Chapter 1: What prompted President Trump's U-turn on Greenland?
President Trump makes a head-spinning U-turn on Greenland, calling off tariffs on Europe and saying he won't use force to take the island. How is Europe responding?
A lot of European officials that I've been speaking to in recent days are somewhere between dazed, shocked, and confused. And even though this is now a new de-escalation, they're still just as shocked, just as confused, and just about as anxious as they were before.
Trump's comments about a framework for a Greenland deal in the afternoon sent stock markets searching. Plus, Federal Reserve Governor Lisa Cook seems likely to keep her job after a hearing at the Supreme Court. It's Wednesday, January 21st. I'm Alex Osola for The Wall Street Journal. This is the p.m. edition of What's News? The top headlines and business stories that move the world today.
Chapter 2: How are European leaders reacting to Trump's tariff cancellation?
A day that started with high tensions between the U.S. and Europe has taken on a more conciliatory tone. President Trump said this afternoon that he wouldn't impose tariffs on several European countries after he reached the, quote, framework of a future deal on Greenland and the Arctic region with NATO Secretary General Mark Rutte.
Trump's de-escalating had started earlier today in a speech at Davos when he ruled out the use of force in his pursuit of Greenland.
We probably won't get anything unless I decide to use excessive strength and force where we would be, frankly, unstoppable. But I won't do that. OK, now everyone's saying, oh, good. That's probably the biggest statement I made because people thought I would use force. I don't have to use force. I don't want to use force. I won't use force.
For more, I'm joined now by WSJ national security reporter Robbie Grammer. Well, Robbie, we spoke earlier this afternoon about how Europeans were reacting to Trump's speech at Davos. Now we're talking again because he's canceled the tariff threat. How is this going over in Europe?
In his speech at the World Economic Forum in Davos, he said, we're not going to take it by force, but we really need this Arctic island. It's vital for our security.
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Chapter 3: What are the implications of Trump's comments on Greenland for U.S. stocks?
It's vital for NATO security. And NATO should stop opposing this. And then the threat of new tariffs on European countries, which triggered a bit of a shock in the markets and a lot of backlash in Europe. He has now taken those threats back. A lot of European officials that I've been speaking to in recent days are somewhere between dazed, shocked, and confused.
And even though this is now a new de-escalation, they're still just as shocked, just as confused, and just about as anxious as they were before.
Chapter 4: What is the significance of the Supreme Court hearing regarding Lisa Cook?
One I spoke to said, you know, obviously it's a relief here. Trump said there's a framework for a deal. He's taken off the threat of tariffs, but just as easily he could put them on again tomorrow if his mood changes again.
Do we know any details about this framework of a future deal, as he says?
So the news just broke. We're still waiting for more details on what this framework looks like. This was proposed after Trump took a meeting with NATO Secretary General Mark Rutte. Many in Europe see him sort of as a Trump whisperer. There's a lot of really complicated legal questions here, and it's one that European officials, legal experts...
didn't really have to think of before this, because no one thought that an American leader would try to buy an island in the same way that countries did in the 17th, 18th, 19th centuries here. There is a framework that the United States has proposed. It's called COFA, or Compact Free Association.
And that's a model that the United States has used with a few small Pacific islands, including Micronesia and the Marshall Islands. These islands are allowed to self-govern And the US pays them under rights a lot of their governance services. And in exchange, the US basically has free reign to be in charge of its defense and security.
But again, anything that undermines Greenland and Denmark's sovereignty over Greenland These Danish and Greenlandic leaders say is an absolute red line. They're not willing to cede Greenland's territory or sovereignty. They're saying this island, our people are not for sale. And these are just two irreconcilable differences between the American side and the European side here.
And we don't know how or if this framework that Trump proposes have really addressed that yet.
That was WSJ national security reporter Robbie Grammer. Thanks, Robbie.
Thanks for having me.
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