The U.S. president said he had agreed on "framework of a future deal with respect to Greenland" and the Arctic with NATO Secretary-General Mark Rutte.

President Donald Trump during a meeting with NATO Secretary General Mark Rutte on the sidelines of the Annual Meeting of the World Economic Forum in Davos, Switzerland on Wednesday. Evan Vucci / AP

President Donald Trump on Wednesday said that he would not impose tariffs on eight European countries that were set to go into effect on Feb. 1 unless those countries allowed the United States to take control of Greenland.

On Saturday, Trump said he would hit Denmark, the U.K. and other countries involved in NATO exercises with a 10% tariff starting next month.

"Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region," Trump wrote on Truth Social.

"Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st," he added.

Trump had said if those countries did not comply with his demands by June, the tariff would rise to 25%.

Trump`s comments over the weekend roiled global markets.

Stocks soared to the highs of the day on Trump`s announcement that the tariffs were off.

Hours before Trump`s announcement, the European Union`s parliament halted final approval of a critical trade deal that Trump reached with the bloc last summer.

E.U. leaders were also scheduled to hold an emergency summit on Thursday to coordinate a response to Trump`s threats.

On Wednesday morning, Trump told an audience of leaders gathered at the World Economic Forum in Davos, Switzerland that he still wanted the United States to control Greenland, but that he would not use force to seize the semi-autonomous Danish territory.

Instead, Trump said he wanted "immediate negotiations" with Denmark.

"We will not enter into any negotiations on the basis of giving up fundamental principles," Denmark`s foreign ministers told reporters gathered at the forum.