Kim Kahn

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Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon.

Today is Wednesday, January 21st, and I'm your host, Kim Kahn.

Our top story so far, President Donald Trump has backed off his threat to impose new tariffs in February after negotiations in Davos over Greenland.

And whether you call it another taco, Trump all his chickens out, or another example of the art of the deal, the markets are happy.

Stocks are surging, treasury yields are falling, and the greenback is firming.

Trump posted that after a very productive meeting with NATO Secretary General Mark Root, they had formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic region.

Based upon this understanding, I will not be imposing the tariffs that were scheduled to go into effect February 1st, he added.

noting that additional talks are being held concerning the Golden Dome missile defense concept as it relates to Greenland.

Earlier in his keynote, Trump said he didn't want to use force, adding, "...all I'm asking for is a piece of ice that can play a role in world protection."

Also heard in Davos, NVIDIA CEO Jensen Huang said AI has kicked off the largest infrastructure build-out in human history and warned that the world will need more energy, land, and skilled workers to keep up.

He also praised Anthropix Clawed as a coding tool, saying anyone who runs a software company should use it, and highlighted OpenAI's ChatGBT for its success in the consumer space, calling it easy to use and approachable.

Also on the AI front, Meta CTO Andrew Bosworth said the first high-profile AI models built by its Superintelligence Labs team were delivered this month and are already showing a lot of promise.

JPMorgan Chase CEO Jamie Dimon warned that a proposed Trump plan to cap credit card interest rates at 10% would remove credit from 80% of Americans, adding that the people crying the most will not be the credit card companies, it will be the restaurants, retailers, travel companies, the schools, the municipalities.

And Treasury Secretary Scott Besson said Deutsche Bank's CEO personally called to distance the lender from a controversial note suggesting Europeans might sell U.S.

assets, saying the bank doesn't stand by it.

That's not something you see often.

Deutsche Bank said analysts' reports don't necessarily represent the views of senior management, but did not confirm the disavowal.