U.S. President Donald Trump threatened to hit French wines and champagnes with 200% tariffs in an apparent effort to cajole French President Emmanuel Macron into joining his Board of Peace initiative aimed at resolving global conflicts.

France has said it will not join President Trump’s “Board for Peace.” France’s agriculture minister described the tariff threat as “blackmail.”

The dollar sank 0.31% against the euro to $1.16 and tumbled 0.32% against the yen to 157.58. Meanwhile, gold rose 1.95% to a fresh record of $4,684.30 per ounce. Silver jumped 5.66% to $93.53, also a new high.

President Trump on Monday threatened to raise champagne tariffs if French President Emmanuel Macron denies a seat on the White House Board of Peace, tasked with overseeing the 20-point peace plan

The US president says "no comment" when asked if he will use force to seize the island, as Greenland's PM says "we will not let ourselves be pressured".

U.S. President Donald Trump speaks as he meets with Secretary General of the North Atlantic Treaty Organization (NATO) Mark Rutte in the Oval Office of the White House in Washington, D.C., U.S., October 22,

"While in many ways it feels like the U.S. holds the economic cards, it doesn’t hold all the funding cards in a world that will be very disturbed by the weekend’s events."