President Donald Trump has officially renounced any intentions to seize Greenland through military means, simultaneously dismissing the possibility of withdrawing from NATO. This unexpected change came after previous assertions to acquire the Danish-controlled island.

At the World Economic Summit, Trump passionately argued for U.S. acquisition of Greenland, yet eventually committed to a non-aggressive approach.

Initially, Trump suggested, “We probably won’t achieve anything unless we resort to overwhelming strength and force, at which point we would be—quite frankly—unstoppable.” However, he then assured, “But I won’t do that. All right.” He added, “Now everyone says, ‘Oh, good.’”

This assurance led to a quick recovery in stock markets, alleviating fears of a military conflict over Greenland that could have jeopardized the stability of NATO.

Stocks immediately bounced back up at the news that there would be no military intervention over Greenland, which could have led to a breakup of NATO. 

The S&P500 and the tech-heavy Nasdaq rallied to more than 1 percent, with the Dow close to hitting 1 percent after Trump’s mainstage appearance wrapped.

They had fallen Tuesday after Trump threatened to impose tariffs on eight European allies to get his way on Greenland. 

Tariffs appeared to still be on the table, as Trump demanded an ‘immediate negotiation’ over the island, which he mistakenly called Iceland on several occasions.

President Donald Trump pledged not to take Greenland, a Danish territory, by force 

Trump’s comments came after the president wouldn’t reveal to reporters on Tuesday his red line, answering only ‘you’ll find out’ when asked how far he would go to acquire Greenland. 

He previously hadn’t ruled out military action. 

There were also fears that Trump could pull the plug on U.S. NATO membership, something the Republican president has floated in the past. 

While he slapped around European nations – over their immigration policies and love of wind energy, among other things – Trump remained committed to staying in the alliance.

‘The problem with NATO is this: we’d be there for them 100 percent,’ Trump pledged. ‘I’m not sure they’d be there for us if we made the call.’ 

The leaders of Denmark, a member of the NATO alliance, have repeatedly said they’re not interested in selling off the large island territory, which Trump argued Wednesday was part of the U.S.’s purview, due to it being located in North America.

‘This enormous unsecured island is actually part of North America, on the northern frontier of the western hemisphere. That’s our territory,’ the president said. ‘It is therefore a core national security interest of the United States of America.’ 

Trump said that American presidents, for two centuries, have been trying to acquire the island.

‘They should have kept it after World War II, but they had a different president,’ he said. ‘That’s all right. People think differently,’ Trump shrugged.

Snow-covered houses line a hillside in Nuuk, Greenland, the territory’s capital 

Danish soldiers are photographed during a shooting practice on Greenland on Sunday amid President Donald Trump’s threats to take over the island 

The president then knocked Denmark for not spending enough to bolster Greenland’s defenses, as the president has pushed that it’s under threat from both Russia and China.

‘There’s no sign of Denmark there. And I say that with great respect for Denmark, whose people I love, whose leaders are very good,’ Trump said. 

‘It’s the United States alone that can protect this giant mass of land, this giant piece of ice, develop it and improve it and make it so that it’s good for Europe and safe for Europe and good for us,’ he continued. 

‘And that’s why I’m seeking immediate negotiations to once again discuss the acquisition of Greenland by the United States,’ he added. 

Trump said he wanted ‘full ownership’ of Greenland – and not just the current deal in which the Danes allow for a U.S. military presence – because the U.S. needs to be fully invested in it. 

‘All we’re asking for is to get Greenland, including the right title and ownership, because you need the ownership to defend it. You can’t defend it on a lease,’ the president argued. ‘Who the hell wants to defend a license agreement?’ he mused.