Chapter 1: What is the main topic discussed in this episode?
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US President Donald Trump says he won't impose extra tariffs on goods from European countries opposed to his efforts to acquire Greenland. In a social media post, Trump cited the framework of a future deal reached with NATO as the reason for the change.
Chapter 2: What did Trump say about tariffs and Greenland sovereignty?
It followed a meeting with NATO Secretary General Mark Rutter at the World Economic Forum in Davos. Speaking to reporters in the conference centre shortly afterwards, the US President offered further insight into the deal.
It's a deal that people jumped at. Really fantastic for the USA. Gets everything we wanted, including especially real national security and international security.
How so? Can you give us some details, please?
Well, the deal is going to be put out pretty soon. We'll see. It's right now a little bit in progress, but pretty far along. It gets us everything we needed to get.
Does it still include the United States having ownership of Greenland like you said you wanted?
It's a long-term deal. It's the ultimate long-term deal. I think it puts everybody in a really good position, especially as it pertains to security and minerals and other things. What happens is people are out there and they're working it right now. They're working the details of the deal, but it's what's called an infinite deal.
Despite Trump's optimism, the US president did not give any details on what the agreement entails. The New York Times reports that discussions included a compromise in which Denmark would give the US sovereignty over small pockets of land on Greenland for the construction of military bases.
The apparent breakthrough came after Denmark had ruled out negotiations over ceding the semi-autonomous island to the United States. Speaking to Bloomberg's editor-in-chief, John Micklethwaite, NATO's Secretary General Mark Rutte was asked whether Greenland was still under the control of Denmark under this framework deal.
We didn't discuss... at all about that issue, so we discussed how can we protect Greenland, how can we protect the wider Arctic region. And again, I think President Trump was the one who reinvigorated NATO at the summit in The Hague, was the famous 5%. I think we can be thankful for the fact that he again has been able to take leadership on this issue, how can we collectively protect the Arctic.
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Chapter 3: What insights did Trump provide about the NATO deal?
NATO Secretary General Mark Rutte there speaking to Bloomberg. In a statement released this morning, Denmark's Prime Minister, Meta Freriksen, said she had been in close contact with NATO before and after the meeting and that there had been no negotiation about sovereignty. She added that Denmark continues to seek constructive dialogue with allies on how to strengthen security in the Arctic.
Global stocks have been rallying after President Trump abandoned his tariff threats against the eight European nations. European stocks rebounding at the market open as carmakers and auto parts stocks led the gains, with Volkswagen jumping by more than 5% in early trading. Bloomberg's international economics and policy correspondent Mike McKee says the pivot has driven markets.
The markets went way down and today they start to go back up again because everybody started to think, no, he can't do this. And he's probably going to chicken out the taco trade. And so people started, you know, buying risk assets again. And then the headline crosses that he's back down. And so everybody just piles back in again.
Mike McKee speaking there as the president's policy shift appeared to vindicate investors who adhere to the taco trade, that is, buying any dip caused by the US tariff threats because, they argue, Trump always chickens out when there is a major market sell-off.
Russia's President Vladimir Putin says he's ready to commit frozen Russian assets in the United States towards rebuilding damaged regions of Ukraine once a deal to end the war is concluded. Putin told Russia's Security Council he could give $1 billion of the assets for membership of President Trump's Board of Peace for post-war Gaza.
Speaking in Davos, US envoy Steve Witkoff gave an update on plans for the peace board, which is still in its early stages.
We've got 20 or maybe 25 leaders who have already said, yes, this is not such an easy place to get to. We had many people who we weren't sure if they were going to even want to get an invitation. Now they're calling up for invitation. So everyone wants to be a part of this. What we're going to do here, what the president is going to do here will be it'll be game changing for the world.
Wyckoff was speaking ahead of a meeting with Putin in Moscow later today. The Russian offer is designed to appeal to President Trump and avoid further economic sanctions using money frozen under the Biden administration, which the Kremlin does not control.
Those are your top stories this morning on the markets. The stock 600 is up 1.2% on Wall Street. S&P E-mini futures are up six tenths of a percent and the 10-year US Treasury yield is steady at 4.24%.
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