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By Elias Schisgall

Shares of apparel and footwear companies ticked up after President Trump called off a set of tariffs on European countries, saying he had reached a framework for a deal on Greenland with the NATO secretary general.

Under Armor was up 7%, On Holdings gained 6%, and Deckers Outdoor rose 5.3% shortly after Trump's Wednesday announcement on Truth Social. Crocs also rose 4.1%, Nike was up 3.5%, and Lululemon and American Eagle Outfitters both gained 1.5%.

Trump had previously threatened 10% tariffs on Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland. The tariffs were set to begin on Feb. 1 and would be raised to 25% in June if the U.S. didn't reach a deal to acquire Greenland.

But Trump said Wednesday that he and North Atlantic Treaty Organization Secretary General Mark Rutte had reached a framework for a future deal on Greenland and the Arctic.

"Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st," Trump wrote on Truth Social.

He said more information on the deal framework would be available as discussions progress.

Write to Elias Schisgall at elias.schisgall@wsj.com