Bessent Says US 'Won't Back Down' on Greenland, EU Reacts, More
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News when you want it with Bloomberg News Now. I'm Monica Ricks. Treasury Secretary Scott Besson says the U.S. will not back down on taking over Greenland, adding Europe is too weak to ensure its security.
I believe that the Europeans will understand that this is best for Greenland, best for Europe, and best for the United States.
Besson telling NBC's Meet the Press taking Greenland should not spell the end of NATO. A German military reconnaissance team has already left Greenland after being deployed there for just 44 hours. But European lawmakers have also called for a halt to a U.S.-EU trade truce. And France wants to activate the European Union's so-called trade bazooka, an anti-coercion instrument that uses trade measures to pressure policy choices by the EU or its members. Up until now, it's never been used. Whether Trump's tariffs take effect also depends on a pending ruling from the Supreme Court. And Wall Street is looking ahead to Tuesday to hear from those justices. Bloomberg's Nathan Hagers in Washington.
The high court has gone through two opinion days this year without ruling on President Trump's emergency tariffs. Investors will see whether the third day is the one. The justices have set this Tuesday as their next opinion day. As usual, the high court never says which cases it will decide on until the justices return to the bench. If a tariff ruling doesn't come this week, it could be a while. The Supreme Court scheduled for a month-long break starting after this Wednesday. In Washington, I'm Nathan Hager, Bloomberg Radio.
The Supreme Court's expected to hear oral arguments on Wednesday and decide whether the president has the authority to fire Fed Governor Lisa Cook for cause. The president accused Cook of alleged mortgage fraud last year, which she denies. Former Fed Chair Janet Yellen talked to Bloomberg about it, and she says a ruling in Trump's favor would be devastating.
This is just going too far because when a president weaponizes the Department of Justice and uses pretenses to go after enemies, you know, we're not living in a democracy anymore if that's allowed to happen.
Hear more from Janet Yellen on the Everybody's Business podcast. Trump's also tried to fire Fed Chair Jerome Powell for cause following repeated attacks for not lowering interest rates enough. BlackRock CEO Rick Reeder is on Trump's shortlist to be the next Fed chair, and his candidacy now seems to be gaining traction. Sources tell Bloomberg Reeder's interview with the president went well last week.
What is the significance of the U.S. stance on Greenland?
Fed Governors Kevin Warsh and Christopher Waller are also up for the job. President Trump's economic and geopolitical agenda hit the global stage this week. Here's Bloomberg's Andrew O'Day.
He is slated to address the World Economic Forum in Davos, Switzerland. Trump's National Economic Council Director Kevin Hassett says among items the president plans to announce at Davos will be a plan for letting savers in 401k retirement plans use some of their money for down payments on a home purchase. Andrew O'Day, Bloomberg Radio.
Violent clashes continue in Minneapolis amid pro ice demonstrations now happening in the city. There are only ones escalating. The FBI has asked agents to head to Minneapolis to aid ice. The Pentagon also has troops on standby. The Trump administration will allow more foreign athletes to travel to the US despite its visa ban on dozens of countries. The State Department now says athletes, coaches and support staff for events like the World Cup and Olympics can come, but foreign fans are still banned.
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