European equity markets were set to open sharply lower on Monday after US President Donald Trump threatened new tariffs on eight European nations in a bid to force the purchase of Greenland. NATO members opposing the plan, namely Denmark, Norway, Sweden, Finland, Germany, the UK, France and the Netherlands, face a potential 10% tariff from Feb. 1, rising to 25% in June unless an agreement is reached. European leaders discussed possible retaliatory measures, including reviving last year’s plan to impose tariffs on US goods, while French President Emmanuel Macron reportedly urged activation of the EU’s anti-coercion instrument. In premarket trade, Euro Stoxx 50 and Stoxx 600 futures fell 1.3% and 1%, respectively.