As US President Donald Trump took the stage Wednesday at the World Economic Forum in Davos, he held the audience’s attention for more than an hour.
The speech — nearly a year after his return to the White House and despite problems with Air Force One — was highly anticipated and unpredictable, with many fearing the worst.
Focusing on American greatness
Trump spent much of his address praising himself and his domestic and international policies, touching on tariffs, oil, cryptocurrency, inflation, interest rates, energy and what he called the “green energy scam.”
Much of the talk highlighted his economic agenda at home, an emphasis likely aimed at an American audience. The rambling address also included numerous barbs at other countries, political leaders and what he called “stupid people.”
Trump drops tariff threat
European governments have been reassessing ties with the US over the past year, particularly as Trump imposed tariffs. His repeated push to claim Greenland — the world’s largest island and part of Denmark — intensified that reassessment.
Trump recently said the US would acquire Greenland whether Europe approved or not, warning, “if we don’t do it the easy way, we’re going to do it the hard way.”
Ahead of Davos he renewed threats that countries blocking him would face steep new tariffs. During his speech he devoted significant time to Greenland and argued the US needed control of the island for national and international security. He called Denmark “ungrateful” and described Greenland as a “big beautiful piece of ice.”
He said he wanted negotiations to begin immediately but, to defuse tensions, insisted he “won’t use force.” Still, he urged Europe to step aside, adding ominously: “Or you can say ‘no’ and we will remember.”
Shortly after the speech he backed away from the tariff threat after agreeing with NATO Secretary General Mark Rutte on a “framework of a future deal” concerning Greenland and the wider Arctic region.
A not-so-subtle message from Davos
Even before Trump arrived in Davos, his influence was felt. Canadian Prime Minister Mark Carney told a WEF audience that “great powers have begun using economic integration as weapons, tariffs as leverage, financial infrastructure as coercion, supply chains as vulnerabilities to be exploited,” adding bluntly that “we are in the midst of a rupture, not a transition.”
AI entrepreneur Andrew Ng said the speech offered governments guidance on how best to work with the US — and, failing that, strengthened the case for seeking alternatives. He described Trump’s approach to AI regulation as “sensible,” but warned that making it harder for skilled immigrants to come to the US is “a huge unforced error,” saying the country should make it easier to attract talent.
Joe Kaeser, chair of the supervisory board of Siemens’ energy unit, called Trump’s address “good entertainment” but criticized the administration’s emphasis on fossil fuels, arguing for a balanced mix of conventional and renewable energy as electrification accelerates.
Many businesses, however, remain cautious, seeing global volatility that complicates planning and investment. Investors worry about the implications of US pressure on the transatlantic relationship, NATO and global trade more broadly.
Edited by: Uwe Hessler