Trump talks to aides about buying Greenland for U.S. | CTV News

According to the Journal, Greenland relies on $591 million of subsidies from Denmark annually, which make up about 60% of its annual budget.

The U.S. already has an airbase in Greenland, which is part of a state-of-the-art ballistic missile early warning system and satellite tracking system.

It has also, in the past sought to derail China's efforts to make its mark on the independent territory.

In 2018, the Pentagon, alarmed at the news China was looking to finance the building of three airports on the ice-covered land, managed to block the move.

The US, along with its allies offered alternative funding options to Greenland in an effort to dissuade it from an expensive deal with China.

Concerns were centered around whether the aid-dependent government could afford a large loan from China, and if it failed in its efforts to repay it, could lead to China taking control of the runways, bringing in warplanes, creating new shipping lanes and gaining access to a wealth of resources in the Arctic.

This would undoubtedly post concerns in a nation, such as the United States, which as is frequently noted, is concerned with maintaining its global influence and military and territorial might - in particular against the two other great military powers, China and Russia.

As the Foreign Policy journal writes, 'Russia and especially China are the only two countries that could plausibly take over and hold the territory of Washington�s allies and partners in the face of US resistance'.

If either of the other two global powers ever gained the upper hand, it could see the balance of power shift. Such a shift could see China gain greater control over the economically dynamic area of the Western Pacific and could open Eastern Europe up to Russian control.

There are a number of reasons the territory could be proving attractive to the US President, including giving him a legacy that echoes that Thomas Jefferson earned in part through the completion of the Louisiana Purchase in 1803.

Greenland's vast natural resources


The island's natural resources, spread across 811,000 square miles, could also be one of the key attractions for the president.

As the climate changes and the arctic caps melt, there has been widespread interest in what is thought to be a rich potential of mineral and energy resources - iron ore, lead, zinc, diamonds, gold, rare-earth elements, uranium and oil.