The European Parliament is set to suspend approval of the US tariffs deal agreed in July, escalating tensions between Europe and the United States. This move comes after Donald Trump threatened new tariffs over the issue of acquiring Greenland, rattling financial markets on both sides of the Atlantic.

• European stock markets saw a second day of losses, with the Dow Jones sliding more than 1.7%, the S&P 500 dropping over 2%, and the Nasdaq closing about 2.4% lower.
• Manfred Weber, an influential German member of European Parliament, and Bernd Lange, chair of the European Parliament’s committee on international trade, stated that approval is not possible due to the threats concerning Greenland.
• The EU had previously announced a possible €93 billion ($109 billion, £81 billion) worth of American goods that could be hit with levies, with a reprieve ending on February 6.