Fitch: Risk of Fresh US-EU Tariffs Still Significant After Greenland Deal

Fitch's framing matters less for trade flows than for the signal it sends about the durability of the transatlantic security bargain underpinning European risk assets. By tying tariff risk to doubts over America's security commitment, the agency treats geopolitics and trade policy as one variable rather than two, which raises the discount applied to any European exposure. The unresolved questions are whether the deal's implementation stays orderly and whether NATO cohesion holds — both of which now sit inside the same risk bucket as tariffs.