Remote, icy and mostly pristine, Greenland plays an outsized role in the daily weather experienced by billions of people and in the climate changes taking shape all over the planet.
Greenland is where climate change, scarce resources, tense geopolitics and new trade patterns all intersect, said Ohio University security and environment professor Geoff Dabelko.
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The plane carrying Donald Trump Jr., departs from the airport in Nuuk, Greenland, Tuesday, Jan. 7, 2025. (Emil Stach/Ritzau Scanpix via AP)
Donald Trump Jr., center, smiles after arriving in Nuuk, Greenland, Tuesday, Jan. 7, 2025. (Emil Stach/Ritzau Scanpix via AP)
FILE - An iceberg floats in the Scoresby Sund, on Sept. 12, 2023, in Greenland. (AP Photo/Chris Szagola, File)
FILE - Large icebergs float away as the sun rises near Kulusuk, Greenland, on Aug. 16, 2019. (AP Photo/Felipe Dana, File)
FILE - Two groups from the Poseidon Expeditions tour company look at a glacier in the Scoresby Sund, on Sept. 7, 2023, in Greenland. (AP Photo/Chris Szagola, File)
FILE - Small pieces of ice float in the water in Nuuk Fjord, Greenland, on June 15, 2019. (AP Photo/Keith Virgo, File)
FILE - A boat navigates large icebergs near the town of Kulusuk, in eastern Greenland, on Aug. 15, 2019. (AP Photo/Felipe Dana, File)
The world's largest island is now "central to the geopolitical, geoeconomic competition in many ways," partly because of climate change, Dabelko said.
Since his first term in office, President-elect Donald Trump has expressed interest in acquiring Greenland, which is a semiautonomous territory of Denmark, a longtime U.S. ally and a founding member of NATO. It is also home to a large U.S. military base.
Think of Greenland as an open refrigerator door or thermostat for a warming world, and it's in a region that is warming four times faster than the rest of the globe, said New York University climate scientist David Holland.
Locked inside are valuable rare earth minerals needed for telecommunications, as well as uranium, billions of untapped barrels of oil and a vast supply of natural gas that used to be inaccessible but is becoming less so.
Many of the same minerals are currently being supplied mostly by China, so other countries such as the United States are interested, Dabelko said. Three years ago, the Denmark government suspended oil development offshore from the territory of 57,000 people.
But more than the oil, gas or minerals, there's ice — a "ridiculous” amount, said climate scientist Eric Rignot of the University of California, Irvine.
If that ice melts, it would reshape coastlines across the globe and potentially shift weather patterns in such a dramatic manner that the threat was the basis of a Hollywood disaster movie. Greenland holds enough ice that if it all melts, the world's seas would rise by 24 feet (7.4 meters). Nearly a foot of that is so-called zombie ice, already doomed to melt no matter what happens, a 2022 study found.
Since 1992, Greenland has lost about 182 billion tons (169 billion metric tons) of ice each year, with losses hitting 489 billion tons a year (444 billion metric tons) in 2019.
Greenland will be “a key focus point” through the 21st century because of the effect its melting ice sheet will have on sea levels, said Mark Serreze, director of the National Snow and Ice Data Center in Boulder, Colorado. "It will likely become a bigger contributor in the future.”
That impact is “perhaps unstoppable,” NYU's Holland said.
Greenland also serves as the engine and on/off switch for a key ocean current that influences Earth's climate in many ways, including hurricane and winter storm activity. It's called the Atlantic Meridional Overturning Circulation, or AMOC, and it's slowing down because more fresh water is being dumped into the ocean by melting ice in Greenland, Serreze said.
A shutdown of the AMOC conveyor belt is a much-feared climate tipping point that could plunge Europe and parts of North America into prolonged freezes, a scenario depicted in the 2004 movie “The Day After Tomorrow.”
“If this global current system were to slow substantially or even collapse altogether — as we know it has done in the past — normal temperature and precipitation patterns around the globe would change drastically,” said climate scientist Jennifer Francis of the Woodwell Climate Research Center. “Agriculture would be derailed, ecosystems would crash, and ‘normal’ weather would be a thing of the past.”
Greenland is also changing color as it melts from the white of ice, which reflects sunlight, heat and energy away from the planet, to the blue and green of the ocean and land, which absorb much more energy, Holland said.
Greenland plays a role in the dramatic freeze that two-thirds of the United States is currently experiencing. And back in 2012, weather patterns over Greenland helped steer Superstorm Sandy into New York and New Jersey, according to winter weather expert Judah Cohen of the private firm Atmospheric and Environmental Research.
Because of Greenland's mountains of ice, it also changes patterns in the jet stream, which brings storms across the globe and dictates daily weather. Often, especially in winter, a blocking system of high pressure off Greenland causes Arctic air to plunge to the west and east, smacking North America and Europe, Cohen said.
Because it straddles the Arctic circle between the United States, Russia and Europe, Greenland is a geopolitical prize that the U.S. and others have eyed for more than 150 years. It's even more valuable as the Arctic opens up more to shipping and trade.
None of that takes into consideration the unique look of the ice-covered island that has some of the Earth's oldest rocks.
“I see it as insanely beautiful. It's eye-watering to be there,” said Holland, who has conducted research on the ice more than 30 times since 2007. "Pieces of ice the size of the Empire State Building are just crumbling off cliffs and crashing into the ocean. And also, the beautiful wildlife, all the seals and the killer whales. It’s just breathtaking.”
Read more of AP’s climate coverage at http://www.apnews.com/climate-and-environment
Follow Seth Borenstein on X at @borenbears
The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
The plane carrying Donald Trump Jr., departs from the airport in Nuuk, Greenland, Tuesday, Jan. 7, 2025. (Emil Stach/Ritzau Scanpix via AP)
Donald Trump Jr., center, smiles after arriving in Nuuk, Greenland, Tuesday, Jan. 7, 2025. (Emil Stach/Ritzau Scanpix via AP)
FILE - An iceberg floats in the Scoresby Sund, on Sept. 12, 2023, in Greenland. (AP Photo/Chris Szagola, File)
FILE - Large icebergs float away as the sun rises near Kulusuk, Greenland, on Aug. 16, 2019. (AP Photo/Felipe Dana, File)
FILE - Two groups from the Poseidon Expeditions tour company look at a glacier in the Scoresby Sund, on Sept. 7, 2023, in Greenland. (AP Photo/Chris Szagola, File)
FILE - Small pieces of ice float in the water in Nuuk Fjord, Greenland, on June 15, 2019. (AP Photo/Keith Virgo, File)
FILE - A boat navigates large icebergs near the town of Kulusuk, in eastern Greenland, on Aug. 15, 2019. (AP Photo/Felipe Dana, File)
NEW YORK (AP) — U.S. stocks are careening through a manic Monday after President Donald Trump threatened to crank his tariffs higher, despite a stunning display from Wall Street showing how dearly it wants him to do the opposite.
The S&P 500 was down 0.8% in late trading, but only after a shocking day of heart-racing reversals as battered financial markets try to figure out what Trump’s ultimate goal is for his trade war. If it’s to get other countries to agree to trade deals, he could lower his tariffs and avoid a possible recession. But if it’s to remake the economy and stick with tariffs for the long haul, stock prices may need to fall further.
The Dow Jones Industrial Average was down 563 points, or 1.5%, with a little less than an hour remaining in trading, while the Nasdaq composite was 0.6% lower.
All three indexes started the day sharply lower, and the Dow plunged as many as 1,700 points following even worse losses worldwide on worries that Trump's tariffs could torpedo the global economy. But it suddenly surged to a gain of nearly 900 points. The S&P 500, meanwhile, went from a loss of 4.7% to a leap of 3.4%, which would have been its biggest jump in years.
The sudden rise followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.” Stocks then turned back down. That a rumor could move trillions of dollars' worth of investments shows how much investors are hoping to see signs that Trump may let up on tariffs.
But soon after that, Trump threatened to raise tariffs further against China after the world's second-largest economy retaliated last week with its own set of tariffs on U.S. products.
It’s a slap in the face to Wall Street, not just because of the sharp losses it’s taking, but because it suggests Trump may not be moved by its pain. Many professional investors had long thought that a president who used to crow about records reached under his watch would pull back on policies if they sent the Dow reeling.
On Sunday Trump told reporters aboard Air Force One that he does not want markets to fall. But he also said he wasn’t concerned about a sell-off, saying “sometimes you have to take medicine to fix something.”
Trump has given several reasons for his stiff tariffs, including to bring manufacturing jobs back to the United States, which is a process that could take years. Trump on Sunday said he wanted to bring down the numbers for how much more the United States imports from other countries versus how much it sends to them.
Still, indexes kept swerving between losses and gains Monday, even after Trump threatened to raise his tariffs, because hope still remains in markets that negotiations may still come.
“Could things get worse? Of course they could," said Nate Thooft, a senior portfolio manager at Manulife Investment Management. “We’re not calling the all-clear at all, but when you have this type of volatility in the market, of course you're going to have back and forth” in markets not just day to day but also hour to hour.
“We’re all waiting for the next bit of information,” he said. “Literally a Truth Social tweet or an announcement of some sort about real negotiations could dramatically move this market. This is the world we live in right now.”
All that seems to be certain is that the financial pain hammered investments around the world on Monday, the third straight day of steep losses after Trump announced tariffs in his “Liberation Day.”
Stocks in Hong Kong plunged 13.2% for their worst day since 1997. A barrel of benchmark U.S. crude oil dipped below $60 during the morning for the first time since 2021, hurt by worries that a global economy weakened by trade barriers will burn less fuel. Bitcoin sank below $79,000, down from its record above $100,000 set in January, after holding steadier than other markets last week.
Nike dropped 4% for one of the larger losses on Wall Street. Not only does it sell a lot of shoes and apparel in China, it also makes much of it there. Last fiscal year, factories in China made 18% of its Nike brand footwear. Vietnam made 50%, and Indonesia made 27%.
Trump’s tariffs are an attack on the globalization that’s remade the world’s economy, which helped bring down prices for products on the shelves of U.S. stores but also caused production jobs to leave for other countries.
It also adds pressure on the Federal Reserve. Investors have become nearly conditioned to expect the central bank to swoop in as a hero by slashing interest rates during downturns.
But the Fed may have less freedom to act this time around because the conditions are so much different. That's cheifly because inflation is higher at the moment than the Fed would like. And while lower interest rates can goose the economy, they can also put upward pressure on inflation. Expectations for inflation are already swinging higher because of Trump’s tariffs, which would likely raise prices for anything imported.
“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” JPMorgan CEO Jamie Dimon, one of the most influential executives on Wall Street, wrote in his annual letter to shareholders Monday. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
In the bond market, Treasury yields rallied Monday to recover some of their sharp drops from earlier weeks. Some of the big move may have been because of reduced expectations for cuts to interest rates by the Fed. Some analysts also said it could be due to investors outside of the United States wanting to pare their U.S. investments.
The yield on the 10-year Treasury jumped to 4.14% from 4.01% late Friday.
Earlier in the day, the S&P 500 briefly fell more than 20% below its record set less than two months ago. If it finishes a day below that bar, it would be a big enough drop that Wall Street has a name for it. A “bear market” signifies a downturn that’s moved beyond a run-of-the-mill 10% drop, which happens every year or so, and has graduated into something more vicious.
The S&P 500, which sits at the heart of many investors’ 401(k) accounts, is coming off its worst week since COVID began crashing the global economy in March 2020.
Kurtenbach reported from Bangkok. McHugh reported from Frankfurt, Germany. Associated Press writers Ayaka McGill, Paul Harloff, Matt Ott and Jiang Junzhe also contributed.
An electronic display shows financial information on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Federico DeMarco works on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Traders work on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Chris Lagana works on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Traders work on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Traders work on the options floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
While a stock exchange trader sits in front of his monitors on the trading floor of the Frankfurt Stock Exchange, Germany, the display board with the Dax curve shows a value of less than 20,000 points. (Arne Dedert/dpa via AP)
While a stock exchange trader sits in front of his monitors on the trading floor of the Frankfurt Stock Exchange, Germany, the display board with the Dax curve shows a value of less than 20,000 points. (Arne Dedert/dpa via AP)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 7, 2025. (AP Photo/Ahn Young-joon)
An electronic stock board shows that Nikkei stock average dropped over 2,900 Japanese yen in Tokyo Monday, April 7, 2025. (Kyodo News via AP)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 7, 2025. (AP Photo/Ahn Young-joon)
A person walks past an electronic stock board in Tokyo Monday, April 7, 2025. (Kyodo News via AP)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 7, 2025. (AP Photo/Ahn Young-joon)
US President Donald Trump appears on a television screen at the stock market in Frankfurt, Germany, Thursday, April 3, 2025. (AP Photo/Michael Probst)
A screen displays financial news as traders work on the floor at the New York Stock Exchange in New York, Thursday, April 3, 2025. (AP Photo/Seth Wenig)
