Chapter 1: What is the main topic discussed in this episode?
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Find us on Apple, Spotify, or anywhere you listen. News when you want it with Bloomberg News Now, I'm Doug Krisner. Members of the European Union are discussing options for how to respond to President Trump's use of tariffs as punishment for EU support of Greenland.
Greenland is a semi-autonomous territory of Denmark, itself a founding member of NATO, and Trump is threatening to seize control of the territory, potentially with military force. Over the weekend, Trump slapped 10% tariffs on goods from eight European countries supporting Denmark. And now, we are told, the EU is considering the use of retaliatory levies on $108 billion worth of U.S. goods.
Treasury Secretary Scott Besson spoke to NBC's Meet the Press and insisted this move is about U.S. national security.
It enhances United States security. And again, we have seen the Europeans are unable to push back against Russia. The U.S. is this war that never would have started in Ukraine, Kristen. We are going to settle it, but it wouldn't have started. And what President Trump is trying to do is prevent a taking or the Russian-Chinese action in Greenland in the future. So why not be strategic?
That is Treasury Secretary Scott Besant on NBC's Meet the Press. Meantime, Canadian Prime Minister Mark Carney saying today Greenland's future is for Denmark and Greenland to decide. Here is Carney speaking at a news conference in Qatar.
We always will support China. sovereignty and territorial integrity of countries wherever their geographic location is.
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Chapter 2: What are the implications of Trump's tariff threats on the EU?
Here is Fry speaking on CBS Face the Nation.
This whole dynamic is deeply concerning because supposedly they would be coming for me and targeting me for something that is core and critical to my job as mayor, and that is speaking for my residents and my constituents.
Minneapolis Mayor Jacob Fry speaking on CBS Face the Nation. Incidentally, Fry went on to say he had not received a subpoena from the DOJ and that he intends to comply if he is given one. This Thursday, the Supreme Court will hear oral arguments in Trump v. Cook. This case will decide whether the president has the power to fire Fed Governor Lisa Cook.
Now, this case is critical because it will address the removal protection afforded members of the Fed's Board of Governors. And it comes as the Fed's independence from political pressure is under attack. It's been just over a week since the DOJ subpoenaed the Fed over statements by Chair Jay Powell related to a renovation project of the Fed's headquarters.
Former Fed Chair Janet Yellen says the attacks on Powell are unprecedented and a very dangerous thing.
President Trump wants the Fed to do what he thinks is best, and he's made clear he is willing to pull out all the stops to try to get his way with the Fed. Trump's idea that he could remove Powell for policy disagreements and create the precedents for that have not worked.
Janet Yellen there, she went on to say that Powell's term as Fed chair is up in May, but he could stay on as governor for another two years to help protect the Fed. And you can hear more from Janet Yellen on the Everybody's Business podcast. The World Economic Forum gets underway this week in Davos, Switzerland. Things kick off on Monday.
And among those in attendance, billionaires Ken Griffin, Jensen Huang and Larry Fink. We have a preview from Bloomberg's Charlie Pellett.
They'll be appearing along with top bankers, politicians, and more than a dozen other billionaires on the official program for the World Economic Forum's annual meeting. Discussion topics range from private credit, nation's economies, and nuclear power.
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Chapter 3: How is the EU planning to respond to U.S. tariffs?
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