Trump's Greenland Pivot, Markets React, More
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Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moskow.
And I'm Nathan Hager. Each morning, we're up early putting together the latest episode of Bloomberg Daybreak U.S. Edition. It's your daily 15-minute podcast on the latest in global news, politics, and international relations.
Listen to the Bloomberg Daybreak U.S. edition podcast each morning for the stories that matter with the context you need.
Find us on Apple, Spotify, or anywhere you listen. News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moscow.
Karen, we began with the latest from the World Economic Forum at Davos, Switzerland, and a major reversal from President Donald Trump when it comes to Greenland. The president now says he will not impose tariffs on goods from countries that oppose his effort to take possession of the island. He says he has reached a framework of a future deal on Denmark's territory after a meeting with NATO Secretary General Mark Rutte.
It's the ultimate long-term deal. And I think it puts everybody in a really good position. especially as it pertains to security and minerals and everything else.
President Trump is not giving details of the deal. He's not saying whether it grants the U.S. ownership of Greenland. Secretary General Rutte says the island's sovereignty was not part of the discussion.
We didn't go into those details at all. We know that the Danes are completely open to having more American presence in Greenland, and Greenland is open to that. And I think it is good that these discussions take place with the three of them, because at the end, I cannot negotiate on behalf of anyone.
In an interview with Bloomberg News Editor-in-Chief John McElthwaite, NATO Secretary General Mark Rutte said President Trump agreed that the seven nations in the high north should work together to protect the Arctic against any adversary. You can catch the full conversation on the Bloomberg podcast channel on YouTube.
Meanwhile, Nathan, European leaders are meeting in Belgium today for an emergency summit over Greenland. And Bloomberg Chief Europe Correspondent Oliver Crook is covering the gathering in Brussels.
We know apparently there will not be an invasion of Greenland, which is a large relief for everybody in Brussels and everybody presumably sitting in the room there in Davos. We know that the tariffs will not go in effect on February the 1st, and we know that this is apparently down to Secretary General Mark Rutte's efforts to basically talk Trump down and, as ever, to create an off-ramp for the President of the United States to make it seem like there has been a victory in this, while at the same time trying to not contravene some of the red lines here in Europe. So Trump has said about this... that this basically will deliver everything the United States wants from a security standpoint, also from a raw material standpoint.
In terms of the actual details of the deal, we have very little. We understand that it will apparently not impinge upon Danish sovereignty.
Bloomberg's Oliver Kirk reports Denmark has said repeatedly that Greenland's sovereignty is not up for negotiation. Secretary General Rutte says Denmark is completely open to an increased U.S. presence on the island.
Karen, President Trump's Greenland pivot has helped fuel a big rally on Wall Street.
What recent developments occurred regarding Trump's Greenland pivot?
Let's get the very latest from Bloomberg's John Tucker in New York. John.
And Nathan, call it a pivot or the taco trade for a Trump always chickens out. The major stock averages in the U.S. ended yesterday's session up over 1%. A UBS basket of stocks exposed to tariffs that closed 2.7% higher. Then you have shares of car makers, which are some of the more vulnerable to tariffs. They're helping lead gains in Europe this morning. With geopolitics on the back burner for now, Allison McCartney at UBS sees the bull rally continuing.
This bull market that began in late 2022, the things that are motivating it and sustaining it have not changed in the last 48 hours.
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