'Can't trust Trump, best to not make deals': Capitalmind CEO after tariff on Denmark, other EU countries

Capitalmind CEO Deepak Shenoy on Saturday delivered a warning on US President Donald Trump's latest tariff moves, arguing that Washington's approach is eroding trust, raising costs for consumers, and weakening long-standing alliances - making it unwise for countries to enter into deals.

Reacting to Trump's announcement of sweeping tariffs on several European countries, Shenoy said the immediate burden would fall not on governments but on American consumers. "A better way to put this is: Americans will pay 10% to 25% more for Lego, Ferrari and a whole bunch of European products," he wrote on X. "Also, this is a very simple way to dismantle NATO. Trump is primarily acting in bad faith across the board so you cannot trust him as an international partner at all. It's probably best to not make deals."

On Saturday, Trump announced that the United States would impose a 10% tariff on imports from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland starting February 1, with the levy set to rise to 25% from June 1. Trump said the tariffs would remain in place until the US reaches an agreement to buy Greenland.

In a lengthy post on Truth Social, Trump linked the tariff move directly to Greenland and broader geopolitical rivalry. "We have subsidized Denmark, and all of the Countries of the European Union, and others, for many years by not charging them Tariffs, or any other forms of remuneration. Now, after Centuries, it is time for Denmark to give back – World Peace is at stake!"

Trump claimed that rival powers were seeking to gain influence over Greenland and questioned Denmark’s ability to defend the territory. "China and Russia want Greenland, and there is not a thing that Denmark can do about it. They currently have two dogsleds as protection, one added recently," the post said.

He went on to describe Greenland as critical to US national security and the effectiveness of the so-called Golden Dome missile defence system. "Now, because of The Golden Dome, and Modern Day Weapons Systems, both Offensive and Defensive, the need to ACQUIRE is especially important," he added. "Hundreds of Billions of Dollars are currently being spent on Security Programs having to do with 'The Dome,' including for the possible protection of Canada, and this very brilliant, but highly complex system can only work at its maximum potential and efficiency, because of angles, metes, and bounds, if this Land is included in it."

Trump also accused several European countries of undertaking activities in Greenland that he described as dangerous. "This is a very dangerous situation for the Safety, Security, and Survival of our Planet. These Countries, who are playing this very dangerous game, have put a level of risk in play that is not tenable or sustainable."

Announcing the tariff timeline, Trump made clear the levies were directly tied to the Greenland negotiations. "Starting on February 1st, 2026, all of the above mentioned Countries (Denmark, Norway, Sweden, France, Germany, The United Kingdom, The Netherlands, and Finland), will be charged a 10% Tariff on any and all goods sent to the United States of America. 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 added that Washington was open to negotiations, despite what he described as decades of security support. "The United States of America is immediately open to negotiation with Denmark and/or any of these Countries that have put so much at risk, despite all that we have done for them, including maximum protection, over so many decades."