U.S. President Donald Trump has backed off on his threat to impose tariffs on U.S. allies in Europe over his acquisition of Greenland.

On Truth Social today, Trump announced that he changed his mind following the creation of a new framework with NATO Secretary-General Mark Rutte. According to Trump, it includes a “future deal with respect to Greenland and, in fact, the entire Arctic Region.”

He adds that if the deal is realized, it “will be a great one for the United States of America, and all NATO Nations.”

The 10 per cent tariffs were supposed to come into play on February 1st, impacting goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland. Trump added that the levies would rise to 25 per cent on June 1 and apply to imports from NATO countries until a deal is reached for the purchase of Greenland.