The threat of a trade war over Greenland had unsettled markets and business leaders at a time when the White House and Republicans say they want to focus on the economy.

Trump advisor Kevin Hassett calls for "cooler heads to prevail" as president threatens Denmark with tariffs over Greenland acquisition deal negotiations.

Gold jumped to record high and stocks fell on Monday after Donald Trump’s pursuit of Greenland threatened to reignite a trade war with Europe and left transatlantic relations facing their gravest crisis in years.

Asia-Pacific markets traded subdued as investors weigh renewed U.S. tariff threats tied to Greenland that have stoked concerns of a growing rift between Washington and European nations.