinodinos said he was confident AUKUS would survive. "There's a lot of bipartisan support for the deal, from day one in the (US) Congress, both Republican and Democrat," he told the Seven Network. "Trump himself would see that we're pulling our weight, we're going to spend $370 billion." Mr Sinodinos, who was ambassador when the deal was announced in 2021 under then-prime minister Scott Morrison, said if the US backed away from the agreement, that would play into the hands of China. "If we look at any stage like we're second guessing ourselves, or we're not committed to really doing this ... the Chinese will say, 'well, look at the end of the day, they're all paper tigers'," he said. "The Americans see that by having more subs actually built in the region, and being serviced in the region, that enhances their capacity to do things in the region. "We don't need a plan B." A US review of a deal to provide Australia with nuclear submarines is routine, the defence minister says, despite calls for a backup plan in case the Trump administration scraps AUKUS. The Pentagon on Thursday announced a review of the three-nation pact that would give Australia nuclear submarines, to see if the agreement lined up with President Donald Trump's "America First" agenda. But Defence Minister Richard Marles has downplayed the significance of the review, saying it's standard procedure. "We engaged with the United Kingdom when they did their review, which is perfectly natural, and of course, when we did the defence strategic review, we also went to both the United States and the United Kingdom and sought their views," the acting prime minister told ABC Radio on Monday. "It's a pretty natural process that we all engage in each other's reviews. "We'll engage with the reviews and the (US) Department of Defense about how AUKUS is tracking in Australia." The AUKUS deal is set to be raised when Prime Minister Anthony Albanese meets with Mr Trump for a one-on-one meeting on the sidelines of the G7 meeting in Canada on Tuesday. The American review has prompted calls for the federal government to consider a contingency plan in the event the submarine deal is called off. One-time coalition deputy prime minister Barnaby Joyce said the US review was a concern. "You should have a contingency plan, as soon as the United States said 'we're reviewing AUKUS', alarm bells should have rung everywhere," he told Seven's Sunrise program. "We absolutely should have a contingency plan, but I haven't heard of any contingency plan." Under the $368 billion program, Australia will buy at least three Virginia-class submarines from the US sometime in the early 2030s. A new class of nuclear submarines will be built in Adelaide to be delivered in the 2040s. Former Australian ambassador to the US Arthur Sinodinos said he was confident AUKUS would survive. "There's a lot of bipartisan support for the deal, from day one in the (US) Congress, both Republican and Democrat," he told the Seven Network. "Trump himself would see that we're pulling our weight, we're going to spend $370 billion." Mr Sinodinos, who was ambassador when the deal was announced in 2021 under then-prime minister Scott Morrison, said if the US backed away from the agreement, that would play into the hands of China. "If we look at any stage like we're second guessing ourselves, or we're not committed to really doing this ... the Chinese will say, 'well, look at the end of the day, they're all paper tigers'," he said. "The Americans see that by having more subs actually built in the region, and being serviced in the region, that enhances their capacity to do things in the region. "We don't need a plan B." A US review of a deal to provide Australia with nuclear submarines is routine, the defence minister says, despite calls for a backup plan in case the Trump administration scraps AUKUS. The Pentagon on Thursday announced a review of the three-nation pact that would give Australia nuclear submarines, to see if the agreement lined up with President Donald Trump's "America First" agenda. But Defence Minister Richard Marles has downplayed the significance of the review, saying it's standard procedure. "We engaged with the United Kingdom when they did their review, which is perfectly natural, and of course, when we did the defence strategic review, we also went to both the United States and the United Kingdom and sought their views," the acting prime minister told ABC Radio on Monday. "It's a pretty natural process that we all engage in each other's reviews. "We'll engage with the reviews and the (US) Department of Defense about how AUKUS is tracking in Australia." The AUKUS deal is set to be raised when Prime Minister Anthony Albanese meets with Mr Trump for a one-on-one meeting on the sidelines of the G7 meeting in Canada on Tuesday. The American review has prompted calls for the federal government to consider a contingency plan in the event the submarine deal is called off. One-time coalition deputy prime minister Barnaby Joyce said the US review was a concern. "You should have a contingency plan, as soon as the United States said 'we're reviewing AUKUS', alarm bells should have rung everywhere," he told Seven's Sunrise program. "We absolutely should have a contingency plan, but I haven't heard of any contingency plan." Under the $368 billion program, Australia will buy at least three Virginia-class submarines from the US sometime in the early 2030s. A new class of nuclear submarines will be built in Adelaide to be delivered in the 2040s. Former Australian ambassador to the US Arthur Sinodinos said he was confident AUKUS would survive. "There's a lot of bipartisan support for the deal, from day one in the (US) Congress, both Republican and Democrat," he told the Seven Network. "Trump himself would see that we're pulling our weight, we're going to spend $370 billion." Mr Sinodinos, who was ambassador when the deal was announced in 2021 under then-prime minister Scott Morrison, said if the US backed away from the agreement, that would play into the hands of China. "If we look at any stage like we're second guessing ourselves, or we're not committed to really doing this ... the Chinese will say, 'well, look at the end of the day, they're all paper tigers'," he said. "The Americans see that by having more subs actually built in the region, and being serviced in the region, that enhances their capacity to do things in the region. "We don't need a plan B." A US review of a deal to provide Australia with nuclear submarines is routine, the defence minister says, despite calls for a backup plan in case the Trump administration scraps AUKUS. The Pentagon on Thursday announced a review of the three-nation pact that would give Australia nuclear submarines, to see if the agreement lined up with President Donald Trump's "America First" agenda. But Defence Minister Richard Marles has downplayed the significance of the review, saying it's standard procedure. "We engaged with the United Kingdom when they did their review, which is perfectly natural, and of course, when we did the defence strategic review, we also went to both the United States and the United Kingdom and sought their views," the acting prime minister told ABC Radio on Monday. "It's a pretty natural process that we all engage in each other's reviews. "We'll engage with the reviews and the (US) Department of Defense about how AUKUS is tracking in Australia." The AUKUS deal is set to be raised when Prime Minister Anthony Albanese meets with Mr Trump for a one-on-one meeting on the sidelines of the G7 meeting in Canada on Tuesday. The American review has prompted calls for the federal government to consider a contingency plan in the event the submarine deal is called off. One-time coalition deputy prime minister Barnaby Joyce said the US review was a concern. "You should have a contingency plan, as soon as the United States said 'we're reviewing AUKUS', alarm bells should have rung everywhere," he told Seven's Sunrise program. "We absolutely should have a contingency plan, but I haven't heard of any contingency plan." Under the $368 billion program, Australia will buy at least three Virginia-class submarines from the US sometime in the early 2030s. A new class of nuclear submarines will be built in Adelaide to be delivered in the 2040s. Former Australian ambassador to the US Arthur Sinodinos said he was confident AUKUS would survive. "There's a lot of bipartisan support for the deal, from day one in the (US) Congress, both Republican and Democrat," he told the Seven Network. "Trump himself would see that we're pulling our weight, we're going to spend $370 billion." Mr Sinodinos, who was ambassador when the deal was announced in 2021 under then-prime minister Scott Morrison, said if the US backed away from the agreement, that would play into the hands of China. "If we look at any stage like we're second guessing ourselves, or we're not committed to really doing this ... the Chinese will say, 'well, look at the end of the day, they're all paper tigers'," he said. "The Americans see that by having more subs actually built in the region, and being serviced in the region, that enhances their capacity to do things in the region. "We don't need a plan B."
The Advertiser
43 minutes ago
- The Advertiser
Macron visits Greenland to signal European unity
French President Emmanuel Macron and Danish Prime Minister Mette Frederiksen have reaffirmed the sovereignty of Greenland during a visit to the island. "I would first like to convey a message of European solidarity and France's support for Denmark, Greenland and the Greenlandic people," Macron said during a visit to Nuuk on Sunday. Greenland is sovereign and must make its own decisions, whether on security, social issues or the economy. "Everyone in France and in the European Union believes that Greenland cannot be bought or simply taken," Macron said. He specifically mentioned China and Russia as external threats. Macron's visit came as a show of support for the autonomous Danish territory coveted by US President Donald Trump. Macron and Frederiksen discussed the security situation in the North Atlantic and the Arctic with Greenland's Prime Minister Jens-Frederik Nielsen. The French leader's visit was seen as a signal of European unity for Greenland, and came just hours ahead of his participation in the G7 summit in Alberta, Canada, in which Trump will also take part. Frederiksen said Macron's visit to Greenland was testimony to European unity and the strong will to protect democracy, freedom and the territorial integrity of every country and its right to self-determination. "We are of course prepared to take on more responsibility for our security here in the far north, together with our good NATO allies," she said. Denmark also wanted to work with the US to strengthen security in the Arctic. "But co-operation must of course take place in a respectful manner," Frederiksen noted. Macron said he would also seek talks with Trump at the G7 summit. He wanted to tell him that strategic challenges could be overcome together if they were addressed respectfully and co-operatively. "And I am optimistic because I believe there is a way forward to build a better future through cooperation, not provocation or confrontation." Tensions have simmered since Trump revived an idea from his first term of gaining control of Greenland, a self-governing territory within the Kingdom of Denmark that the US president believes is strategically important both for defence and as a source of mineral wealth. Underscoring these ambitions, US Vice President JD Vance visited the US military base in northern Greenland in March, where he slammed NATO ally Denmark for having "underinvested" in the territory's people and security. Greenland and Denmark have categorically rejected Trump's approaches. French President Emmanuel Macron and Danish Prime Minister Mette Frederiksen have reaffirmed the sovereignty of Greenland during a visit to the island. "I would first like to convey a message of European solidarity and France's support for Denmark, Greenland and the Greenlandic people," Macron said during a visit to Nuuk on Sunday. Greenland is sovereign and must make its own decisions, whether on security, social issues or the economy. "Everyone in France and in the European Union believes that Greenland cannot be bought or simply taken," Macron said. He specifically mentioned China and Russia as external threats. Macron's visit came as a show of support for the autonomous Danish territory coveted by US President Donald Trump. Macron and Frederiksen discussed the security situation in the North Atlantic and the Arctic with Greenland's Prime Minister Jens-Frederik Nielsen. The French leader's visit was seen as a signal of European unity for Greenland, and came just hours ahead of his participation in the G7 summit in Alberta, Canada, in which Trump will also take part. Frederiksen said Macron's visit to Greenland was testimony to European unity and the strong will to protect democracy, freedom and the territorial integrity of every country and its right to self-determination. "We are of course prepared to take on more responsibility for our security here in the far north, together with our good NATO allies," she said. Denmark also wanted to work with the US to strengthen security in the Arctic. "But co-operation must of course take place in a respectful manner," Frederiksen noted. Macron said he would also seek talks with Trump at the G7 summit. He wanted to tell him that strategic challenges could be overcome together if they were addressed respectfully and co-operatively. "And I am optimistic because I believe there is a way forward to build a better future through cooperation, not provocation or confrontation." Tensions have simmered since Trump revived an idea from his first term of gaining control of Greenland, a self-governing territory within the Kingdom of Denmark that the US president believes is strategically important both for defence and as a source of mineral wealth. Underscoring these ambitions, US Vice President JD Vance visited the US military base in northern Greenland in March, where he slammed NATO ally Denmark for having "underinvested" in the territory's people and security. Greenland and Denmark have categorically rejected Trump's approaches. French President Emmanuel Macron and Danish Prime Minister Mette Frederiksen have reaffirmed the sovereignty of Greenland during a visit to the island. "I would first like to convey a message of European solidarity and France's support for Denmark, Greenland and the Greenlandic people," Macron said during a visit to Nuuk on Sunday. Greenland is sovereign and must make its own decisions, whether on security, social issues or the economy. "Everyone in France and in the European Union believes that Greenland cannot be bought or simply taken," Macron said. He specifically mentioned China and Russia as external threats. Macron's visit came as a show of support for the autonomous Danish territory coveted by US President Donald Trump. Macron and Frederiksen discussed the security situation in the North Atlantic and the Arctic with Greenland's Prime Minister Jens-Frederik Nielsen. The French leader's visit was seen as a signal of European unity for Greenland, and came just hours ahead of his participation in the G7 summit in Alberta, Canada, in which Trump will also take part. Frederiksen said Macron's visit to Greenland was testimony to European unity and the strong will to protect democracy, freedom and the territorial integrity of every country and its right to self-determination. "We are of course prepared to take on more responsibility for our security here in the far north, together with our good NATO allies," she said. Denmark also wanted to work with the US to strengthen security in the Arctic. "But co-operation must of course take place in a respectful manner," Frederiksen noted. Macron said he would also seek talks with Trump at the G7 summit. He wanted to tell him that strategic challenges could be overcome together if they were addressed respectfully and co-operatively. "And I am optimistic because I believe there is a way forward to build a better future through cooperation, not provocation or confrontation." Tensions have simmered since Trump revived an idea from his first term of gaining control of Greenland, a self-governing territory within the Kingdom of Denmark that the US president believes is strategically important both for defence and as a source of mineral wealth. Underscoring these ambitions, US Vice President JD Vance visited the US military base in northern Greenland in March, where he slammed NATO ally Denmark for having "underinvested" in the territory's people and security. Greenland and Denmark have categorically rejected Trump's approaches. French President Emmanuel Macron and Danish Prime Minister Mette Frederiksen have reaffirmed the sovereignty of Greenland during a visit to the island. "I would first like to convey a message of European solidarity and France's support for Denmark, Greenland and the Greenlandic people," Macron said during a visit to Nuuk on Sunday. Greenland is sovereign and must make its own decisions, whether on security, social issues or the economy. "Everyone in France and in the European Union believes that Greenland cannot be bought or simply taken," Macron said. He specifically mentioned China and Russia as external threats. Macron's visit came as a show of support for the autonomous Danish territory coveted by US President Donald Trump. Macron and Frederiksen discussed the security situation in the North Atlantic and the Arctic with Greenland's Prime Minister Jens-Frederik Nielsen. The French leader's visit was seen as a signal of European unity for Greenland, and came just hours ahead of his participation in the G7 summit in Alberta, Canada, in which Trump will also take part. Frederiksen said Macron's visit to Greenland was testimony to European unity and the strong will to protect democracy, freedom and the territorial integrity of every country and its right to self-determination. "We are of course prepared to take on more responsibility for our security here in the far north, together with our good NATO allies," she said. Denmark also wanted to work with the US to strengthen security in the Arctic. "But co-operation must of course take place in a respectful manner," Frederiksen noted. Macron said he would also seek talks with Trump at the G7 summit. He wanted to tell him that strategic challenges could be overcome together if they were addressed respectfully and co-operatively. "And I am optimistic because I believe there is a way forward to build a better future through cooperation, not provocation or confrontation." Tensions have simmered since Trump revived an idea from his first term of gaining control of Greenland, a self-governing territory within the Kingdom of Denmark that the US president believes is strategically important both for defence and as a source of mineral wealth. Underscoring these ambitions, US Vice President JD Vance visited the US military base in northern Greenland in March, where he slammed NATO ally Denmark for having "underinvested" in the territory's people and security. Greenland and Denmark have categorically rejected Trump's approaches.
