Trump Doubts EU Threats, ‘Sell America’ Hits US Stocks, More
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News when you want it with Bloomberg News Now. I'm Stephen Carroll. The US President Donald Trump has dismissed threats of retaliation from the European Union over his desire for control of Greenland. Over the weekend, Trump announced tariffs on goods from eight European countries unless he secured a deal to purchase the Arctic Territory. When asked whether those levies could trigger the EU to break US investment pledges, here's what the President responded.
I doubt it. Look, they need that agreement very badly with us. They really do. They fought very hard to get it. So I doubt that. But we'll see what happens. We have a lot of meetings scheduled on Greenland.
Trump was also asked how far he was willing to go to secure Greenland. His response, quote, you'll find out. The US President's move to strong-arm Europe into a Greenland deal is likely to dominate his appearance at the World Economic Forum in Davos later. In his address to the event, the French President Emmanuel Macron accused Trump of trying to subordinate the EU.
Without collective governance, cooperation gives way to relentless competition. Competition from the United States of America, through trade agreements that undermine our export interests, demand maximum concessions, and openly aim to weaken and subordinate Europe.
Macron spoke after Trump threatened France with a 200% tariff on its wines if Macron didn't join his so-called Board of Peace for Gaza. Meanwhile, Greenland's Prime Minister has said the Arctic island's population and authorities need to start preparing for a possible military invasion, even if it remains an unlikely scenario. President Trump's arrival in Switzerland has been delayed after Air Force One was forced to turn back shortly after its departure. The White House says the plane had encountered a minor electrical issue. It returned to Joint Base Andrews in Maryland, where Trump boarded a backup plane, which has departed in the past few hours. He had been expected to arrive in Zurich at 5 a.m.
local time to speak in Davos at 2.30 p.m., the complication ultimately delaying his travel to the forum in Switzerland by more than two hours. Canada's Prime Minister Mark Carney says countries have a choice, band together or be on the menu. At Davos, the former central banker called time on the international rules-based order.
What threats did Trump dismiss from the EU regarding Greenland?
We know the old order is not coming back. We shouldn't mourn it. Nostalgia is not a strategy. But we believe that from the fracture, we can build something bigger, better, stronger, more just. This is the task of the middle powers. The countries that have the most to lose from a world of fortresses and a most to gain from genuine cooperation.
Carney's speech received a standing ovation at the World Economic Forum and was echoed in comments to Bloomberg by the former British Prime Minister Rishi Sunak. While Carney didn't directly mention President Trump by name, he took aim at the US President's pressure tactics and defended Greenland.
What tariffs did Trump announce on European goods?
Canada is overwhelmingly reliant on trade with the United States, but last week signed a trade deal with China. Markets are showing signs of stabilising today after tensions over Greenland and a rout in Japanese bonds triggered a broad sell-off on Tuesday. The S&P 500 fell by more than 2%, erasing its gains for the year so far as it logged its worst day since October. And based on one measure tracking US stocks, treasuries, corporate bonds and Bitcoin, Tuesday marked the worst session since April's tariff-induced sell-off.
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