Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Stephen Carroll. After a bruising week for transatlantic ties, European leaders are now trying to refocus on their urgent security and economic priorities. At an emergency summit in Brussels, the EU sought to find ways to move on after the US president delivered a sobering reality check on the world's most important economic relationship.
Here's Kaya Callas, the EU's High Representative for Foreign Affairs and Security Policy.
The real issue is Ukraine right now. And that's why, you know, any kind of disagreements that we have between allies, our adversaries like Russia and China are really enjoying this show.
Kai Canlis was speaking to Bloomberg as EU leaders this week have called for unity, but diverged on how best to handle relations with the United States. German Chancellor Friedrich Merz has urged his colleagues to react calmly to Trump's provocations, while France's Emmanuel Macron explicitly attacked the US president's strategy, calling it an attempt to weaken and subordinate Europe.
But during this week's World Economic Forum in Davos, it was the comments from Mark Carney of Canada that clearly spelled out the challenge confronting Europe. On Tuesday, Carney warned that the rules-based international order was effectively dead and argued that mid-sized powers must form new alliances to resist coercion from aggressive superpowers.
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Chapter 2: What are the latest developments in US-EU relations?
Now, before Trump's Greenland ultimatum, most of Europe's focus had been on the issue of Ukrainian security. Europe, the EU is now returning to the issue amid US pressure for a resolution with the war in Russia. US envoys Steve Witkoff and Jared Kushner are holding talks in Moscow with President Putin, with the issue of territory proving to be a major barrier to any deal.
The talks came as President Zelensky used his speech in Davos to criticise Europe for relying too much on American support.
Dear friends, we should not degrade ourselves to secondary roles, not when we have a chance to be a great power together. We should not accept that Europe is just a salad of small and middle powers seasoned with enemies of Europe. When united, we are truly invincible.
President Zelensky says top Ukrainian officials will attend planned talks with the US and Russia in the United Arab Emirates. Well, turning next to TikTok and its Chinese parent company ByteDance, which have closed a long-awaited deal with American investors to continue operating its business in the United States.
The social media company has established a majority US-owned entity with three managing investors, Oracle, Silverlake and MGX, each holding a 15% stake. The sale concludes a years-long regulatory tug-of-war that threatened to shut the app down in the United States. over data and national security concerns.
And the British Prime Minister, Keir Starmer, is bracing for a potential leadership showdown after an MP stepped down in Manchester. The move opens a pathway for long-term political rival Andy Burnham to potentially challenge the PM. 30-year guilt shields briefly swung 10 basis points higher on the news before pairing losses. Bloomberg's James Woolcock has more.
UK politics looks fragile. Although a recent GFK survey says many Britons are becoming more worried about the economic outlook, the political outlook is starting to drive the market narrative. Hedge funds are taking notice of Labour plots to replace Prime Minister Keir Starmer, taking long volatility positions in sterling. The other challenger on the horizon, Reform UK's Nigel Farage.
At Davos, he told Bloomberg he had a very different vision for growth.
Well, given what a catastrophe UK economic policy has been over the last 15 years, I think we should challenge every single tenant of it.
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