Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Stephen Carroll. After a bruising week for transatlantic ties, European leaders are now trying to refocus on their urgent security and economic priorities. At an emergency summit in Brussels, the EU sought to find ways to move on after the US president delivered a sobering reality check on the world's most important economic relationship.
Here's Kaya Callas, the EU's High Representative for Foreign Affairs and Security Policy.
The real issue is Ukraine right now. And that's why, you know, any kind of disagreements that we have between allies, our adversaries like Russia and China are really enjoying this show.
Kaya Callas was speaking to Bloomberg as officials and leaders called for unity, but diverged on how best to now handle relations with the United States. Germany's Chancellor Friedrich Merz has urged his colleagues to react calmly to Trump's provocations. Meanwhile, France's Emmanuel Macron explicitly attacked the US president's strategy, calling it an attempt to weaken and subordinate Europe.
But it was the comments from Canada's Mark Carney that most clearly spelled out the challenge confronting Europe. Speaking in Davos on Tuesday, Carney warned that the rules-based international order was effectively dead and argued that middle powers must form new alliances to resist pressure and coercion from aggressive superpowers.
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Chapter 2: What are the latest developments in US-Putin Ukraine talks?
President Trump speaking there. The European Parliament is now expected to vote on ratifying the bloc's trade deal with the US after he walked back his latest threat to impose extra tariffs on European allies. But despite signs that geopolitical tensions may be easing, markets remain apprehensive. Gold prices now closing in on $5,000 an ounce.
Bullion climbed to a record above $4,967 in trading earlier today and is on track for a weekly gain of nearly 8%, supported by a weaker dollar. Now, before Trump's Greenland ultimatum, much of Europe's focus had been on drafting a peace deal framework between the US and Ukraine.
EU leaders have been pushing to return Ukraine to the top of the agenda as US envoys Steve Witkoff and Jared Kushner began late-night talks with President Putin in Moscow. Speaking in Davos, President Zelensky criticised Europe for relying too much on American support and said it can act in its own right as a global force.
Dear friends, we should not degrade ourselves to secondary roles, not when we have a chance to be a great power together. We should not accept that Europe is just a salad of small and middle powers seasoned with enemies of Europe. When united, we are truly invincible.
President Zelensky speaking there, who also discussed the importance of U.S. security guarantees for Ukraine. TikTok and its Chinese parent company ByteDance have closed a long-awaited deal with American investors to operate its U.S. business and avoid a nationwide ban in the country.
The social media company has established a majority U.S.-owned entity with three managing investors, Oracle, Silverlake and MGX, with each holding a 15% stake in the new venture. The sale concludes a years-long regulatory tug-of-war that threatened to shut the app down in the United States over data and national security concerns.
The US president is suing Jamie Dimon and JP Morgan for $5 billion. The longtime CEO has been accused of illegally debanking Trump's businesses due to his politics and putting his name on an industry blacklist. Speaking last year outside a private meeting with Senate banking Republicans, Dimon said regulation on the matter needs refining.
We don't debank people because of the political religious affiliations.
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