Zelenskiy Blasts Europe's Inaction, Japanese Yen Swings, More
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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.
What are European leaders doing to address security and economic priorities?
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 EU leaders this week have called for unity, but diverged on how best to handle relations with the United States. German 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 during this week's World Economic Forum in Davos, it was clear the comments from Canada's Mark Carney that most clearly spelled out the challenge confronting Europe. On Tuesday, Carney warned that the rules-based international order was effectively dead and argued that mid-sized powers must form new alliances to resist coercion from aggressive superpowers.
After returning to Canada, the Prime Minister talked about his country's role in this new global order.
In a time of democratic decline, we can show how rights can be protected and equal freedoms endure. In a time of rising walls and thickening borders, we can demonstrate how a country can be both open and secure, welcoming and strong, principled and powerful.
Mark Carney's latest comments came after President Trump took another swipe at the Prime Minister, saying Canada lives because of the United States. Remember that, Mark, the next time you make your statements. The highly charged rhetoric came as sources told Bloomberg that the US wants to rewrite its current defence agreement with Denmark to remove any limits on its military presence in Greenland. On his way back to the US from Davos, President Trump was asked whether his framework deal would give the United States sovereignty over pockets of land in the Arctic Territory.
That was discussed. We can do anything we want. We can do military. We can do anything we want. And it's being negotiated. And let's see what happens. I think it'll be good.
President Trump speaking there. The European Parliament is now expected to vote on ratifying the EU-US deal 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 with gold rising close to $5,000 an ounce. With the tensions over Greenland on hold for now, the EU is seeking to refocus attention on Ukraine's future. US envoys Steve Witkoff and Jared Kushner held four hours of talks in Moscow with President Putin without making progress on the issue of territory. The talks came as Ukraine's President Zelensky used his speech in Davos to criticise Europe for relying too much on American support.
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 says top Ukrainian officials will attend planned talks with the US and Russia in the United Arab Emirates. The Japanese yen has seen wild swings following the Bank of Japan's press conference. The BOJ held rates steady, but the yen weakened sharply when Kazuo Ueda opened the door to the central bank conducting bond operations in exceptional cases. After Ueda finished speaking, the currency then spiked higher. It's not clear what sparked the dramatic movements, but Bloomberg's Markets Live executive editor Mark Cudmore says the moves didn't look like intervention from Japan's finance ministry.
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