Davos Braces for Donald Trump, Bessent Cautions Allies, More
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Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moskow.
And I'm Nathan Hager. Each morning, we're up early putting together the latest episode of Bloomberg Daybreak U.S. Edition. It's your daily 15-minute podcast on the latest in global news, politics, and international relations.
Listen to the Bloomberg Daybreak U.S. edition podcast each morning for the stories that matter with the context you need.
Find us on Apple, Spotify, or anywhere you listen. News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moscow.
Karen, we begin with the latest from the World Economic Forum in Davos, Switzerland. President Trump is on his way to the annual gathering of global elites where he's promising to talk about America's successes.
The country's never done better. We have $18 billion-plus coming in. We've never had anything like it, and no country has had anything like it.
The president spoke to reporters before boarding Air Force One. The trip's already gotten off to a rough start. The president's plane had to return to Joint Base Andrews shortly after takeoff due to a mechanical issue. President Trump was eventually able to get on a replacement plane, but it delayed his departure by more than two hours. The president is scheduled to speak at 8.30 a.m. Wall Street time. Treasury Secretary Scott Besson says he could be delayed about three hours. We will carry the president's remarks when they happen. on Bloomberg Radio, Bloomberg Television, and the Bloomberg Podcast channel on YouTube.
Nathan, when President Trump does arrive in Davos, he could find allies shaken by his stated desire to take control of Greenland. The president has announced 10% tariffs on goods from eight European countries starting next month, unless he has a deal to purchase Denmark's territory. Officials in Europe have started drafting plans to retaliate, but President Trump says he doesn't think they will.
I think that we will work something out where NATO is going to be very happy and where we're going to be very happy.
President Trump spoke at a White House news conference heard live here on Bloomberg Radio, marking his first year back in office, asked how far he'd go to acquire Greenland. The president responded, you'll find out.
Well, Karen, France is requesting that NATO carry out a military exercise in Greenland in a bid to boost the region's security. That brought an angry response from Treasury Secretary Scott Besant in Davos this morning.
If this is what all President Macron has to do when the French budget is in shambles, I would suggest that he focuses on other things for the French people.
Treasury Secretary Scott Besson questioned the message European allies are sending following the recent decision by Denmark and seven other NATO countries to deploy a handful of officers to Greenland.
Nathan, the Treasury Secretary also pushing back after a Danish pension fund said it plans to sell its U.S. Treasury holdings by the end of the month. Academiker Pensions cited U.S. fiscal policies and Trump's desire to own Greenland as reasons for the decision.
What updates are there from the World Economic Forum in Davos?
And here's Bessent again this morning in Davos.
Well, the size of Denmark's investment in U.S. Treasury bonds, like Denmark itself, is irrelevant. that is less than $100 million. They've been selling Treasuries for years. I'm not concerned at all.
Well, Besson's comments come after a market rout yesterday that saw the S&P 500 log its worst day since October. Bloomberg's John Tucker joins us with the latest. John.
And Nate, the S&P 500 erased its 2026 gains, bond prices, and the dollar fell after President Trump threatened tariffs on multiple European countries who've opposed his pressure to take over Greenland. JPMorgan Asset Management's Bob Michaels sees it this way. it seems crazy except that things have a way of happening which people didn't think would happen so you have to back away and de-risk a bet michael says the sell-off in markets is a message to president trump's administration to take action to restore calm as officials did after liberation day tariffs rattled investors last year
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