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Young people with placards reading "Greenland is not for sale!" take part in a demonstration on January 17, 2026 in Nuuk, Greenland.
(Photo by Alessandro Rampazzo/AFP via Getty Images)
‘Tariff for Oligarchs’: Top Economist Urges Europe to Fight Trump by Punishing US Billionaires
"Europe should respond to Trump’s blackmail with targeted measures aimed not at American consumers, but at American billionaires," wrote Gabriel Zucman.
Jan 19, 2026
The leading French economist Gabriel Zucman is urging European governments to inflict financial pain on American billionaires in response to US President Donald Trump's effort to seize control of Greenland, a mineral-rich island that some of Trump's rich campaign donors see as a potentially massive profit opportunity.
"Europe should respond to Trump’s blackmail with targeted measures aimed not at American consumers, but at American billionaires," Zucman wrote in a post on his Substack. "Access to the European market—by billionaires and the companies they own—should be made conditional on paying a wealth tax: in effect, a tariff for oligarchs. If Elon Musk, for example, wants to keep selling Teslas in Europe, he should have to pay it. If he refuses, Tesla would lose access to the European market."
Zucman outlined his proposal after Trump threatened over the weekend to hit France, the United Kingdom, Germany, the Netherlands, Sweden, Denmark, Norway, and Finland with tariffs up to 25% if they don't drop their opposition to the US president's demand for "the complete and total purchase of Greenland," an autonomous territory of Denmark.
The targeted countries are currently weighing retaliatory tariffs and other potential responses to Trump's threat.
Zucman, a renowned expert on global inequality, argued that while existing mechanisms such as the anti-coercion instrument known as Europe's trade "bazooka" can be useful, "anti-oligarchic protectionism has a decisive advantage: It opens a two-front struggle against Trump, at home and abroad."
"By targeting oligarchic wealth rather than national pride," Zucman wrote, "Europe can blunt Trump’s ability to mobilize nationalist resentment and rally part of the American public behind his imperial agenda."
Trump's proposed Greenland takeover is widely opposed by the island's population and US voters. But as journalist Casey Michel wrote for The New Republic last week, there is one key constituency that stands to benefit massively from a US takeover of the mineral-rich territory: American oligarchs, including some of Trump's top campaign donors.
"Ranging from tech moguls to fossil fuel company heads, all of these figures and forces have invested in mining and extraction companies across the island—and all stand to profit if only they can cut out any pesky Danish or Greenlandic authorities from regulating or restraining their operations," wrote Michel. "The figures behind the curtain are by no means obscure. KoBold Metals, a mining outfit helping lead Greenland’s 'modern gold rush,' has seen investments from figures like Mark Zuckerberg, Jeff Bezos, and hedge funds like Andreessen Horowitz."
"Another company eyeing Greenland," Michel added, "is Critical Metals Corp, which is backed by the same hedge fund that Howard Lutnick, now Trump’s commerce secretary, spent years running."
"The vast fortunes of the sleaze buckets who put Trump into the White House and back his attack on democracy in the United States and around the world will suddenly be thrown into question."
Tariffs targeting such firms and the billionaires behind them, Zucman argued, would be the most effective way to penalize Trump's reckless behavior and deter him in the future.
"If imperialism is driven by oligarchic power, then oligarchic power must be confronted," Zucman wrote. "What are the alternatives? Doing nothing invites endless blackmail."
US economist Dean Baker, co-founder of the Center for Economic and Policy Research, made the case for a similarly aggressive European response to Trump's economic warfare.
"European countries can announce that they will no longer honor US-owned patents and copyrights," Baker wrote Monday. "Putting US patents and copyrights on the line is a guaranteed attention grabber. The vast fortunes of the sleaze buckets who put Trump into the White House and back his attack on democracy in the United States and around the world will suddenly be thrown into question."
"The key point is that European countries, by opting to not respect US patents and copyrights, have an incredibly powerful weapon to use against Donald Trump and his rich supporters," Baker added. "The time has come for them to go nuclear."
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The leading French economist Gabriel Zucman is urging European governments to inflict financial pain on American billionaires in response to US President Donald Trump's effort to seize control of Greenland, a mineral-rich island that some of Trump's rich campaign donors see as a potentially massive profit opportunity.
"Europe should respond to Trump’s blackmail with targeted measures aimed not at American consumers, but at American billionaires," Zucman wrote in a post on his Substack. "Access to the European market—by billionaires and the companies they own—should be made conditional on paying a wealth tax: in effect, a tariff for oligarchs. If Elon Musk, for example, wants to keep selling Teslas in Europe, he should have to pay it. If he refuses, Tesla would lose access to the European market."
Zucman outlined his proposal after Trump threatened over the weekend to hit France, the United Kingdom, Germany, the Netherlands, Sweden, Denmark, Norway, and Finland with tariffs up to 25% if they don't drop their opposition to the US president's demand for "the complete and total purchase of Greenland," an autonomous territory of Denmark.
The targeted countries are currently weighing retaliatory tariffs and other potential responses to Trump's threat.
Zucman, a renowned expert on global inequality, argued that while existing mechanisms such as the anti-coercion instrument known as Europe's trade "bazooka" can be useful, "anti-oligarchic protectionism has a decisive advantage: It opens a two-front struggle against Trump, at home and abroad."
"By targeting oligarchic wealth rather than national pride," Zucman wrote, "Europe can blunt Trump’s ability to mobilize nationalist resentment and rally part of the American public behind his imperial agenda."
Trump's proposed Greenland takeover is widely opposed by the island's population and US voters. But as journalist Casey Michel wrote for The New Republic last week, there is one key constituency that stands to benefit massively from a US takeover of the mineral-rich territory: American oligarchs, including some of Trump's top campaign donors.
"Ranging from tech moguls to fossil fuel company heads, all of these figures and forces have invested in mining and extraction companies across the island—and all stand to profit if only they can cut out any pesky Danish or Greenlandic authorities from regulating or restraining their operations," wrote Michel. "The figures behind the curtain are by no means obscure. KoBold Metals, a mining outfit helping lead Greenland’s 'modern gold rush,' has seen investments from figures like Mark Zuckerberg, Jeff Bezos, and hedge funds like Andreessen Horowitz."
"Another company eyeing Greenland," Michel added, "is Critical Metals Corp, which is backed by the same hedge fund that Howard Lutnick, now Trump’s commerce secretary, spent years running."
"The vast fortunes of the sleaze buckets who put Trump into the White House and back his attack on democracy in the United States and around the world will suddenly be thrown into question."
Tariffs targeting such firms and the billionaires behind them, Zucman argued, would be the most effective way to penalize Trump's reckless behavior and deter him in the future.
"If imperialism is driven by oligarchic power, then oligarchic power must be confronted," Zucman wrote. "What are the alternatives? Doing nothing invites endless blackmail."
US economist Dean Baker, co-founder of the Center for Economic and Policy Research, made the case for a similarly aggressive European response to Trump's economic warfare.
"European countries can announce that they will no longer honor US-owned patents and copyrights," Baker wrote Monday. "Putting US patents and copyrights on the line is a guaranteed attention grabber. The vast fortunes of the sleaze buckets who put Trump into the White House and back his attack on democracy in the United States and around the world will suddenly be thrown into question."
"The key point is that European countries, by opting to not respect US patents and copyrights, have an incredibly powerful weapon to use against Donald Trump and his rich supporters," Baker added. "The time has come for them to go nuclear."
The leading French economist Gabriel Zucman is urging European governments to inflict financial pain on American billionaires in response to US President Donald Trump's effort to seize control of Greenland, a mineral-rich island that some of Trump's rich campaign donors see as a potentially massive profit opportunity.
"Europe should respond to Trump’s blackmail with targeted measures aimed not at American consumers, but at American billionaires," Zucman wrote in a post on his Substack. "Access to the European market—by billionaires and the companies they own—should be made conditional on paying a wealth tax: in effect, a tariff for oligarchs. If Elon Musk, for example, wants to keep selling Teslas in Europe, he should have to pay it. If he refuses, Tesla would lose access to the European market."
Zucman outlined his proposal after Trump threatened over the weekend to hit France, the United Kingdom, Germany, the Netherlands, Sweden, Denmark, Norway, and Finland with tariffs up to 25% if they don't drop their opposition to the US president's demand for "the complete and total purchase of Greenland," an autonomous territory of Denmark.
The targeted countries are currently weighing retaliatory tariffs and other potential responses to Trump's threat.
Zucman, a renowned expert on global inequality, argued that while existing mechanisms such as the anti-coercion instrument known as Europe's trade "bazooka" can be useful, "anti-oligarchic protectionism has a decisive advantage: It opens a two-front struggle against Trump, at home and abroad."
"By targeting oligarchic wealth rather than national pride," Zucman wrote, "Europe can blunt Trump’s ability to mobilize nationalist resentment and rally part of the American public behind his imperial agenda."
Trump's proposed Greenland takeover is widely opposed by the island's population and US voters. But as journalist Casey Michel wrote for The New Republic last week, there is one key constituency that stands to benefit massively from a US takeover of the mineral-rich territory: American oligarchs, including some of Trump's top campaign donors.
"Ranging from tech moguls to fossil fuel company heads, all of these figures and forces have invested in mining and extraction companies across the island—and all stand to profit if only they can cut out any pesky Danish or Greenlandic authorities from regulating or restraining their operations," wrote Michel. "The figures behind the curtain are by no means obscure. KoBold Metals, a mining outfit helping lead Greenland’s 'modern gold rush,' has seen investments from figures like Mark Zuckerberg, Jeff Bezos, and hedge funds like Andreessen Horowitz."
"Another company eyeing Greenland," Michel added, "is Critical Metals Corp, which is backed by the same hedge fund that Howard Lutnick, now Trump’s commerce secretary, spent years running."
"The vast fortunes of the sleaze buckets who put Trump into the White House and back his attack on democracy in the United States and around the world will suddenly be thrown into question."
Tariffs targeting such firms and the billionaires behind them, Zucman argued, would be the most effective way to penalize Trump's reckless behavior and deter him in the future.
"If imperialism is driven by oligarchic power, then oligarchic power must be confronted," Zucman wrote. "What are the alternatives? Doing nothing invites endless blackmail."
US economist Dean Baker, co-founder of the Center for Economic and Policy Research, made the case for a similarly aggressive European response to Trump's economic warfare.
"European countries can announce that they will no longer honor US-owned patents and copyrights," Baker wrote Monday. "Putting US patents and copyrights on the line is a guaranteed attention grabber. The vast fortunes of the sleaze buckets who put Trump into the White House and back his attack on democracy in the United States and around the world will suddenly be thrown into question."
"The key point is that European countries, by opting to not respect US patents and copyrights, have an incredibly powerful weapon to use against Donald Trump and his rich supporters," Baker added. "The time has come for them to go nuclear."
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