The European Union could implement a package of tariffs currently on ice on some 93 billion euros ($107.95 billion) of U.S. goods as soon as Feb. 7 following a threat of new U.S. duties, a European Commission spokesman said Monday.

U.S. President Donald Trump announced a 10% import tax on goods from eight European nations, escalating to 25% if Greenland isn't sold to the U.S. by June.

Prime Minister Sir Keir Starmer has said a trade war is in "no-one's interest" after Donald Trump threatened to impose a 10% tax on imports from the UK and other countries who oppose his plans to take control of Greenland.

President Donald Trump has threatened to hit European countries with a wave of increasing tariffs unless he is allowed to buy Greenland.

European shares mostly fell and U.S. stock futures skidded Monday after U.S. President Donald Trump threatened to slap a 10% extra tariff on imports from eight European countries because they oppose h

President Donald Trump doubled down on his aims for Greenland ahead of his trip to the World Economic Forum in Davos, Switzerland, this week.