Trump Wants Peace Board Signed in Davos, EU Reacts To Tariff Threats, More
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News when you want it with Bloomberg News Now. I'm Erica Herskowitz. President Trump's proposed board of peace has gotten off to a rough start. Questioned by Europe, criticized by Israel and celebrated by friends of the Kremlin. Francis Emmanuel Macron, for one, has come right out of the gate to decline an invitation, which, according to the Kremlin, was also extended to Russian President Vladimir Putin. Trump is demanding that nations pay a billion dollars for permanent membership on the board, which was conceived last year as a Trump-headed body to oversee the redevelopment of post-war Gaza. According to people familiar with the matter, Trump wants the full constitution and remit of the committee signed in Davos on Thursday, where the World Economic Forum is getting underway today.
President Trump is set to make an appearance at the annual meeting of political and business elites for the first time in six years. The White House says Trump's Wednesday speech will emphasize that the U.S. and Europe must leave behind economic stagnation and the policies that caused it. European leaders are reeling from President Trump's threat to impose tariffs on eight European NATO allies for pushing back against the president's bid to annex Greenland, which effectively rips up last year's EU-U.S. trade accord leaders hoped would stabilize the transatlantic relationship. The EU is discussing imposing tariffs on $108 billion of U.S. goods if Trump doesn't back down. The bloc has already approved the measures, and they could be implemented quickly if needed, with a list of products targeting American industrial goods, including Boeing, U.S.-made cars, and bourbon.
But German Chancellor Friedrich Merz is trying to persuade French President Emmanuel Macron to tone down his response after he said he intends to request the activation of the European Union's anti-coercion instrument. Merz said Germany is less willing to unleash the bloc's strongest trade countermeasure due to its heavier dependence on exports. Bloomberg's Oliver Crook says European leaders seen this new tariff threat as inappropriate and may be a red line for them.
That's what the Germans have called it, that this is now a red line where the word blackmail has come out from a number of different European leaders saying that the Americans are basically just blackmailing the Europeans in order to advance the political aim.
Bloomberg's Oliver Crook. Meanwhile, Bloomberg's Brendan Murray says countries are already starting to look elsewhere for trade partners.
To a lot of folks, other countries, the trading partners that are getting burned by these tariffs that the U.S. is applying on their exports, They're going elsewhere and they're trying to sign deals and they're trying to rebuild relationships as Mark Carney of Canada did with his counterparts in Beijing last week.
Bloomberg's Brendan Murray. Trump's latest tariff announcements sent European shares tumbling from near record highs. The FTSE in London fell two-thirds of a percent. The CAC in Paris slumped one and three-quarters percent. And the DAX in Germany fell one and two-thirds percent. U.S. markets are closed in observance of Martin Luther King Day, but market futures are reacting negatively to the latest on Greenland, with futures all down between three-quarters and one and a half percent.
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