President-elect Donald Trump’s threat to slap Denmark with tariffs to force its hand in giving up Greenland could lead to higher prices for popular weight-loss drugs Ozempic and Wegovy as well as Lego toys, according to a report.
On Monday, Trump said he would “tariff Denmark at a very high level” if it did not allow Greenland – the ice-covered autonomous territory owned by the Kingdom of Denmark – to join the United States.
“They should give it [Greenland] up, because we need it for national security,” Trump said.
The tiny Scandinavian nation — Denmark’s entire country’s population is smaller than that of New York City — is not a major trading partner, sending just about $11 billion in goods to the US in 2023 out of $3 trillion worth of imports.
But the goods Denmark sends to the US – including Legos, Ozempic and Wegovy, hearing aids and other medicines – are desirable and could get a whole lot more expensive if Trump follows through on his tariff promise, according to The New York Times.
About half of Denmark’s recent exports to the US are medicines, insulin, vaccines and antibiotics, according to the Observatory of Economic Complexity, a trade data platform.
The country is home to Novo Nordisk – the firm behind Ozempic and Wegovy.
Novo Nordisk has been ramping up its US production to meet the soaring demand for the drugs – but hefty tariffs could spike prices.
“We will follow the situation closely; however, we will not comment on hypotheticals and speculations,” a Novo Nordisk spokesperson told The Post.
Denmark is also the leading supplier of hearing aids to the United States, as well as a major supplier of medical instruments, fish fillets, pig meat, coal tar oil, petroleum and baked goods, according to the OEC.
The country is also home to the Lego Group – the world’s largest toymaker. It’s a privately-held company, but was valued at around $13 billion in 2023, according to Statista.
It is unclear how much Lego exports from Denmark to the US, since it also operates a factory in Mexico, another in Virginia and facilities in Hungary, the Czech Republic, China and Vietnam.
But Lego’s prices could still be hit hard, since Trump has threatened to impose tariffs on goods from Mexico, China and Canada, as well.
Lego and Trump’s team did not immediately respond to requests for comment.
During a press conference earlier this week, Trump argued that obtaining Greenland was a national security concern because of its location between the US, Russia and Europe. Melting ice near Greenland has opened up new routes for Russian and Chinese ships to sail through.
“We need Greenland for national security purposes,” Trump said Tuesday. “I’m talking about protecting the free world. You look at — you don’t even need binoculars — you look outside. You have China ships all over the place. You have Russian ships all over the place. We’re not letting that happen.”
In a Facebook post, Greenland’s prime minister Múte Egede responded that “Greenland belongs to the people of Greenland.”
“Our future and fight for independence is our business,” the prime minister added.
During Tuesday’s press conference, Trump doubled down on his promise to hit Mexico and Canada with “very serious tariffs.” He also proposed renaming the Gulf of Mexico to “the Gulf of America.”
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