President-elect Donald Trump’s risk to slap Denmark with tariffs to pressure its hand in giving up Greenland might result in greater costs for in style weight-loss medicine Ozempic and Wegovy in addition to Lego toys, in accordance with a report.
On Monday, Trump stated he would “tariff Denmark at a very high level” if it didn’t permit Greenland – the ice-covered autonomous territory owned by the Kingdom of Denmark – to hitch the US.
“They should give it [Greenland] up, because we need it for national security,” Trump stated.
The tiny Scandinavian nation — Denmark’s complete nation’s inhabitants is smaller than that of New York Metropolis — just isn’t a serious buying and selling accomplice, sending nearly $11 billion in items to the US in 2023 out of $3 trillion price of imports.
However the items Denmark sends to the US – together with Legos, Ozempic and Wegovy, listening to aids and different medicines – are fascinating and will get a complete lot costlier if Trump follows by way of on his tariff promise, in accordance with The New York Instances.
About half of Denmark’s current exports to the US are medicines, insulin, vaccines and antibiotics, in accordance with the Observatory of Financial Complexity, a commerce information platform.
The nation is residence to Novo Nordisk – the agency behind Ozempic and Wegovy.
Novo Nordisk has been ramping up its US manufacturing to fulfill the hovering demand for the medicine – however hefty tariffs might spike costs.
“We will follow the situation closely; however, we will not comment on hypotheticals and speculations,” a Novo Nordisk spokesperson advised The Submit.
Denmark can be the main provider of listening to aids to the US, in addition to a serious provider of medical devices, fish fillets, pig meat, coal tar oil, petroleum and baked items, in accordance with the OEC.
The nation can be residence to the Lego Group – the world’s largest toymaker. It’s a privately-held firm, however was valued at round $13 billion in 2023, in accordance with Statista.
It’s unclear how a lot Lego exports from Denmark to the US, because it additionally operates a manufacturing unit in Mexico, one other in Virginia and amenities in Hungary, the Czech Republic, China and Vietnam.
However Lego’s costs might nonetheless be hit onerous, since Trump has threatened to impose tariffs on items from Mexico, China and Canada, as nicely.
Lego and Trump’s workforce didn’t instantly reply to requests for remark.
Throughout a press convention earlier this week, Trump argued that getting Greenland was a nationwide safety concern due to its location between the US, Russia and Europe. Melting ice close to Greenland has opened up new routes for Russian and Chinese language ships to sail by way of.
“We need Greenland for national security purposes,” Trump stated Tuesday. “I’m talking about protecting the free world. You look at — you don’t even need binoculars — you look outside. You have China ships all over the place. You have Russian ships all over the place. We’re not letting that happen.”
In a Fb publish, Greenland’s prime minister Múte Egede responded that “Greenland belongs to the people of Greenland.”
“Our future and fight for independence is our business,” the prime minister added.
Throughout Tuesday’s press convention, Trump doubled down on his promise to hit Mexico and Canada with “very serious tariffs.” He additionally proposed renaming the Gulf of Mexico to “the Gulf of America.”
