Donald Trump’s threat to impose a “very high level” of tariffs on Denmark seems more like a problem for the Scandinavian country than the U.S. But American consumers in certain sectors would pay a price as well.

President-elect Donald Trump Tuesday threatened to place new tariffs on imports from Denmark unless the country gives up control of Greenland, news that dented the stocks of some of Denmark’s most important companies and underscored Trump’s focus on geopolitical competition.