President Donald Trump said he will see through the tariff threat he has been pushing the last few days. President Donald Trump’s tariff threat is manifesting with a 10% tax on eight different countries from NATO including the United Kingdom.

These tariffs will come into effect on Feb. 1 and start at 10%; however, they will go up to 25% on June 1. Trump said he will keep raising the tariffs until a deal has been reached for the United States to have control over Greenland.

Due to Trump threatening tariffs, the stocks have plummeted. Stocks have closed down anywhere from 1.2% to 2.3%, with the highest drop being the Nasdaq, down 2.3%.