BANGKOK (AP) — European shares mostly fell and U.S. stock futures skidded Monday after U.S. President Donald Trump threatened to slap a 10% extra tariff on imports from eight European countries because they oppose having America take control of Greenland.

Germany’s DAX lost 1.3% to close at 24,960.33 and the CAC 40 in Paris fell 1.9% to 8,101.96. Britain’s FTSE 100 declined 0.4% to 10,190.26.

Among U.S. stock futures, the S&P 500 was down 1% as of 11:48 a.m. Eastern Time, while the Dow Jones Industrial Average was down 0.8% and the Nasdaq composite was down 1.2%. U.S. stock markets are closed Monday in observance of Martin Luther King Jr. Day.

Trump said Saturday that he would charge a 10% import tax starting in February on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland because of their opposition to American control of Greenland.

The European countries targeted by Trump blasted his threat to raise tariffs, saying they “undermine transatlantic relations and risk a dangerous downward spiral.” The unusually strong joint statement was the most forceful rebuke from the European allies since Trump returned to the White House almost a year ago.

Trump’s moves are testing the strategic alignment and institutional trust underlying support from Europe, the largest trading partner and provider of financing to the United States, Stephen Innes of SPI Asset Management said in a commentary.

“In a world where geopolitical cohesion within the Western alliance is no longer taken for granted, the willingness to recycle capital indefinitely into U.S. assets becomes less automatic. This is not a short-term liquidation story. It is a slow rebalancing story, and those are far more consequential,” Innes said.

In Asia, shares were mixed after China reported that its economy expanded at a 5% annual pace in 2025, though it slowed in the last quarter. Strong exports, despite Trump’s higher tariffs on imports from China, helped to offset relatively weak domestic demand.

Hong Kong’s Hang Seng index lost 1.1% to 26,563.90. The Shanghai Composite index gained 0.3% to 4,114.00.

In Tokyo, the Nikkei 225 declined 0.7% to 53,583.57. Japanese Prime Minister Sanae Takaichi was due to hold a news conference later Monday as she prepares to dissolve the parliament for a snap election next month.

Elsewhere in Asia, South Korea’s Kospi jumped 1.3% to 4,904.66, pushing further into record territory on strong gains for tech-related companies. Computer chip maker SK Hynix climbed 1.1%.

Taiwan’s Taiex added 0.7%, while the Sensex in India fell 0.6%.

On Friday, stocks edged lower on Wall Street as the first week of corporate earnings season ended with markets trading near record levels.

The S&P 500 fell 0.1% and the Dow industrials lost 0.2%. The Nasdaq composite shed 0.1%. They all notched weekly losses, while smaller company stocks fared better. The Russell 2000 eked out a 0.1% gain.

Technology stocks were the strongest forces behind the market’s moves throughout most of the day. Several big technology stocks made strong gains and helped offset losses elsewhere.