Trump Rules Out Greenland Force, EU Delays Trade Vote, More
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Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, Head of Government and Economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond. Listen to new episodes every Wednesday and follow Trumponomics wherever you listen.
News when you want it with Bloomberg News Now. I'm Nathan Hager. Markets are on the rise on signs President Donald Trump is turning down the temperature on Greenland. In a highly anticipated speech to the World Economic Forum in Davos, the president said he is seeking immediate negotiations to acquire the island. While he says he could use force to do it, he doesn't plan to.
Now everyone's saying, oh, good. That's probably the biggest statement I made because people thought I would use force. I don't have to use force. I don't want to use force. I won't use force.
At the same time, President says if allies continue to oppose his push for the island, quote, we will remember. The European Parliament has decided to hold off ratifying the European Union's trade deal with the U.S. indefinitely in light of the president's Greenland threats. He's promised 10 percent tariffs on eight countries that have come out against the takeover plan. one of them.
Mr. Speaker, he wants me to yield on my position and I'm not going to do so.
Speaking in the House of Commons, Prime Minister Starmer said he won't yield to pressure on Greenland or his plan to return control of a joint U.S. military base in the Indian Ocean to Mauritius. In the Davos speech, President Trump also said he'll meet today with Ukrainian President Volodymyr Zelensky. He says he thinks both Ukraine and Russia want to make a deal. White House Special Envoy Steve Witkoff says they're 90 percent there. After talks with Russian negotiators.
Kirill was here yesterday and working on this with us. So I think everybody is embedded in the process and wants to see a peace deal happen.
White House Special Envoy Steve Witkoff tells Bloomberg surveillance he and Jared Kushner will fly to Moscow tomorrow night for talks with Russian President Vladimir Putin. President Trump says he'll ask Congress to implement his plan to cap credit card interest rates at 10 percent. JPMorgan Chase CEO Jamie Dimon's calling that idea an economic disaster.
It would remove credit from 80 percent of Americans, and that is their backup credit. But I have a great idea.
What are the implications of Trump's Greenland acquisition plans?
Since there's a huge disagreement on this one, you know, between Republicans and Democrats, I think we should test it.
J.P. Morgan's Jamie Dimon says his firm would give a real analysis of the proposal to the government. Dimon spoke today at the World Economic Forum at Davos. President Trump's bid to fire Fed Governor Lisa Cook is getting a major test at the U.S. Supreme Court. Arguments are underway with Fed Chair Jay Powell in the room. Bloomberg's Lauren Dozenski reports that sparked criticism from Treasury Secretary Scott Besant.
Jerome Powell is also a lawyer. So if anyone makes sense to be there, he would actually, you know, it makes sense that he would be the one in the room. But really, it's this large question of can the president bring the Federal Reserve Board to heel?
We're keeping track. of a massive winter storm that will sweep across much of the U.S. at the end of this week. Bloomberg meteorologist Rob Carolin is following that.
A significant winter storm will be developing during the day on Friday over Texas and the southern plains and then spending the weekend tracking into the east central part of the country. It's going to be moving along a boundary of very, very cold air and it's going to be bringing snow and ice to areas of the country that ordinarily don't see it. Parts of Texas as well as the northern Gulf Coast into the Tennessee and Ohio River Valleys. There'll be lots and lots of snow. Northern Gulf Coast could be looking at some icing and then that precipitation will work its way east across parts of the Mid-Atlantic and the Carolinas as we head through the day on Saturday.
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