Toby Howell

The announcement of the handshake agreement helped markets climb out of the dip they experienced earlier in the week that was fueled by fears of growing EU and US tension and the threat of new tariffs on seven European countries.

Think back to Tuesday.

Europe was readying its so-called tariff bazooka for the retaliatory punch of blocking US goods and services from the lucrative EU market, while US bonds were spiking and the dollar was falling.

But post-Greenland announcement, the 10-year U.S.

bond yield chilled out a little, the dollar index jumped, and stocks made a nice recovery.

Neal, zooming out a little bit, Greenland was certainly a major theme at Davos this year, but far from the only one.

We also had Mark Carney, Canada's PM, talking about the end of rules-based order.

BlackRock CEO Larry Fink warning of AI's power to increase wealth inequality.

and Jamie Dimon railing against a proposed 10% cap on credit card interest rates.

But let's start back at this handshake deal.

What details do we even have about it?

That's an awkward dinner.

I can't remember the last dinner I got up and left from.

But perhaps the most talked about speech at Davos wasn't even Trump's speech yesterday.

It was PM Canadians, PM Mark Carney, who overall kind of was the topic du jour outside of Trump.

The overall vibe that we're living through right now, according to Carney, is an end of an era, the end of American hegemony.

He called the current phase a rupture and went on to say, every day we're reminded that we live in an era of great power rivalry, that the strong can do what they can and the weak must suffer what they must.

The allusion to this great power rivalry is a U.S.-China feud.

And Carney also inserted Canada into the middle of that recently.

Canada and China struck an initial deal back on Friday that will slash tariffs on electric vehicles as both of the countries promise to tear down their trade barriers.