Trump Pushes Greenland Takeover, Canada Fears It's Next, More

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What is the main topic discussed in this episode?

Monica Ricks 0:00

News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump plans to take over Greenland and says it can be done the easy way or he can secure it the hard way if authorities don't cut a deal.

0:12

If we don't do it, Russia or China will take over Greenland and we're not going to have Russia or China as a neighbor.

What did President Trump propose regarding Greenland and why did NATO and Denmark push back?

Monica Ricks 0:19

NATO has pushed back on the idea since Greenland is a Danish territory. The Danish Prime Minister has said any attack would mean an end to their alliance. And Canada's now worried it could be next. President Trump has talked about making Canada the 51st U.S. state. And though he hasn't talked about it in months, his invasion of Venezuela and threats about taking Greenland are forcing Canadians to take his comments seriously. A column in Canada's largest national newspaper went viral this week, warning of the possibility that Trump may use military coercion against the country. And it encouraged leaders to expand its civil defense force. The countries are starting a scheduled review of the U.S.-Mexico-Canada agreement, a trade deal Trump signed in his first term.

Monica Ricks 1:02

Ending it would hurt the U.S. economy, but in the short term could be catastrophic for Canada, which sends almost 70 percent of its exports south of the border. Major U.S. oil executives are expressing caution about President Trump's push for them to spend at least $100 billion to rebuild Venezuela, including ExxonMobil, which is called the nation currently uninvestable. But Energy Secretary Chris Wright tells Bloomberg Chevron's already making progress there.

Chris Wright 1:28

They mentioned the ability to grow their production by 50% in the next 18 to 24 months. This is the largest producer in Venezuela. But we're one week in right now. So with President Trump's leadership, I think we've had a tremendous week of progress, transformation in Venezuela, and excited to see what comes in the weeks and months ahead.

Monica Ricks 1:49

Chevron, by the way, could boost its cash flow by as much as $700 million a year in Venezuela. Here's Bloomberg's Charlie Pellett.

Charlie Pellett 1:56

Chevron is the only American oil major currently operating in Venezuela. Jason Gabelman of TD Cowen says that Chevron's efforts could add between $400 and $700 million a year, representing about 1 to 2 percent of the company's cash flow operations. Venezuela's oil industry has been run down after decades of corruption and mismanagement. Charlie Pellett, Bloomberg Radio.

Could Canada realistically be targeted next and how are officials responding?

Monica Ricks 2:22

Iran's supreme leader has vowed not to back down as protests against the government grow across that country. President Trump has promised to help demonstrators if violence against them continues. But at least 65 people have been killed over the last two weeks. Protests also continued in Minneapolis overnight, where people made as much noise as possible outside of a hotel where ICE agents are reportedly staying. They want them out of the city following Renee Good's death. The first full week of trading of 2026 is now in the books, and U.S. stocks closed at all-time highs, fueled by signs of fresh economic momentum, productivity gains, and a benign inflation outlook. The S&P gained 1.6 percent this week.

Monica Ricks 3:05

President Trump is calling for a one-year cap on credit card interest rates. Bloomberg's Ed Kalecki has details.

Ed Kalecki 3:11

President Trump is calling for a one-year cap on credit card interest rates at 10 percent effective January 20th. He wrote on social media, Please be informed that we will no longer let the American public be ripped off by credit card companies that are charging interest rates of 20 to 30 percent and even more, which festered unimpeded during the sleepy Joe Biden administration. He then finished with the word affordability in all caps. It's not clear whether credit card companies will respond to his call or what actions he might take to force any change. Ed Kalecki, Bloomberg Radio.

Monica Ricks 3:44

The Trump administration has suspended about $130 million in food stamp payments in Minnesota. It's part of a broader effort to freeze social services to some Democratic-led states amid a fraud investigation in Minnesota.