President Donald Trump has pulled back a threat to impose new tariffs on European countries on Feb. 1, after signaling progress on a deal addressing U.S. interests in Greenland.

Following a meeting with NATO Secretary General Mark Rutte in Davos, Switzerland, on Jan. 21, Trump said he formed the framework of a future deal for the island and the greater Arctic region.

“This solution, if consummated, will be a great one for the United States of America, and all NATO Nations,” Trump wrote in a Truth Social post.

“Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st.”

Trump offered some additional details about the development in an interview with CNBC on the afternoon of Jan. 21.

“We took [the tariff threat] off, because it looks like we have pretty much a concept of a deal,” he said.

When asked whether the framework he and Rutte had discussed was for a “deal of ownership,” Trump told the news outlet, “Well, it’s a little bit complex, but we’ll explain it down the line.”

Moments later, the president said the deal will “be forever.”

In response to a request for comment, NATO spokesperson Allison Hart told The Epoch Times that the discussion between Rutte and Trump had been productive.

“Discussions among NATO Allies on the framework the President referenced will focus on ensuring Arctic security through the collective efforts of Allies, especially the seven Arctic Allies,” Hart said.

“Negotiations between Denmark, Greenland, and the United States will go forward aimed at ensuring that Russia and China never gain a foothold—economically or militarily—in Greenland.”

Russian President Vladimir Putin, on Jan. 21, said Trump’s push to acquire or assert control over Greenland doesn’t concern Russia “at all.”

Trump raised the tariff threat on Jan. 17. In a Truth Social post that day, he said Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland would face a 10 percent tariff until a deal is reached for the purchase of Greenland.

Greenland is a semiautonomous territory of Denmark.

Trump had further threatened to raise the tariff on the aforementioned European countries to 25 percent on June 1 if no deal had been formed by then.

Earlier on Jan. 21, the European Parliament announced that it had halted work on a trade deal between the European Union and the United States over Trump’s tariff threats and efforts to coerce the transfer of Greenland.

“By threatening the territorial integrity and sovereignty of an EU member state and by using tariffs as a coercive instrument, the U.S. is undermining the stability and predictability of EU–U.S. trade relations,” said Bernd Lange, chair of the European Parliament’s Committee on International Trade.

Lange said the EU–U.S. trade legislation in the works would have suspended tariffs on all U.S. industrial goods and established tariff-rate quotas for many U.S. agricultural and food products entering the EU.

The Associated Press contributed to this report.