Stocks tumbled in early trading on Tuesday as President Donald Trump threatened tariffs on multiple European countries as part of a push for U.S. control of Greenland. The Dow Jones Industrial Average fell 735 points, or 1.4%, while the S & P 500 declined 1.5%. The tech-heavy Nasdaq dropped 1.8%.

Pentagon officials plan for all sorts of military contingencies, but they have not yet been asked to draw up an invasion of Greenland or the aftermath of such an operation.

President Donald Trump doubled down on his pressure campaign for the annexation of Greenland, arguing there's “no going back” on his ambitions despite the global backlash.

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Cryptocurrencies led risk assets lower on Tuesday, January 20 as concerns about escalating tariffs soured sentiment and provoked market turmoil.

The "Sell America" trade compelled investors to dump U.S. stocks and bonds, while gold and silver, both safe haven assets, hit new highs.

"I no longer feel an obligation to think purely of Peace," the president wrote in an extraordinary message to the Norwegian prime minister.

US President Donald Trump has joined press secretary Karoline Leavitt at the White House press briefing on Tuesday. Trump is speaking before he travels to Davos, where he will attend the annual gathering of political and business leaders at the World Economic Forum.