Trump Tariff Threat Sinks Stocks, Bessent Urges Patience at Davos, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. Stocks, bonds and the dollar all fell after President Trump threatened tariffs on various European countries amid a standoff over his ambitions to take over Greenland. We do check markets for you all day long here at Bloomberg. The S&P 500 down 1.6%. NASDAQ down 1.8%. The Dow down 1.4%. Ten-year Treasury yield at 4.27%. The two-year yield at 3.59%. And safe havens, oil and gold, checking gold now. It is up 3.6%. Brent crude up 1.4%. And WTI crude up 1.7%. Bitcoin now down more than 3%. Japanese Finance Minister Satsuki Katayama called on market participants... to calm down after intense day of bond selling pushed up yields on long-term government debt to its highest levels in decades.
Greenland's prime minister says the population and authorities need to start preparing for a possible military invasion, even though that does seem unlikely. The government will form a task force and distribute new guidelines to the population, including a recommendation to have enough food that lasts five days stored in their homes. Denmark has also deployed more troops in Greenland to boost Arctic defense and will expand military exercises to potentially run year-round. Treasury Secretary Scott Besant urging patience as world leaders gather at Davos.
I tell everyone sit back, take a deep breath, do not retaliate, do not retaliate. The president will be here tomorrow and he will get his message across. I believe he is going to have meetings and again also have an open mind.
Treasury Secretary Besant on the sidelines of the World Economic Forum's annual meeting with Fox Business Conversation. And former White House economic advisor Gary Cohn says he understands the president's ambition.
The question is, is this a negotiating posture to get a deal with Greenland, to get more rare earths, to get a larger naval and air force presence? And it may be.
What impact do Trump's tariff threats have on stock markets?
It does seem like that's on the table. And this may all evolve in a place where the United States ends up in a very good strategic position.
Gary Coney is now vice chairman of IBM. He spoke with Bloomberg Surveillance from the World Economic Forum at Davos. UK Chancellor of the Exchequer, Rachel Reeves, says Britain wants to reduce tensions with the US before the president arrives in Davos.
The strategic relationship between the US and UK, the military and strategic partnership between our countries is more important than... the partnership between any two countries in the world.
Reeves spoke at Bloomberg House in Davos, and Trade Representative Jameson Greer says trade agreements are focused on the wrong things.
I think when you have a trade agreement, and if something happens outside the bounds of that trade agreement, countries have a decision to make, and they're going to base it on their domestic politics, on what they think they need to do. And part of what I've been discussing this whole time is that trade should be focused on national interests.
U.S. Trade Representative Greer spoke on the sidelines of the World Economic Forum, and French President Emmanuel Macron says U.S. tariffs used as leverage against sovereignty are unacceptable.
Europe has very strong tools now, and we have to use them when we are not respected, and when the rules of the game are not respected, by the way. The anti-corruption mechanism is a powerful instrument. And we should not hesitate to deploy it in today's tough environment. We must also advance the principle of European preference.
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