The nearly 90-minute speech, in which Trump lectured and hectored the tech executives and government officials in the audience, many from Europe, before clarifying that he didn’t want to use force and ultimately wanted peace, could be summed up by Trump ribbing French President Emmanuel Macron, seemingly unaware of his eye injury. “I watched him yesterday with his beautiful sunglasses. I said, ‘What the hell happened?’” Trump later added, “I actually like him. I do.” 

And while the president ruled out using military force to acquire the Danish territory of Greenland, he did not back down from antagonistic rhetoric while repeating his contested claim of having stopped eight wars around the world. (Trump’s desire for a Nobel Peace Prize, one measure of his competitiveness with predecessor Barack Obama, has hung on this eight-war figure, which some countries such as India and Pakistan reject.)

Trump used his highly anticipated address at the World Economic Forum as a platform to reaffirm his critique of European nations and of the U.S.’s status as a global superpower, but clarified that he prefers a peaceful resolution to the question over Greenland’s ownership that has threatened to kneecap the 76-year-old NATO alliance.

“I don’t have to use force. I don’t want to use force. I won’t use force,” he said.

Trump’s statement on having resolved multiple conflicts first emerged in a leaked text message the president sent to Norwegian prime minister Jonas Gahr Støre over the weekend in which he said, ominously, that he was no longer obliged to “think purely of Peace.” In that message, Trump linked his Greenland bombast to the Nobel committee deciding not to award him a Peace Prize last October, despite having “stopped 8 wars PLUS.” The committee that awards Nobel Prizes is based in Norway, although the Norwegian government does not have a say in allocating the prizes. 

Sigh of relief in the mountains

The statement assuaged the concerns of some European leaders about a possible military confrontation with the U.S. and seemed to reassure markets jittery about the onset of a new trade war, or the end of the western alliance. 

Markets responded positively after their big Tuesday sell-off. As of late morning, both the S&P 500 and the Dow Jones Industrial Average had risen over 1%, while the Nasdaq Composite index had advanced 1.3%. The 10-year Treasury yield turned lower, and the U.S. dollar stabilized after big losses Tuesday.

But Trump’s comments were an olive branch in text only, not in tone. Speaking for over an hour, the president reiterated his desire for Greenland, stating “that’s our territory” with regards to the island, while claiming he had “stopped eight wars.” (India has repeatedly rejected Trump’s claim that he stopped a war between the countries, while Pakistan has welcomed his involvement, nominating him for a Nobel.)

And while Trump toned down aggressive rhetoric of an impending military takeover of Greenland, he made clear to foreign leaders that it was a choice, even a favor: “We probably won’t get anything unless I decide to use excessive strength and force, where we would be, frankly, unstoppable, but I won’t do that,” he said.

Trump’s claim has been disputed. While the president did not specify which wars he was referring to, the U.S. has been involved in six ceasefires, although tensions have occasionally flared between Israel and Hamas and India and Pakistan. He may also be referring to agreements brokered during his first term.

Trump’s ruling out of military force on Wednesday soothed some European officials. Rasmus Jarlov, who chairs the defense committee in Denmark’s parliament, told The New York Times he “wasn’t too upset” with the president’s comments.

Lars Lokke Rasmussen, Denmark’s foreign minister, was encouraged as well: “It is positive that it is being said that military force will not be used,” he told local reporters Wednesday. “But that will not make this case go away,” he added.

While Trump reiterated his desire for a peaceful resolution during his speech, he challenged European leaders to remain opposed to him.

“You can say yes and we will be very appreciative, or you can say no and we will remember,” he said.