A slump in U.S. stocks spilled into markets in Asia and Europe on Wednesday, ending a period of relative calm.

It comes after Trump says he will add a 10% tariff to goods imported from eight European countries that oppose his plan to take over Greenland.

Donald Trump ruled out using force to acquire Greenland as he called for immediate negotiations over his desire to purchase the island. “People thought I would use force. I don’t have to use force. I don’t want to use force. I won’t use force,” Trump said in a highly anticipated address to the World Economic Forum.

Shares of the German automaker dropped more than 3% in early European trading, with losses at times exceeding 6%, according to CBT News. Last weekend, Trump announced his intentions to impose a 10% tariff on goods imported from Denmark, Norway, Sweden, France, Germany, the U.K., the Netherlands, and Finland, effective Feb. 1.

Gavin Newson has told European leaders to “have a backbone” and start standing up to Donald Trump after his latest meltdown over Greenland. The California governor hit out after the U.S. president threatened to impose tariffs on the U.K. and seven other European countries unless he takes control of the Arctic island.

The heads of state of all 27 European Union nations will meet for an "extraordinary meeting" later this week, European council president Antonio Costa said on Sunday.

European Union leaders are using strong language like "intimidation" and "blackmail" to describe U.S. President Donald Trump's threat of new tariffs over Greenland.

His remarks to the annual World Economic Forum will come as European leaders try to de-escalate tensions with the U.S. over Trump’s plan to acquire Greenland.