EU ambassadors held an emergency meeting in Brussels on Sunday in response to Trump’s threat, which he made after an estimated quarter of the population of Greenland’s capital Nuuk joined protests against any potential annexation.

The dispute between the United States and Europe over the future of Greenland isn’t the first time the allies have been at loggerheads. When France, the United Kingdom and Israel invaded Egypt in 1956,

“European countries own $8 trillion of US bonds and equities, almost twice as much as the rest of the world combined,” Saravelos pointed out. “In an environment where the geoeconomic stability of the western alliance is being disrupted existentially, it is not clear why Europeans would be as willing to play this part.”

European leaders are speaking out after President Donald Trump threatened to hit his allies with tariffs unless a deal is reached for the US purchase of Greenland. Follow for live updates.

The European Union and the Mercosur bloc of South American countries formally signed a long-sought free trade agreement on Saturday, strengthening commercial ties in the face of rising protectionism and trade tensions around the world.

Brazilian President Lula da Silva and European Commission President Ursula von der Leyen celebrate the expected signing of a free trade agreement between the EU and Mercosur.

Several NATO countries are deploying small numbers of military personnel to Greenland to participate in joint exercises with Denmark as US President Donald Trump ramps up his threats to forcibly annex the Arctic island.