U.S. President Donald Trump delivered a wide-ranging speech at the World Economic Forum in Davos on Wednesday, then hours later in revealed he is dropping his threat to impose tariffs on several European countries, citing what he described as a new framework with NATO on Arctic security.
Asked how long the deal will last, Trump was clear it’s long term. “It’s a deal that’s forever,” he said. “It’s what’s called an infinite deal.”
Here’s what happened on Wednesday:
Trump touts ‘framework’ of Greenland deal
Trump says he and NATO Secretary-General Mark Rutte “have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region.”
“This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st,” reads a post on Truth Social.
“Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress. Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations — They will report directly to me. Thank you for your attention to this matter!”
Luca Caruso-Moro, CTVNews.ca journalist
An ‘infinite deal’
Trump, speaking to reporters on the sidelines of the World Economic Forum, was scant on details regarding his potential deal on Greenland. He promised to release more details soon.
Asked about the timeline of the deal, he said it was “infinite.”
Luca Caruso-Moro, CTVNews.ca journalist
What is the ‘Arctic Region?’
Trump says the framework of his deal includes not just Greenland, but “the entire Arctic Region.”
In his Truth Social post, he does not elaborate on what he means.
There are eight countries with territories in the Arctic. Canada is one of them, along with Greenland (Denmark). Because of where Alaska is located, the U.S. is also part of it. The other five are: Norway, Sweden, Finland, Russia and Iceland.
Luca Caruso-Moro, CTVNews.ca journalist
‘A new chapter in NATO’: analyst
Political analyst Jeffrey Bloodworth said that, despite any eventual deal, damage to North Atlantic Treaty Organization may take significant time to heal.
“It’s a new chapter in NATO. Whether America will continue to be a significant partner in NATO, nobody knows,” he said.
Trump’s previous assertions that the U.S. must own Greenland raised questions on whether he was prepared to use the military to get it. Greenland is part of the Kingdom of Denmark, and under Article 5 of NATO’s North Atlantic Treaty, an armed attack on one alliance member is considered an attack on the overall union.
Article 1 of the treaty states that all disputes between members must be settled “by peaceful means.”
Luca Caruso-Moro, CTVNews.ca journalist.
Swedish FM applauds tariff switch
Swedish Foreign Minister Maria Malmer Stenergard on Wednesday welcomed a move by Trump to withdraw a threat to impose tariffs on a number of nations for their stance on Greenland.
“Good that Trump has now backed away from tariffs on those of us who have supported Denmark and Greenland,” she said on X.“
The demands about moving borders has received well-earned criticism. That is also why we have repeated that we will not be blackmailed. It appears that our work together with allies has had an impact.”
Reuters
‘Remember that, Mark’
Trump appeared displeased with Prime Minister Mark Carney’s speech yesterday.
“I watched your prime minister yesterday, he wasn’t so grateful,” said Trump.
“Canada lives because of the United States,” he added. “Remember that, Mark, the next time you make your statements.”
Trump also said Canada gets many “freebies” from the U.S. and “should be grateful.”
CTV News asked the Prime Minister’s Office to respond to Trump’s remarks. The office said it has no plans to comment at this time.
Luca Caruso-Moro, CTVNews.ca journalist. With files from Senior Political Correspondent Mike Le Couteur.
Trump: ‘Sometimes you need a dictator’
Trump, in an offhand remark during a reception with business leaders at Davos, said “sometimes, you need a dictator.”
The statement came as he was reflecting on reception to his speech on the main stage earlier today.
“We had a good speech, we get great reviews, I can’t believe it. We got good reviews on that speech. Usually, they say, ‘he’s a horrible dictator type person, I’m a dictator.’”
Laughs followed among spectators.
“Sometimes, you need a dictator. But they didn’t say that in this case.”
Luca Caruso-Moro, CTVNews.ca journalist
Trump declines to name a price for Greenland
Trump declined to name a reasonable price for the United States to buy Greenland during a meeting in Davos with the NATO secretary general.
“There’s a bigger price, and that’s the price of safety and security and national security and international security having to do with many of your countries,” Trump responded when asked by The Associated Press how he would calculate a reasonable offer for the strategic land mass. “That’s really the price. It’s a big price.”
Trump responded ambiguously when asked to elaborate on his earlier comment that “we will remember” if Denmark refuses to sell Greenland to the U.S.
“You’ll have to figure that out for yourself,” he told a reporter.
Carney meets NATO secretary-general, Sweden PM
Carney met with Swedish Prime Minister Ulf Kristersson and NATO Secretary-General Mark Rutte on the margins of the World Economic Forum Annual Meeting in Davos, Switzerland.
They discussed territorial integrity and Arctic security, including Canada’s mission to quadruple defence spending over the next decade, readouts from the Prime Minister’s Office said.
With Kristersson, the two leaders discussed accelerating co-operation in information sharing, and Arctic and Euro-Atlantic defence and security.
Carney discussed the ongoing peace talks on Ukraine with Rutte, highlighting the importance of the alliance’s role in advancing Ukraine’s peace and security.
Lynn Chaya, CTVNews.ca journalist
Trump wonders if NATO would defend U.S.
NATO Secretary-General Mark Rutte, sitting for a conversation with Trump, reiterated that the United States’ NATO allies would defend if it came under attack
“Let me tell you, they will,” he said.
Trump later responded: “I hope that’s true.”
“When I see what’s happening with Greenland, I wonder,” he said, adding the U.S. is not interested in the rare earth minerals present on the Arctic island.
Luca Caruso-Moro, CTVNews.ca journalist
EU freezes work on U.S. trade deal
A key group of European Parliament members blocked a vote to ratify a U.S.-European trade deal on Wednesday after U.S. President Donald Trump threatened to take over Greenland and charge as much as an additional 35 per cent tariff on countries opposed to his ambitions.
It’s unclear if the entire trade agreement, which called for 15 per cent tariffs on European Union goods shipping to the U.S., has been called off or if parts that have already gone into effect will remain that way. The EU and the U.S. came to a preliminary deal in July, putting much of it into effect before it was signed.
CNN. Read the full story here.
Greenland releases ‘crisis’ guidelines
Greenland’s government unveiled a new brochure on Wednesday offering advice to the population in the event of a “crisis” in the territory, which U.S. President Donald Trump has repeatedly vowed to seize from ally Denmark.
Guidance includes stockpiling food and water, hunting weapons and ammunition.
The guidance recommends storing five days’ worth of food, three litres of water per person per day, toilet paper, a battery‑powered radio, plus weapons, ammunition and fishing equipment.
AFP. Read the full story here.
Carney’s speech will ‘complicate things’
Reacting to Trump’s sour reference to Carney’s Tuesday speech, former White House official and political analyst Larry Haas said the prime minister’s statements will “complicate things” with Canada’s southern neighbour.
That being said, Haas added, Trump’s actions will garner resistance from allies around the world.
“Whether it’s Canada or it’s Europe, the traditional allies of the United States at a certain point have to stand up and defend themselves,” he said during an interview with CTV News Channel.
“Mark Carney, in his speech yesterday, is beginning to get some backbone.”
Luca Caruso-Moro, CTVNews.ca journalist.
‘Action must follow’
In an online column, Conservative member of Parliament Michelle Rempel Garner said Canada’s “domestic pressures did not begin with the current American administration” but instead grew over the past decade of Liberal party rule.
“Words do matter, especially in moments of crisis like the one Canada presently finds itself in,” the MP for Calgary Nose Hill said. “But action was conspicuously lacking from Mr. Carney’s speech.”
Carney’s speech, Rempel Garner added, “must not be lauded as a victory in and of itself.”
“Now he must do something much more difficult: deliver concrete, practical details on how Canada’s ruling political class will summon the necessary resolve, resources, and urgency to break through a decade of inertia and complacency, smash through taboos, and build a nation that is truly strong, self-reliant, and independent,” Rempel Garner said. “Said differently, words alone cannot shield us. Action must follow, and it must start now.”
Dorcas Marfo and Daniel Otis, CTVNews.ca journalists. Read the full story here.
Newsom applauds Carney
“I thought yesterday’s comments by Prime Minister Carney were effective,” said California Gov. Gavin Newsom. He said the same of French President Emmanuel Macron’s speech.
In Macron’s opening statements on Tuesday, he said it was an honour to speak to forum attendees at a time of “peace, stability and predictability,” garnering a laugh in the room.
Turning to a more serious tone, Macron lamented the “more than 60 wars in 2024,” U.S. trade accords that “demand maximum concessions” and tariffs used as “leverage against territorial sovereignty.”
On Wednesday, Trump poked fun at Macron for wearing aviator sunglasses at the podium, which the French president said is due to a “completely harmless” eye condition.
Newsom also mentioned gold trading as an indication that uncertainty remains, even after markets rose Wednesday. The S&P 500 climbed 0.7 per cent after Trump said he would not use force to take Greenland. However, the price of gold rose another 2.1 per cent and topped US$4,800 per ounce for the first time.
Luca Caruso-Moro, CTVNews.ca journalist
Opinion: Trump’s accidental gift
“We must be honest about the catalyst for this moment. Donald Trump is often framed as a threat to the global order, and in many ways, he is.
“But for Canada, he has been an accidental gift. By weaponizing trade, threatening our sovereignty and that of our neighbours in Greenland, and dismissing decades-old alliances as bad deals, Trump has done what no Canadian leader could: he has cured us of our complacency. He has forced us to stop clutching the hem of a superpower and start becoming our own.”
Sharan Kaur, CTVNews.ca contributor. Read her full column here.
‘Trump remains relentless’
Ontario Premier Doug Ford says Trump “remains relentless in his campaign to create a more unstable unsafe and uncertain world.”
Ford made the comment during a news conference alongside auto sector leaders at Queen’s Park on Wednesday morning.
The comment comes after Trump’s Davos speech, where he reiterated his desire to take control of Greenland and warned that Canada only “lives” because of the United States.
“Over the last few days we have watched as President Trump has threatened Greenland, he has threatened Canada and he has threatened NATO allies,” Ford said. “President Trump remains relentless in his campaign to create a more unstable unsafe and uncertain world. There has never been a more important time for team Canada to stay united.”
Chris Fox, CTVNewsToronto.ca managing digital producer
Bad guys vs. ‘perceived’ good ones
Trump is now participating in a fireside chat, taking questions from a moderator. Asked about Greenland, the president said that if the U.S. were to acquire Greenland, it would make it “impossible for the bad guys to do anything against the perceived good ones.”
He also said the United States has been treated unfairly by NATO, the transnational security coalition established after the Second World War.
Luca Caruso-Moro, CTVNews.ca journalist
‘Hundreds’ of factories moving to U.S.
Trump says his economic policies are drawing manufacturers away from Canada in favour of the U.S. market.
“Hundreds of big factories, car plants, are moving back to the United States,” he said, adding they are also coming from Mexico, China and Japan.
Luca Caruso-Moro, CTVNews.ca journalist
Carney to meet with cabinet
Prime Minister Mark Carney is headed to Quebec City on Thursday for two days of private meetings with his cabinet before Parliament resumes next week.
In a news release the Prime Minister’s Office says the two days of meetings will focus on the economy, affordability and security.
The news release says cabinet ministers and secretaries of state will discuss progress on the priorities laid out in their mandate letters and make plans for “delivering change in the year ahead.”
Cabinet will hear from experts in finance, community services, advanced technology and global affairs, the news release says.
The retreat comes just after Carney returns from a nine-day trip around the world to drum up investment abroad.
In a speech to the World Economic Forum in Davos, Switzerland, on Tuesday, Carney said the Old World order is dead and urged middle powers to band together as larger ones try to pressure them through economic coercion.
Catherine Morrison, The Canadian Press
Greenland a strategic piece of ice that U.S. must take
“We want a piece of ice for world protection, and they won’t give it,” Trump said in his Davos speech.
“You can say yes and we will be very appreciative. Or you can say no and we will remember.”
Trump mocks Macron’s sunglasses
Trump mocked French President Emmanuel Macron’s sunglasses to audience’s laughter.
“I watched him yesterday with those beautiful sunglasses. What the hell happened?” Trump said to the loudest laughter so far.
The French president has worn sunglasses indoors in recent days as he’s joked about a “completely harmless” eye condition.
Trump says he will meet Ukrainian president
Trump says he’s meeting with Ukrainian President Volodymyr Zelenskyy on Wednesday.
The meeting was not on Trump’s publicly released calendar and it was not clear if he meant a virtual or in-person meeting.
Zelenskyy is not believed to be in Davos.
France not boycotting World Cup
France’s sports minister says her country is not currently thinking about boycotting the soccer World Cup in the United States amid growing tensions related to Donald Trump’s quest to control Greenland.
“At the moment we are speaking, there is no desire from the ministry to boycott this major, much-anticipated competition,” sports minister Marina Ferrari told reporters on Tuesday evening. ”That said, I am not prejudging what might happen.”
Ferrari added that she wants to keep sports separate from politics.
A tale about Swiss watches
While speaking in Switzerland, Trump told a story about the country that he said “rubbed me the wrong way.”
He said Switzerland makes beautiful Rolex watches, but “were paying nothing to the United States” to export them. So, he set a tariff, which he said caused representatives from the country and the company to call and visit him and urge him to reverse it.
He brought down the tariff, but said he felt the country was “taking advantage” of the U.S.
“A majority of the money they make is because of us, because we never charge them anything,” he said.
Trump blasts Denmark for insufficient military spending on Greenland
Trump asserted that Denmark promised to spend “over $200 million to strengthen Greenland’s defenses” and then insisted it has “spent less than 1 per cent of that.”
He was referring to a 2019 commitment from the Danish government, made during Trump’s first presidency, when he first floated the idea of the U.S. taking control of the semiautonomous territory of Denmark.
Copenhagen has not disputed that the implementation of that commitment has been slow.
In recent weeks, with Trump pushing the U.S. takeover again, Denmark’s Defense Minister Troels Lund Poulsen unveiled an expanded defense plan with a $2 billion budget that includes three new ships, long-range drones and more satellite capacity.
Trump did not mention that latest commitment.
Trump falsely insists 2020 election was ‘rigged’
Before the audience in Davos, Trump repeated a claim he’s said before that the Russian war on Ukraine “wouldn’t have started” if the 2020 U.S. presidential election “weren’t rigged.”
One thing is for certain: The 2020 election was not stolen. Biden earned 306 electoral votes to Trump’s 232. Trump’s allegations of massive voting fraud have been broadly refuted.
Trump, who has long been calling for prosecutions related to the 2020 election, added that “people will soon be prosecuted for what they did.” It wasn’t immediately clear what he meant.
Venezuelan oil industry will do `fantastically well’
Trump reiterated that he’s getting cooperation from Venezuelan officials following the ouster of Nicolas Maduro and predicted good times for the South American country’s economy.
“Every major oil company is coming in with us,” Trump said. ‘It’s amazing."
Earlier this month, at a White House meeting, Exxon Mobil CEO Darren Woods said the Venezuelan market is “un-investable” in its current state.
Trump: I won’t use force
“I don’t want to use force. I won’t use force,” said Trump. “All the United States is asking for is a place called Greenland.”
Luca Caruso-Moro, CTVNews.ca journalist
Trump lashes out at Denmark
Trump called for “immediate negotiations” for the U.S. to acquire Greenland from Denmark during his speech at Davos.
The president also lashed out at Denmark for being “ungrateful” for the U.S. protection of the Arctic island during World War II and continued to make his case that the U.S. needs to control the island for the sake of national security.
“This enormous unsecured island is actually part of North America,” Trump said. “That’s our territory.”
Trump says Greenland push is not about the need to secure sought-after rare earth elements
The president cited the difficulty of mining on the Arctic island.
“You got to go through hundreds of feet of ice,” he said. That’s not the reason we need it."
Instead, he said the U.S. needs it for “strategic national security and international security.”
Trump blasts wind energy, criticizing China and Europe in one swipe
Windmills are “all over Europe” and are “losers” bought by “stupid people,” the U.S. president said.
He made it clear that it was European nations that were the “stupid people” buying windmills from China.
It’s part of his broad claims about energy. Trump is promoting oil and coal, traditional fossil fuels, and nuclear energy, while blasting newer, cleaner energy sources.
Calling windmills “those damn things,” he renewed his critiques that they “kill the birds” and “ruin the landscapes.”
Trump mused that China owns the international windmill market but doesn’t use them within its borders.
Greenland ‘smack in the middle’
Trump says Greenland is “right smack in the middle” of the United States, Russia and China.
He also said the “enormous, unsecured territory” is actually part of North America and “that’s our territory.”
Trump reiterated the U.S. is seeking immediate negotiations to acquire the island.
Luca Caruso-Moro, CTVNews.ca journalist
Distant echo of protesters heard in Davos
Distant protesters made their voices, though not their words, heard from the steps outside the Congress Center as Trump addressed the gathering of elites.
Their words were too faint to be discernible, but they clearly expressed angry opposition to Trump.
Trump defiant about his results at the one-year mark
In the first part of his Davos speech, Trump touted America’s finances and living standards, which he said he achieved against expectations.
“Virtually all of the so-called experts predicted my plans to end this failed model would trigger a global recession and runaway inflation,” he said. “But we have proven them wrong.”
Trump said he wanted to spend the day discussing “how we have achieved this economic miracle” and suggested, as he did from the White House yesterday, that other countries in attendance could learn from his success.
Trump brags on U.S. economy
Trump touted economic growth in the U.S., using many of his characteristic superlatives that exaggerate circumstances on the ground.
“The USA is the economic engine on the planet,” Trump said. “You all follow us down, and you follow us up.”
Trump credited his tariff policies, which allies have harshly criticized ahead of his arrival at Davos. The president has also repeated his false claims that he inherited record inflation and has completely eliminated it.
His economic framing is similar to how he reviewed his first year back in power in a lengthy White House press briefing Tuesday before he traveled to Europe.
Trump says Europe is heading in the wrong direction
The president echoed criticisms he had made of Europe in his United Nations address last year and his administration’s latest national security statements.
“I love Europe and I want to see Europe go good, but it’s not heading in the right direction,” he said.
Trump begins addressing World Economic Forum
The president opened his remarks by saying it was “great to be back in beautiful Davos Switzerland and to address so many respected business leaders, so many friends, a few enemies.”
His last line drew laughs.
Trump speech coincides with Federal Reserve case
Trump’s speech at Davos will coincide with arguments at the U.S. Supreme Court in Washington over the American president’s effort to oust Federal Reserve governor Lisa Cook.
It’s a politically charged case with the independence of the nation’s central bank at stake.
Overflow room available at Davos to watch Trump’s address
Davos officials invited some attendees to watch Trump’s speech on screens inside an overflow room instead of Congress Hall, but it barely seemed to lessen the crowd.
Hundreds of people, including several tech titans, sought a coveted seat inside the hall.
The press, including the White House pool, is consigned to the back of the venue.
JPMorgan CEO reluctant to forcefully criticize Trump at Davos
JPMorgan’s Jamie Dimon said the United States is now “less reliable” as a global geopolitical and economic partner under Trump.
Still, the Wall Street titan was noticeably reluctant to more forcefully criticize Trump as a person or his administration, prompting pushback during an interview at Davos with Zanny Minton Beddoes, editor-in-chief of The Economist.
“I am struck, I’m genuinely struck by the unwillingness of CEOs in America to say anything critical,” said Beddoes. “There is a climate of fear in your country. Would you agree with that? And what should be done about it?”
Dimon demurred on that question as well.
“What the hell else do you want me to say?” Dimon said, noting he’s generally pushed back on Trump’s tariff and immigration policies.
Trump arrives in Davos
The president’s helicopter touched down after a roughly 40-minute flight to the ski-resort town in the Alps.
As it descended, the convoy of presidential helicopters passed a message written into the snow on a nearby hillside that read: “Stop wars now.”
Starmer says Britain ‘will not yield’ to Trump’s tariff threats over Greenland
British Prime Minister Keir Starmer also said U.S. President Donald Trump’s criticism on Tuesday of the U.K.’s decision to hand sovereignty of the Chagos Islands to Mauritius was intended to pressure the British leader to change his stance on Greenland.
Previously, Trump had voiced support for the deal as a way to ensure the security of the American base on Diego Garcia, the largest island of the archipelago in the Indian Ocean.
Starmer is set to meet Danish Prime Minister Mette Frederiksen in London on Thursday.
The U.K. is among the eight countries threatened by Trump’s tariffs over their backing of Greenland.
Inside Congress Hall
Jamey Keaten, AP’s chief Switzerland correspondent, is among hundreds inside Congress Hall, waiting for Trump’s speech at the forum.
The hall’s capacity is roughly 1,000 people.
Trump boards helicopter to travel to Davos
The president made a brief comment to reporters after he disembarked from Air Force One, but his words could not be heard over the noise of the aircraft.
He then waved a hand at reporters and boarded his presidential helicopter.
Scores gather ahead of Trump’s speech at Davos
Dozens of people began lining up Wednesday for Trump’s highly anticipated speech at Davos.
The line built to roughly a hundred attendees seeking a seat shortly before noon inside the Congress Hall, even as Trump’s plane had only just landed in Zurich. The queue is expected to grow.
White House official says about 30 countries are expected to join Trump’s Board of Peace
The official, who spoke on condition of anonymity to describe internal plans not yet made public, said about 50 countries had been invited to join the organization.
The official did not detail which countries were joining.
Trump’s Davos address on Wednesday will focus on America First
A White House official who spoke on condition of anonymity to preview the president’s plans said that Trump will also speak about his plans to have the U.S. dominate the Western Hemisphere and may also speak about his push to acquire Greenland and what’s next for Venezuela after the U.S. captured its former leader, Nicolás Maduro.
The president is scheduled to have about five separate meetings with individual foreign leaders while he’s on the trip, according to the official. The names of the leaders were not shared.
Rubio says he slept at a table on Air Force One
The U.S. secretary of state joked with reporters as he picked up a coffee toward the end of the flight and said he tried to get some rest at a conference table aboard the aircraft.
Marco Rubio joked that the accommodations were still nicer than the plane he travels on for State Department business.
Trump lands in Switzerland after delay caused by switching aircraft
Air Force One touched down in Zurich a little after 12:30 p.m. local time, nearly two hours after he was originally scheduled to arrive.
The president’s trip to Davos got off to a hiccup when a minor electrical issue aboard Air Force One led the crew to turn his plane around 30 minutes into the flight out of an abundance of caution. Trump changed planes in Washington.
The president instead flew on one of the other planes used as Air Force One, an aircraft that’s typically used for domestic trips to smaller airports.
Nvidia chief executive makes his Davos debut
Nvidia CEO Jensen Huang made his Davos debut, holding forth on the artificial intelligence boom that’s underpinned by his company’s advanced chips.
Sporting his signature black leather jacket, Huang told an audience that Europe should integrate AI with its strong industrial base to keep up with the global tech race dominated by the United States.
“This is your opportunity to now leap past the era of software. United States really led the era of software,” Huang said.
“Get in early now so that you can now fuse your industrial capability, your manufacturing capability with artificial intelligence,” he said, adding that physical AI in the form of robotics “is a once in a generation opportunity for the European nations.”
U.S. envoy says he will meet Putin and Ukrainian delegation
U.S. special envoy Steve Witkoff says he plans to meet with Russian President Vladimir Putin and the Ukrainian delegation.
“I’m hopeful,” Witkoff told The Associated Press about his expectations for the Putin meeting. “I’m hopeful that all meetings will go well on that subject. We need a peace.”
Trump boasted while campaigning for reelection in 2024 that he could settle Russia’s war in Ukraine in one day. Those efforts have so far proved futile, despite Trump, Witkoff and other top administration officials saying they were optimistic a peace deal could be achieved soon.
Inside the Davos Congress Center
The halls of the Davos Congress Center rumbled with eager anticipation for Trump’s upcoming speech.
While many leaders and officials kept their opinions to themselves before the address, Czech Prime Minister Andrej Babis alluded to tensions between European countries and the U.S. over Greenland.
“Of course we are looking forward for the speech,” he said. “So, I hope we will find a nice solution among allies.”
Babis chuckled recalling his conversation with Finnish President Alexander Stubb, a Trump golfing buddy who is reputed to be one of his closest friends in Europe: The Finnish leader had “publicly invited Donald Trump to sauna, to relax and to speak between allies.”
Glad-handing and hugs abounded among old friends, political leaders, academics and activists. Personalities like former U.S. Vice President Al Gore, now a prominent environmental defender, also crisscrossed the maze of Davos hallways with the likes of President Karol Nawrocki of Poland and Israeli President Isaac Herzog.
Rutte, whose NATO alliance has been rattled by Trump’s threats over Greenland, waved to and hugged old acquaintances, but didn’t say whether he hoped to meet Trump.
U.S. and EU trade reps meet
Trade representatives from the U.S. and the European Union met on the sidelines of Davos.
Maroš Šefčovič, the EU trade representative, wrote on social media that he met with his U.S. counterpart, Jamieson Greer, in “our shared interest to avoid a downward spiral in trade, ensuring predictability for transatlantic business and investment.”
“The EU favours dialogue and solutions, in mutual respect,” Šefčovič wrote.
EU chief says Trump’s threats challenge Europe’s security and prosperity
European Council President António Costa says Trump’s threats to annex Greenland and impose tariffs challenge Europe’s security and principles.
Costa will convene an emergency summit in Brussels with EU leaders Thursday.
Trump’s desire to acquire Greenland for what he says are security reasons has strained trust with European allies.
Costa, speaking at the EU parliament in France, emphasized that only Denmark and Greenland can decide their future. He said EU leaders are united in defending international law and are prepared to counter any coercion, and are rethinking relations with the U.S., a long-time ally.
NATO leader says Ukraine should be security priority
NATO Secretary-General Mark Rutte warned on Wednesday that the allies might be losing sight of real security challenges posed by Russia in Ukraine as they argue over the future of Greenland.
Rutte said at Davos that he is “a little bit worried that we might drop the ball focusing so much on these other issues.”
Ukraine’s armed forces “need our support now, tomorrow and the day after,” notably with air defense systems and U.S. military equipment that might no longer be “available in Europe for them to defend themselves” if the Greenland dispute escalates, he said.
Rutte insisted “this focus on Ukraine should be our number one priority and then we can discuss all the issues, including Greenland. But it should be Ukraine first.”
Celebrities spotted in Davos
Celebrities abound during winter in the Swiss Alps and the elite economic summit in Davos has not broken from that trend, from pop star Katy Perry watching a speech by her beau, former Canadian Prime Minister Justin Trudeau, to musician Jon Batiste on stage at the event’s opening concert.
Actor Matt Damon and musician Will.I.Am also were spotted.
Former soccer star David Beckham was in attendance in the wake of his son Brooklyn Beckham publicly acknowledging a feud with his family on social media. As he left a podcast recording Tuesday in Davos, David Beckham did not respond when asked whether he had a message for his son following the posts.
Egypt and Israel say they will join Trump’s Board of Peace
Egypt says it has accepted Trump’s invitation to join his Board of Peace and support the panel’s task in accordance with the U.N. Security Council mandate.
Prime Minister Benjamin Netanyahu of Israel also said he has agreed to join the board after his office earlier criticized the makeup of the executive committee.
The Egyptian statement came as el-Sissi is in Davos, where he is scheduled to meet with Trump. The Board of Peace is expected to be widely discussed at Davos.
Sweden does not regret joining NATO, PM says
Swedish Prime Minister Ulf Kristersson said his country does not regret joining NATO in 2024 despite the current upheaval.
“Absolutely not,” he said Tuesday in response to a journalist’s question on the Davos sidelines.
“We are in very good cooperation with 31 allies within NATO and we are doing great progress and we are being integrated very rapidly and we are already making big efforts also to increase NATO’s combined capacities in our part of the world,” Kristersson said.
Danish veterans of U.S. wars feel betrayed by Trump’s threats
Danish veterans feel betrayed as the U.S. escalates threats to seize Greenland, a territory of Denmark.
The Associated Press spoke to two veterans who fought alongside U.S. forces in Afghanistan and Iraq.
The veterans said they understand Arctic security concerns but believe Denmark is committed to defending the region within NATO. They fear the Trump administration’s actions could end the alliance and damage their admiration for the U.S.
There were 44 Danish soldiers killed in Afghanistan, the highest per capita death toll among coalition forces. Eight more died in Iraq.
Egyptian president applauds progress in Lebanon
Egyptian President Abdel-Fattah el-Sissi applauded the Lebanese government’s efforts to stabilize the tiny Mediterranean country, an apparent reference to its efforts to disarm non-state groups, notably Hezbollah.
Speaking in a panel Tuesday in Davos, the Egyptian leader said Lebanon “finds find a way to achieve complete stability.”
El-Sissi also spoke about the latest development in Syria and called for the inclusion of all Syrian groups in the political process.
Swedish PM says NATO won’t be blackmailed over Greenland
Swedish Prime Minister Ulf Kristersson said he “would not speculate” on whether the NATO alliance has shattered beyond repair in the wake of Trump’s threats to take over Greenland.
Sweden joined NATO in 2024.
Kristersson, speaking to the Associated Press on the sidelines of Davos, said Europeans are willing to beef up security in Greenland and across the Arctic but “we will not accept to be blackmailed.”
World markets appear to settle after drop from Trump tariff threats
World markets appear to have settled for now following a sharp drop after Trump threatened to impose extra tariffs of 10 per cent, later rising to 25%, on imports from eight European countries.
U.S. futures advanced early Wednesday and Asian markets were mixed.
European shares opened marginally lower. But the price of gold shot up nearly 2%, surpassing its past records to trade at about $4,860 a troy ounce. Precious metals tend to gain in times of global uncertainty since they are viewed as a safe haven from risk.
Egyptian president says Palestinian cause remains a priority
Egyptian President Abdel-Fattah el-Sissi on Wednesday said the Palestinian cause is still “at the forefront of priorities” in the Middle East.
He told a panel at Davos that resolving Palestinian cause “is the core of regional stability, and a cornerstone to achieve a just and comprehensive peace.”
The Egyptian leader lauded Trump’s efforts to help reach a ceasefire that stropped the Israel-Hamas war in Gaza in October.
El-Sissi also encouraged international investment in his cash-strapped nation.
The president lauded his government’s efforts to overhaul infrastructure in Egypt, which he said was aimed at drawing private sector investments.
“The environment in Egypt is very attractive,” he said during a panel discussion at Davos.
Trump expected to land 3 hours late
Bessent said Trump is expected to land in Switzerland about three hours after he was originally scheduled to arrive.
Trump is scheduled to speak at Davos on Wednesday in a highly anticipated address.
Bessent on Wall Street’s slump
The Associated Press asked Bessent about the Wall Street slump on Tuesday after Trump threatened to hit eight European countries with new tariffs as tensions escalate over his attempts to assert American control over Greenland.
The losses were widespread, with nearly every sector losing ground. Major indexes in the U.S. extended losses from last week in what has been a wobbly start to the year.
The S&P 500 fell 143.15 points, or 2.1%, to 6,796.86. It is the steepest drop for the benchmark index since October.
Bessent said he is not concerned.
U.S. Treasury secretary decries Europe’s ‘anger’ over tariff threat
U.S. Secretary Treasury Scott Bessent on Wednesday decried Europe’s “anger” and “bitterness” over Trump’s tariff threat.
Bessent urged the European Union to wait for Trump to arrive in Davos. He said he believes Europeans will be persuaded to support Trump’s concerns about Greenland once they hear his argument.
Bessent also said he is frustrated with the U.S. Federal Reserve.
The Supreme Court is hearing arguments Wednesday over Trump’s effort to oust Federal Reserve governor Lisa Cook based on allegations she committed mortgage fraud, which she denies.
No president has fired a sitting Fed governor in the agency’s 112-year history.
Trump en route to Davos after plane troubles
Trump’s arrival in Switzerland has been delayed by mechancial trouble.
There was a minor electrical problem late Monday on Air Force One, the aircraft that transports the president, leading the crew to turn around the plane about 30 minutes into the flight out of an abundance of caution.
Trump boarded another aircraft, an Air Force C-32, a modified Boeing 757 normally used by the president for domestic trips to smaller airports, and continued his trip to Davos shortly after midnight.
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AP World Economic Forum: https://apnews.com/hub/world-economic-forum
The Associated Press
