EU Weighs Options After Tariff Threat, Hassett on Fed Chair, More
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News when you want it with Bloomberg News Now, I'm Doug Krisner. Members of the European Union are discussing options for how to respond to President Trump's use of tariffs as punishment for EU support of Greenland. Greenland is a semi-autonomous territory of Denmark, itself a founding member of NATO. Now, Trump is threatening to seize control of Greenland, potentially with military force. Over the weekend, the president slapped a 10% tariffs on goods from eight European countries supporting Denmark and
What are the EU's options in response to Trump's tariff threats?
And now we are told the EU is considering the use of retaliatory levies on $108 billion worth of U.S. goods. Today, U.S. Treasury Secretary Scott Besson said the U.S. will not back down on taking over Greenland. Here is Besson speaking to NBC's Meet the Press.
England is essential to the U.S. national security. We're building the Golden Dome, the missile system. And look, President Trump is being strategic. He's looking beyond this year. He's looking beyond next year to what could happen for a battle in the Arctic. We are not going to outsource our national security. We are not going to outsource our hemispheric security to other countries.
Meantime, lawmakers on both sides of the aisle are voicing opposition to President Trump's threats. Texas Republican Congressman Michael McCaul said a U.S. invasion of Greenland would threaten NATO. would end up abolishing nato as we know it an organization that has lasted for over four to five decades and protected us from world wars that is texas republican congressman michael mccall speaking on abc's this week president trump said he would soon announce his nomination to replace fed chair jay powell now trump also said he wants to keep kevin hassett the current director of the national economic council in his current role Hassett had once been seen as a frontrunner for the Fed chairmanship, and today Hassett told Fox News Trump may be right to pass him over.
From the beginning, he and I have talked about whether it's better for me to be here in the West Wing or over at the Fed. I don't think he's made a final call on that. But I've got to say that I'm even humbled still, perhaps, to be in the running with the other people.
Now, the list of candidates to succeed Powell includes Fed Governor Chris Waller, as well as former Governor Kevin Warsh. And there's Rick Reeder, the CIO of fixed income at BlackRock. We are told his candidacy has gained momentum. This Thursday, the U.S. Supreme Court will be hearing oral arguments in Trump v. Cook. This case will decide whether the president has the power to fire Fed Governor Lisa Cook over allegations of mortgage fraud, which Cook denies. The case is critical because it will address the removal protection afforded members of the Fed's Board of Governors. Former Fed Chair Janet Yellen says a ruling in Trump's favor would be devastating.
Now, if the Supreme Court said, yes, a president can decide if there's cause, now that would be devastating. It could be used against anyone. So it's very intimidating and really would have a very adverse effect.
You can hear more from Janet Yellen on the Everybody's Business podcast.
How is the U.S. government responding to the Greenland situation?
President Trump's economic and geopolitical agenda will hit the global stage this week. We have a preview from 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.
In Minneapolis, tensions remain high 10 days after an ICE agent shot and killed Renee Good. Over the weekend, thousands of protesters denounced federal immigration enforcement. Meantime, the U.S. is increasing the number of law enforcement agents and potentially sending military personnel to Minneapolis. The FBI is also sending messages to its agents nationwide seeking volunteers to temporarily transfer to Minneapolis.
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