GEOFF BENNETT: Welcome to the "News Hour."

Late today, President Donald Trump announced a deal had been struck with Denmark and Greenland.

Mr.

Trump has long coveted the mineral-rich island which has been part of the kingdom of Denmark since the 1700s.

On social media, Mr.

Trump wrote that the deal -- quote -- "gives the United States permanent control over security and all other needs in Greenland, completely addressing all of our many U.S.

concerns.

There will be no cost to the United States."

With us here to unpack this late-breaking development is Nick Schifrin.

So, Nick, what's in this deal?

NICK SCHIFRIN: Geoff, reminder that the U.S.-Greenland pressure has caused a rift between the United States and Europe and really led to questions in Europe about whether the United States was an ally.

And so this was a huge deal when the president started this.

And I have talked to U.S.

and European officials just in the last few minutes, and both sides seem to be happy.

That's the real headline here.

So let's look at what's exactly in this deal.

The top line is this.

It provides U.S.

permanent basing, access and overflight rights.

What does that mean?

The U.S.

can create new bases on Greenland.

It can fly over Greenland and it can keep that ability no matter what Greenland chooses for its own political future in any kind of self-referendum.

Number two, it bans non-NATO bases.

That means no Russia, no China bases are allowed on Greenland.

There's also this part, the third part, a screening mechanism for investments.

That means no Chinese or Russian investments.

And, in return, this last point that is really key for Greenland and Denmark, the Greenland population can choose its political future.

That means that they can choose to be independent, which some people on Greenland want to be.

And no territory of Greenland is transferred to the United States.

And that, again, was the core of the rift.

The president didn't say, we want a little bit more access to Greenland.

He said, we want Greenland.

And that is a real -- was a real threat to European sovereignty.

And that's why the Europeans tonight are breathing a sigh of relief, in addition to the U.S.

officials saying this is a good deal.

GEOFF BENNETT: And, Nick, remind us why President Trump was so focused on Greenland in the first place.

NICK SCHIFRIN: He's been talking about this for years, right?

GEOFF BENNETT: Right.

NICK SCHIFRIN: And, really, let's look at the map.

And the reason that he's been so focused is that Greenland is the shortest distance between Russia and the United States, so very key for air defense.

And we have also seen Russian and Chinese ships use routes around Greenland that have been opening up because of the warming climate.

And so those were the national security concerns.

And, in addition, the president has simply seen Greenland as a good investment place.

And he wanted to secure American investment rights, and not Chinese and Russian investment rights when it comes to critical minerals, and it seems like he has with this deal.

GEOFF BENNETT: All right, Nick Schifrin, our thanks to you.

NICK SCHIFRIN: Thank you.