President-elect Donald Trump's threat to impose tariffs on Denmark to force it to abandon Greenland could lead to higher prices for popular weight-loss drugs Ozempic, Wigobee and Lego toys, according to a report.
On Monday, President Trump said he would impose “very high tariffs” on Denmark if it did not admit the icy autonomous region of Greenland, owned by the Kingdom of Denmark, into the United States.
“They should give it [Greenland] “It's necessary for national security,” President Trump said.
Denmark, a small Scandinavian country with a population smaller than New York City, is not a major trading partner and will only send about $11 billion of goods to the United States out of $3 trillion worth of imports in 2023. is.
But the goods Denmark sends to the United States, such as Lego, Ozempic, Wigobee, hearing aids, and other medical supplies, are desirable and could become even more expensive if Trump follows through on his tariff pledges. According to the New York Times.
According to , about half of Denmark's recent exports to the United States are pharmaceuticals, insulin, vaccines, and antibiotics. Economic Complexity Observatory, Trade data platform.
The country is home to Novo Nordisk, which powers Ozempic and Wegovy.
Novo Nordisk is ramping up production in the U.S. to meet surging demand for pharmaceuticals, but hefty tariffs could send prices soaring.
“We will continue to monitor the situation closely, but we do not comment on hypotheses or speculation,” a Novo Nordisk spokesperson told the Post.
According to the OEC, Denmark is not only a major supplier of hearing aids to the United States, but also medical equipment, fish fillets, pork, coal tar oil, petroleum, and baked goods.
The country is also home to the world's largest toy manufacturer, the Lego Group. Although the company is privately held, its valuation in 2023 was approximately $13 billion. According to the Bureau of Statistics.
It's unclear how much Lego exports from Denmark to the United States, but the company also operates factories in Mexico and Virginia, as well as facilities in Hungary, the Czech Republic, China and Vietnam.
But Lego prices could still take a big hit as President Trump threatens to impose tariffs on products from Mexico, China and Canada as well.
Lego and Trump's team did not respond to requests for comment.
At a press conference earlier this week, President Trump argued that the acquisition of Greenland was a national security concern because it is between the United States, Russia, and Europe. Melting ice near Greenland has opened new shipping routes for Russian and Chinese ships.
“We need Greenland for our national security,” President Trump said Tuesday. “What I'm talking about is defending the free world. You look out without needing binoculars. There are Chinese ships everywhere. There are Russian ships everywhere. We I won't let that happen.”
Greenland's Prime Minister Moute Egede responded in a Facebook post: “Greenland belongs to the Greenlanders.”
The Prime Minister added: “The fight for our future and independence is our job.”
At a press conference on Tuesday, President Trump doubled down on his promise to impose “very serious tariffs” on Mexico and Canada. He also proposed changing the name of the Gulf of Mexico to the “Gulf of America.”
