President Trump in Davos, Treasury Yields Rise, More
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What developments from Davos start the Bloomberg roundup?
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's push to take control of Greenland is already the talk of the annual gathering of global elites. The president says he's agreed to a meeting on the issue after speaking with NATO Secretary General Mark Rutte.
We'll be talking about it with the various people. We've had we've had tremendous success and we've you know I've done more for NATO than anybody else.
President spoke there to reporters in Miami. Later he posted a screenshot on social media of a text message he says he received from the NATO Secretary General saying that he was committed to finding a way forward on Greenland.
How is President Trump’s Greenland proposal being discussed at the World Economic Forum?
Earlier President Trump linked his claims to the Danish territory to not receiving the Nobel Peace Prize in a letter to Norway's Prime Minister. The Norwegian government does not decide the Nobel winner.
Well, Nathan, Treasury Secretary Scott Besson deserting European allies to remain calm over President Trump's Greenland claims. He spoke this morning from the sidelines of the World Economic Forum.
Sit back, relax. I am confident that the leaders will not escalate and that this will work out in a manner that ends up in a very good place for all, for national security, for the U.S. and for Europe.
And Secretary Besant is comparing the uproar to the political blowback over President Trump's tariff announcements last April. French President Emmanuel Macron has talked about unleashing the European Union's toughest trade tools in response to the Greenland threats, though German Chancellor Friedrich Merz has batted that down. Secretary Besant also says the idea of Europe selling U.S. treasuries in response to the president's Greenland claims is a false narrative.
Along with the Greenland issue, Karen, President Trump is also bringing his affordability agenda to Davos. He has pitched his populist economic platform in battleground states in recent weeks. Now he's targeting a different audience, the global elites gathered in the Swiss ski village. President Trump has vowed to unveil details of a sprawling affordability pitch. It's landed Wall Street banks, tech companies and home builders in his crosshairs. The president speaks about it tomorrow at the World Economic Forum.
Nathan, the Trump-Davos speech comes as a new study shows his tariffs are paid almost entirely by Americans. We get more from Bloomberg's John Tucker. John, good morning.
And Karen, the study finds that only 4% of the tariff burden is actually shouldered by foreign firms. with a near-complete pass-through of 96% to U.S. buyers that pay the levies and then must either absorb them or raise selling prices. The Kiel Institute for the World Economy says the $200 billion surge in customs revenue represents $200 billion extracted from American businesses and households. that the tariff function, not as a tax on foreign producers, but as a consumption tax on Americans. Based on shipment data covering 25 million transactions worth about $4 trillion, the Kiel study runs completely counter to the Trump administration's argument that the trading partners pay the tariffs. In New York, I'm John Tucker, Bloomberg Radio.
Okay, John, thank you. President Trump's confirming he's invited Russian President Vladimir Putin to join his proposed Board of Peace for Gaza. Here's the president again, speaking in Florida.
Yes, he's one of the people. These are world leaders. And the answer is yes.
And this morning, China confirmed it also received an invitation to join the board. But no word if it's going to accept. One world leader rejecting the invitation is Emmanuel Macron. That has President Trump taking a swipe at the French leader.
Well, nobody wants him because he's going to be out of office very soon. So, you know, that's all right. What I'll do is if they feel like Costo, I'll put a 200% tariff on his wines and champagnes and he'll join. But he doesn't have to join.
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