DAVOS, Switzerland (AP) — U.S. President Donald Trump will appear Wednesday with other high-profile government and business leaders at the World Economic Forum in Davos, Switzerland, a day after the elite event produced contentious statements and economic threats arising from tensions between the U.S. and Europe.
Nearly 3,000 high-level participants from 130 countries, plus an untold number of activists and observers, are expected to converge on the annual event scheduled to last through Friday for dialogue, debate and deal-making in the Alpine resort.
European Commission President Ursula von der Leyen on Tuesday called Trump’s planned new tariffs on eight of its countries over Greenland a “mistake” and questioned Trump’s trustworthiness. French President Emmanuel Macron said the EU could retaliate by deploying one of its most powerful economic tools, known colloquially as a trade “bazooka.”
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Swedish PM says NATO won’t be blackmailed over Greenland
Swedish Prime Minister Ulf Kristersson said he “would not speculate” on whether the NATO alliance has shattered beyond repair in the wake of Trump’s threats to take over Greenland.
Sweden joined NATO in 2024.
Kristersson, speaking to the Associated Press on the sidelines of Davos, said Europeans are willing to beef up security in Greenland and across the Arctic but “we will not accept to be blackmailed.”
World markets appear to settle after drop from Trump tariff threats
World markets appear to have settled for now following a sharp drop after Trump threatened to impose extra tariffs of 10%, later rising to 25%, on imports from eight European countries.
U.S. futures advanced early Wednesday and Asian markets were mixed.
European shares opened marginally lower. But the price of gold shot up nearly 2%, surpassing its past records to trade at about $4,860 a troy ounce. Precious metals tend to gain in times of global uncertainty since they are viewed as a safe haven from risk.
Egyptian president says Palestinian cause remains a priority
Egyptian President Abdel-Fattah el-Sissi on Wednesday said the Palestinian cause is still “at the forefront of priorities” in the Middle East.
He told a panel at Davos that resolving Palestinian cause “is the core of regional stability, and a cornerstone to achieve a just and comprehensive peace.”
The Egyptian leader lauded Trump’s efforts to help reach a ceasefire that stropped the Israel-Hamas war in Gaza in October.
El-Sissi also encouraged international investment in his cash-strapped nation.
The president lauded his government’s efforts to overhaul infrastructure in Egypt, which he said was aimed at drawing private sector investments.
“The environment in Egypt is very attractive,” he said during a panel discussion at Davos.
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Trump expected to land 3 hours late
Bessent said Trump is expected to land in Switzerland about three hours after he was originally scheduled to arrive.
Trump is scheduled to speak at Davos on Wednesday in a highly anticipated address.
The AP asks Bessent about Wall Street’s slump
The Associated Press asked Bessent about the Wall Street slump on Tuesday after Trump threatened to hit eight European countries with new tariffs as tensions escalate over his attempts to assert American control over Greenland.
The losses were widespread, with nearly every sector losing ground. Major indexes in the U.S. extended losses from last week in what has been a wobbly start to the year.
The S&P 500 fell 143.15 points, or 2.1%, to 6,796.86. It is the steepest drop for the benchmark index since October.
Bessent said he is not concerned.
US Treasury secretary decries Europe’s ‘anger’ over tariff threat
U.S. Secretary Treasury Scott Bessent on Wednesday decried Europe’s “anger” and “bitterness” over Trump’s tariff threat.
Bessent urged the European Union to wait for Trump to arrive in Davos. He said he believes Europeans will be persuaded to support Trump’s concerns about Greenland once they hear his argument.
Bessent also said he is frustrated with the U.S. Federal Reserve.
The Supreme Court is hearing arguments Wednesday over Trump’s effort to oust Federal Reserve governor Lisa Cook based on allegations she committed mortgage fraud, which she denies.
No president has fired a sitting Fed governor in the agency’s 112-year history.
Trump en route to Davos after plane troubles
Trump's arrival in Switzerland has been delayed by mechancial trouble.
There was a minor electrical problem late Monday on Air Force One, the aircraft that transports the president, leading the crew to turn around the plane about 30 minutes into the flight out of an abundance of caution.
Trump boarded another aircraft, an Air Force C-32, a modified Boeing 757 normally used by the president for domestic trips to smaller airports, and continued his trip to Davos shortly after midnight.
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