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. 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.
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Chapter 2: 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.
Chapter 3: 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. Bob Michael is JP Morgan Asset Management's Global Head of Fixed Income.
I think this is a message from market participants to the administration, we can only go so far. And they've got to figure out where the line is. I think what Besson forgot to include was, yeah, the market had a fit in April, and then they backed off of a lot of things, and then calm ensued.
Now, Bob Michael was speaking to Bloomberg after the Danish pension fund, Academiker Pension, which has about $100 million in US Treasury, says it's planning to sell its holdings by the end of the month. However, the CEO of UBS, Sergio Armati, has warned that Europeans could be taking a big risk.
Diversifying away from America is impossible. I think that in any major asset allocation, one could probably think about having an overweight or underweight, but diversifying away from the US and also from the dollar is a quite dangerous bet.
Sergio Aramatti was speaking as a worsening crisis over Greenland drove gold and platinum to fresh records, with silver also near its all-time peak. And tensions between Elon Musk and Ryanair CEO Michael O'Leary have spilled into a second week. Now the world's richest man is considering buying the Irish airline. Bloomberg's Tiwa Adebayo has more.
It's an unlikely crossover. One builds rockets, the other sells nine-euro flights in an entirely different orbit. But it seems Michael O'Leary and Elon Musk are on a collision course. The online feud reached new altitudes after O'Leary claimed he wouldn't install the Tesla CEO's Starlink technology on his fleet of planes last week.
Since then, the two leaders have exchanged insults on X, culminating in a poll posted to Musk's account on Monday asking followers if he should buy Ryanair. The prospect spooked investors on both sides. Ryanair sales declined in Dublin trading, while shares in Tesla also closed lower.
And any Musk takeover would require him to work around current EU regulations, which require European airlines to be majority owned and controlled by EU nationals. In London, Tiwa Adebayo, Bloomberg Radio.
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