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For national security reasons, President Donald Trump had expressed intense interest in gaining control of the icy island, which is being eyed by Russia and China. While plans for the future have not yet been solidified, one of Trump’s avenues to achieving had been a simple purchase of the Danish territory. Would such a transaction be unprecedented? The world’s largest economy has done it before and with great success.
Dollars and Cents of Buying Greenland
While the topic of buying Greenland was in the headlines, experts estimated the icy territory could have cost the Trump administration as much as $700 billion. Reports suggested that the White House had considered paying each Greenland resident up to $100,000, equaling approximately $6 billion.
Proponents said this would be worthwhile considering the national security concerns. Others argued that Greenland possesses vast natural resources, particularly those valued the most: critical minerals, crude oil, and natural gas. Although no total value was ever set, economic observers projected Greenland could be worth trillions of dollars.
The United States has a history of making historic purchases that have proven fruitful.
Buying and Selling Land
At the start of the 19th century, the United States completed the Louisiana Purchase from France for $15 million. Napoleon needed the money to fight Britain, and the Americans wanted to expand territory to secure critical trade routes and boost their agricultural industry. The deal also put the kibosh on French colonial power on the continent.
In 1867, the United States purchased Alaska from Russia for $7.2 million. Moscow was in financial dire straits, and Washington viewed the region as a strategic economic landscape to bolster trade with Asia. Skeptics initially assessed it as a barren wasteland, but the Klondike Gold Rush and the oil discovery confirmed that it was a profitable transaction for America.
Fifty years later, Americans embarked upon a deal with Denmark to acquire the sugar-rich Virgin Islands. The Danish government viewed it as a land that bled red ink when sugar prices collapsed. The US government saw it as an opportunity: a national security asset, a strategic naval base, and another tool for expanding trade.
Ultimately, a country founded on market principles engaged in territorial dealmaking on a global scale throughout its history.
Games
A year ago, critics laughed at the president’s suggestion about taking Greenland from the Europeans. Perhaps buying the territory was just a negotiating tactic on Trump’s part. Or perhaps it was an endeavor to push the 27-member European Union to expand military spending for the region. Lo and behold, the European Commission recently approved a plan to increase spending in Greenland by 130% over the next few years, from exploiting its resources to bolstering defense.
In the end, on Jan. 21, 2026, Trump and NATO Secretary General Mark Gutte agreed on a framework of a plan for Greenland that would satisfy both the United States and the countries of Europe.
