Facing a spooked stock market and claiming progress following a meeting with NATO Secretary General Mark Rutte at the World Economic Forum in Davos, President Donald Trump has rescinded his threat to punish eight European nations with a 10% tariff for opposing his efforts to acquire Greenland.

Germany, Sweden and the UK were included in the proposed tariff, which would have applied to vehicles and auto parts, adding to growing pricing concerns for American dealers and consumers.

Shortly after making the announcement, Trump told CNBC’s Joe Kernen he and Rutte agreed to a “concept of a deal” that would provide the “framework” for Greenland’s future that the president alluded to in a Truth Social post.

Any deal would likely involve a buildup of the U.S.’s already significant military presence in Greenland, an autonomous island territory of Denmark that lies between the Atlantic and Arctic oceans, a critical location for North American defense. Trump gave no indication a U.S. takeover was imminent, having ruled out an invasion in earlier remarks.

“It’s a little bit complex, but we’ll explain it down the line,” Trump told Kernen.

Read more at CNBC