Trump administration convening first critical minerals summit

The Trump administration announced plans Tuesday to hold a critical minerals summit — a move that comes in the wake of President Trump’s ramped up pursuit of Greenland.

“On February 4, @SecRubio will welcome partners from across the globe to the State Department for the inaugural Critical Minerals Ministerial,” the department posted on social platform X.

“Strengthening critical mineral supply chains with our international partners is vital to America’s economic and national security, technological leadership, and a resilient energy future,” the post reads.

Trump and his administration have maintained that the takeover of Greenland is critical to U.S. national security and to stave off threats from China and Russia in the Arctic. The island, a semi-autonomous territory of Denmark, also has vast mineral resources.

Stocks on Tuesday fell as Trump leans on Denmark and its NATO allies to forge a deal on the acquisition. The Dow had fallen by close to 700 points by midmorning, the S&P 500 had dipped by more than 1.4 percent and the Nasdaq dropped by 1.7 percent.

Treasury Secretary Scott Bessent on Tuesday warned Europe against imposing retaliatory tariffs after the president announced additional import taxes on Denmark and eight other nations over their pushback on Trump’s plan to acquire Greenland.

Bessent, in a conversation with Fox Business’s Maria Bartiromo at the World Economic Forum in Switzerland, said European leaders should “sit back [and] take a deep breath.”

“Do not retaliate,” he added.

California Gov. Gavin Newsom (D) on Tuesday advised the Europeans to “buck up” amid the Trump administration’s pressure.

“Do you have a message for Europeans who are concerned about the messages from the White House around Greenland this week?” Sky News’s Paul Kelso asked Newsom.

“Yeah, it’s time to buck up,” Newsom replied. “It’s time to get serious. And stop being complicit. It’s time to stand tall and firm, have a backbone. You know, I’ve seen this in the United States, supine Congress, playing both sides. You know, say one thing on a text or a tweet, another publicly.”