What a difference a year makes. In the early days of his second term, President Donald Trump suggested it was time to bring Greenland into the American fold. People thought it was a joke – Trump being Trump. A year later, nobody is laughing, and some may agree. Ultimately, all it took for Trump to realize President Harry Truman’s dream was to threaten tariffs, visit elites at the World Economic Forum, and deliver a 90-minute speech. It was Art of the Deal on a global scale.
Forging a Path to Greenland
A sigh of relief was heard around the world as President Trump confirmed he would not engage in military force to acquire Greenland. Instead, he laid out his case for the “piece of ice” being owned by the United States for national and global security purposes, and he requested “immediate negotiations.”
“The fact is, no nation or group of nations is in any position to be able to secure Greenland other than the United States,” the president said, adding that Europe can either give the Danish territory to an appreciative America or reject the offer, and “we will remember.”
Shortly after his widely watched prepared remarks, Trump met with NATO Secretary-General Mark Rutte in what appeared to be a successful powwow. Following their get-together, the president wrote a post on Truth Social confirming that his planned tariffs on European countries had been canceled and that a framework to secure a deal for Greenland was in the works.
“Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” Trump said. “This solution, if consummated, will be a great one for the United States of America, and all NATO Nations.”
He then told CNBC’s Joe Kernen that Greenland will be “involved in the Golden Dome” missile defense system and part of a mineral rights agreement. On the topic of tariffs, he said, “No, we took that off because it looks like we have pretty much the concept of a deal.” Based on his comments to CNN later in the day, it is apparently a “long-term deal” that “puts everybody in a really good position.” More details, the White House says, will be unveiled soon.
Beyond the ‘Piece of Ice’
President Trump also took the opportunity to rub it in Europe’s faces, touting his administration’s list of economic achievements. Be it falling gasoline prices or robust GDP growth, he told the audience that deregulation, tax cuts, and tariffs helped resurrect the US economy.
The United States is poised for another gangbusters quarter of more than 5% growth, but Europe will hardly crack 1% for the entire year in 2026. While Trump insisted that he does not want to cause pain for America’s trading partners, he noted that the United States will no longer subsidize the rest of the world.
“You’ve been screwing us for 30 years,” Trump said. “America is keeping the whole world afloat.”
During his visit to Switzerland, he championed various domestic policy accomplishments and proposals, including capping credit card interest rates at 10% for one year, banning large institutional investors from buying single-family homes, proposing to allow depreciation for homeowners’ taxes, and signing the One Big Beautiful Bill. Trump also took a moment to lambaste the Federal Reserve, particularly one man: Chair Jerome Powell.
Powell’s term as chairman expires in May, but his seat on the Board of Governors lasts until January 2028. Trump expressed indifference to what Powell does next. “We live with the cards you’re dealt,” he said on CNBC. “If that happens, his life won’t be very, very happy, I don’t think, by doing it. I think he wants to get out. He has not done a good job.”
During that interview, Trump further revealed that the search for Powell’s replacement may have come down to one person. Prediction markets indicate that former Fed Governor Kevin Warsh is the heavy favorite to be nominated.
Out of Touch
Larry Fink, BlackRock CEO and interim co-chair of the World Economic Forum, admitted that the Davos annual meeting has become superfluous because it is out of touch with real people. “If we’re being honest, for many people this meeting feels out of step with the moment: elites in an age of populism, an established institution in an era of deep institutional distrust,” Fink said.
For years, the World Economic Forum personified economist Friedrich Hayek’s idea of the “fatal conceit” and Thomas Sowell’s “vision of the anointed.” Attendees and speakers championed globalism, pontificated on ambitious surveillance programs, endorsed public control, and espoused the tenets of big government. This year, no one really listened to the opinions of world leaders and experts. Instead, everyone cared about only one person: President Donald Trump.
