Trump Queries EU Pushback, UK Inflation Rises to 3.4%, More
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News when you want it with Bloomberg News Now. I'm Stephen Carroll. 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 agreed last summer, here's what the President responded.
What are Trump's recent threats to the European Union regarding Greenland?
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, 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 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 departure. The White House said the plane encountered a minor electrical issue which led it to return to base. Trump is now heading to Europe on a replacement plane. He's currently still expected to deliver his address in Davos at 2.30pm local time. Canada's Prime Minister Mark Carney says countries have a choice to band together or be on the menu.
At Davos, the former central banker said countries need to cooperate to counter the breakdown of the international rules-based order.
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 the most to gain from genuine cooperation.
Mark Carney received a standing ovation for that speech at the World Economic Forum. While he didn't mention President Trump by name, he took aim at the US President's pressure tactics and defended Greenland. Canada is overwhelmingly reliant on trade with the United States, but last week signed a deal with Canada. Some breaking news this hour. UK inflation accelerated for the first time in five months in December. Consumer prices rose by 3.4% from a year earlier, up from 3.2% pace the previous month. It was slightly higher than the 3.3% predicted by economists. However, the pickup is expected to be temporary, with government measures set to dampen price pressures in the spring. Markets are showing some 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 2026 gains as it logged its worst day since October. And 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 JPMorgan 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.
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