Just when Wall Street and Corporate America were looking forward to a year without trade fears, the ‘Tariff King’ strikes again

After a turbulent 2025 that shocked global trade and financial markets, 2026 was shaping up to be a time for the U.S. economy to look past President Donald Trump’s tariffs.

Not so fast.

Tariffs are back on the agenda again only a few weeks into the new year. On Saturday, Trump announced eight NATO allies would be hit with 10% tariffs next month that will rise to 25% by June until a “Deal is reached for the Complete and Total purchase of Greenland.”

While not all the targeted countries are members of the European Union, the new levies come despite a trade deal reached in July that set a 15% tariff on most EU products and obligated it to invest hundreds of billions of dollars in the U.S.

And on Monday, Trump said countries that do business with Iran would be hit with a 25% duty on trade with the U.S., threatening to blow up a fragile tariff cease-fire with China, which is a top importer of Iranian oil.

Now, the U.S. faces the prospect of a new cycle of retaliat...