The European Union is reportedly weighing tariffs totaling 93 billion euros (approximately $107.68 billion) or measures to limit American companies’ access to its market, in retaliation to United States President Donald Trump’s tariff threats over Greenland.

Officials involved in the preparations said that the EU is drafting retaliatory measures to strengthen its negotiating position ahead of crucial meetings with President Trump at next week’s World Economic Forum in Davos, according to the Financial Times.

The report stated that the EU had prepared the tariff list last year but kept it on hold until February 6 to avoid triggering a trade war.

However, as tensions over Greenland intensified, EU member representatives met on Sunday to consider reactivating the list and exploring the use of the Anti-Coercion Instrument, which could restrict U.S. companies’ access to the bloc’s market.

The report followed a joint statement on Sunday from the eight countries directly affected by the proposed U.S. tariffs—Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the United Kingdom, expressing “full solidarity” with Denmark and Greenland.

In a social media post on Saturday, Trump announced that the United States would impose a 10 per cent tariff on goods from the eight countries starting February 1, warning that the rate would increase to 25 per cent on June 1 and stay in effect until a deal is reached for the “complete and total purchase” of Greenland.

Trump, who is set to attend the World Economic Forum on Wednesday and Thursday, is expected to hold private meetings with European leaders, including European Commission President Ursula von der Leyen.