Trump Set to Address Global Business Elite Amid Escalating Transatlantic Tensions Over Greenland

President Donald Trump is expected to meet with global business leaders during a high-stakes visit to Davos on Wednesday, as his controversial demands regarding Greenland and accompanying tariff threats cast a shadow over the World Economic Forum’s annual gathering in the Swiss Alps.

Business leaders from financial services, cryptocurrency, and consulting sectors have been invited to a reception following Trump’s scheduled address to the World Economic Forum, according to sources familiar with the arrangements who spoke to Reuters on Monday. The precise agenda for the meeting remains unclear, though one CEO described having simply “a reception in honour of President Donald J Trump” listed in their schedule.

The invitations reportedly came from the White House and were extended to global CEOs, not exclusively American business leaders, underscoring the international scope of Trump’s outreach during what represents his third visit to Davos as president and first in-person appearance at the forum since 2020.

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Record US Delegation Signals Washington’s Ambitions

The United States has dispatched what organizers describe as the largest-ever American delegation to the World Economic Forum, a clear signal of the administration’s intent to assert American priorities on the global stage. Treasury Secretary Scott Bessent is leading the delegation, which includes Secretary of State Marco Rubio, Commerce Secretary Howard Lutnick, Middle East special envoy Steve Witkoff, and senior adviser Jared Kushner.

The expansive American presence includes not only Cabinet-level officials but also a dedicated “USA House” venue inside an old church on Davos’s glitzy promenade, supplementing the traditional congress center events. This prominent physical footprint reflects Washington’s determination to reshape the global economic and political conversation around American interests.

Anthony Scaramucci, an investor who briefly served as Trump’s communications director during his first term, acknowledged awareness of the CEO meeting but indicated he would not attend. “I’m not going. I’m not sure I’m invited, but even if I were, I wouldn’t want to be a side show,” Scaramucci said.

Greenland Controversy Dominates Forum Agenda

The World Economic Forum’s official theme of “A Spirit of Dialogue” has been substantially overtaken by President Trump’s dramatic policy moves, particularly his insistence that the United States acquire Greenland from Denmark and his threats to impose punitive tariffs on European nations that resist this demand.

Trump announced on Saturday that he would impose a 10% import tax on goods from eight European countries—Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland—starting in February, with rates potentially escalating to 25% by June unless the United States is permitted to purchase Greenland.

The demands have provoked extraordinary diplomatic tensions. National security advisers from multiple countries are scheduled to meet on the sidelines of the Davos event on Monday, with Greenland among the subjects on the agenda. European diplomatic sources indicated that Greenland was added to the previously scheduled meeting after Trump’s escalated weekend threats.

Denmark’s response has been unequivocal. The Danish government decided not to attend the World Economic Forum, with a WEF spokesperson confirming: “Any decisions on attendance are a matter for the government concerned. We can confirm that the Danish government will not be represented in Davos this week.” The absence underscores the severity of the diplomatic rift.

Bessent Warns Against European Retaliation

Treasury Secretary Scott Bessent, speaking to reporters on the sidelines of the World Economic Forum on Monday, warned that European retaliation against any measures taken by the United States would be “very unwise.”

“I think it would be very unwise,” Bessent told reporters when asked about retaliatory trade measures, adding that European leaders should not doubt Trump’s intentions regarding Greenland. “I’ve been travelling, so I haven’t been in touch (with European officials), but I spoke to President Trump and evidently there are a lot of inbounds, and I think everyone should take the president at his word.”

Bessent’s comments came after he appeared on NBC’s “Meet the Press,” where he defended the proposed tariffs by arguing that “the national emergency is avoiding the national emergency”—a justification that drew criticism from lawmakers including Republican Senator Rand Paul, who stated flatly: “There’s no emergency with Greenland. That’s ridiculous.”

When asked how a potential U.S. annexation of Greenland would differ from Russia’s annexation of Crimea from Ukraine, Bessent responded: “I believe that the Europeans will understand that this is best for Greenland, best for Europe and best for the United States.”

Europe Weighs Unprecedented Countermeasures

European leaders and officials have reacted with a combination of outrage and tactical preparation. The European Union is considering imposing tariffs on $108 billion worth of American goods that were suspended following a July 2025 trade deal. Those levies would automatically take effect on February 7 unless the suspension is extended—a deadline that now carries heightened significance.

Beyond conventional tariffs, European officials are examining more aggressive tools, including the first-ever deployment of the European Union’s Anti-Coercion Instrument, sometimes described as the bloc’s “bazooka.” This mechanism, never previously utilized, allows EU countries to take retaliatory action against rivals perceived as threatening the bloc, potentially including restrictions on American access to tenders or investment proposals.

Ireland’s Minister of Finance Simon Harris urged restraint: “This is a time for cool heads. We worked very hard at an EU level to have a trade agreement in place with the United States of America, a trade agreement that will ensure economic activity can continue to flow across the Atlantic. Anything that now moves away from that, or deviates from that could have potentially very, very significant consequences.”

European Commission President Ursula von der Leyen and French President Emmanuel Macron are scheduled to address the forum on Tuesday, providing them platforms to articulate European responses before Trump’s Wednesday address. Von der Leyen met with a bipartisan U.S. congressional delegation in Davos on Monday and indicated on social media that she had “addressed the need to unequivocally respect the sovereignty of Greenland.”

Trump Links Greenland Push to Nobel Prize Snub

In a bizarre escalation, President Trump reportedly linked his Greenland ambitions to his failure to receive the Nobel Peace Prize in a message to Norwegian Prime Minister Jonas Gahr Støre. According to Støre, Trump wrote: “Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace, although it will always be predominant, but can now think about what is good and proper for the United States of America.”

Treasury Secretary Bessent dismissed the connection, calling it a complete “canard” to think Trump’s actions on Greenland were motivated by the prize. However, the message revealed Trump’s thinking about international relations and his willingness to publicly acknowledge a departure from peace-oriented diplomacy.

Some geopolitical and historical experts now characterize Trump’s pursuit of Greenland as representing the lowest point in transatlantic relations since the 1956 Suez Crisis, when the United States pressured Britain, France and Israel to withdraw after invading Egypt.

China Positions Itself as Alternative

As U.S.-European relations deteriorate, China is positioning itself as a more stable partner for global business. Chinese Vice Premier He Lifeng, described as China’s “economic czar,” is scheduled to deliver a special address on Tuesday and will host a reception with CEOs and founders of global companies, according to sources.

The timing of He’s address—immediately before Trump’s Wednesday speech—allows Beijing to present an alternative vision for global economic cooperation. Canadian Prime Minister Mark Carney, who recently secured a preliminary trade agreement with China during a visit to Beijing last week, will also address the forum on Tuesday, signaling how U.S. allies are actively diversifying their economic partnerships.

China’s Ministry of Foreign Affairs did not immediately respond to requests for comment about the Davos agenda.

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Unprecedented Gathering of Global Elite

World Economic Forum organizers report that over 3,000 delegates from more than 130 countries will attend this year’s meeting, including 64 heads of state and government, particularly from emerging economies. The list includes several heads of G7 nations, with approximately 850 CEOs and chairs of the world’s top companies expected to participate.

This year marks the debut appearance of Nvidia CEO Jensen Huang, arguably the world’s most important technology leader given Nvidia’s central role in artificial intelligence infrastructure. Other prominent tech leaders attending include Microsoft CEO Satya Nadella, Anthropic CEO Dario Amodei, and DeepMind CEO Demis Hassabis. OpenAI chief financial officer Sarah Friar is also participating, though CEO Sam Altman is notably absent from the attendance list.

Notable political attendees include the presidents of Argentina, France, Indonesia, Syria and Ukraine, along with prominent business leaders such as JPMorgan CEO Jamie Dimon. Celebrity participants include actor Matt Damon, attending in his capacity as a safe-water advocate.

Leadership Transition and Organizational Changes

The 2026 gathering unfolds under new leadership following the departure of Klaus Schwab, who founded the forum 55 years ago and hosted the first event in Davos with a focus on business, only to see it evolve into what critics describe as a “catchall extravaganza.” Schwab stepped down in April following an investigation into alleged misconduct.

New co-chairs Larry Fink, head of investment firm BlackRock, and Andre Hoffman, vice chair of pharmaceuticals firm Roche, are now leading the organization. Their challenge is to maintain the forum’s relevance in an era when, as they acknowledge, global consensus-forming is increasingly out of favor while nationalism and populism gain traction.

Wealth Inequality Backdrop

The Davos gathering occurs against a backdrop of accelerating wealth concentration. A report from Oxfam released ahead of the event found that billionaire wealth rose by more than 16% last year—three times faster than the past five-year average—reaching more than $18 trillion total. The $2.5 trillion increase in billionaire wealth during 2025 alone would be sufficient to eradicate extreme poverty 26 times over, according to Oxfam’s analysis.

The organization noted that billionaire wealth has risen by more than four-fifths since 2020, while nearly half the world’s population lives in poverty. As usual, protesters rallied over the weekend in and near Davos, with hundreds of marchers scaling an Alpine road behind a banner reading “No Profit from War” in German.

A WEF-commissioned trust survey revealed troubling findings about institutional confidence: approximately two-thirds of respondents concentrated their trust toward CEOs of companies they work for, fellow citizens, or neighbors, while nearly 70% believed institutional leaders from business or government deliberately mislead the public.

Business Leaders Navigate Uncertainty

Corporate executives attending Davos face the challenge of navigating an increasingly politicized business landscape characterized by trade tensions, geopolitical fragmentation, and regulatory unpredictability.

Jenny Johnson, CEO of asset manager Franklin Templeton, characterized Trump’s approach as uncomfortable but potentially aligned with U.S. interests. “We all know his style. His style is, ‘I’m going to come out with a hammer, and then I’ll negotiate with you,'” Johnson told Reuters in an interview. “But his instinct about trying to figure out longer-term positions for the U.S. is the right instinct.”

Companies including Microsoft, India’s Tata Consultancy, social media platform TikTok and cybersecurity firm CrowdStrike have established prominent presences on the Davos Promenade alongside government pavilions from countries including Nigeria, Qatar, Ukraine and the United States.

Russian Presence and Diplomatic Maneuvering

Adding another layer of complexity, Russian President Vladimir Putin’s special envoy Kirill Dmitriev will travel to Davos and hold meetings with members of the U.S. delegation, according to two sources with knowledge of the visit who spoke on condition of anonymity. The meetings occur as questions persist about potential U.S.-Russia negotiations regarding Ukraine.

Trump is reportedly considering holding the first meeting of his “Board of Peace” for Gaza at Davos, having recently announced initial members. A $1 billion contribution secures permanent membership on the Trump-led board, according to an American official who spoke anonymously about the charter, which has not been made public. The money raised would ostensibly be used to rebuild Gaza.

Hungarian Prime Minister Viktor Orbán, one of Trump’s most vocal European supporters, has accepted an invitation to join the board.

Broader Flashpoints on the Agenda

Beyond the Greenland controversy, the World Economic Forum agenda encompasses multiple global flashpoints including crises in Venezuela, Gaza, Ukraine and Iran. Trump’s administration has been actively engaged across these fronts, with recent military interventions in Venezuela stirring Latin American concerns and hardline positions toward Iran raising fears of military escalation.

The future of artificial intelligence, its impact on business and employment, and prospects for artificial general intelligence represent key thematic discussions. Central bank independence has also emerged as a contentious topic following Trump’s public criticisms of Federal Reserve Chair Jerome Powell, which have alarmed business leaders and lawmakers concerned about maintaining the Fed’s operational autonomy.

European Military Response in Greenland

European nations have responded to Trump’s threats with both diplomatic and military gestures. Denmark has proposed that NATO begin surveillance operations in Greenland to address security concerns, while European military personnel have deployed to the Arctic island in recent days as a show of solidarity with Denmark.

On Sunday, eight European countries—the United Kingdom, Denmark, Finland, France, Germany, the Netherlands, Norway and Sweden—issued a joint statement warning that Trump’s actions over Greenland risk a “dangerous downward spiral” and undermine NATO’s foundational principles.

German Chancellor Friedrich Merz, speaking at Davos, adopted a measured tone: “We want to avoid any escalation in this dispute at all if possible.” However, the broader European response reflects deep unease about American reliability as a security partner and concerns about the future of the transatlantic alliance.

Looking Ahead: Wednesday’s Address

All eyes will turn to Trump’s Wednesday address to the World Economic Forum, where he is expected to directly engage European leaders on economic policy and transatlantic relations. According to a White House official, Trump will “emphasise that the United States and Europe must leave behind economic stagnation and the policies that caused it.”

The speech will be closely scrutinized for any moderation of his Greenland demands or tariff threats, though Bessent’s comments suggest the administration remains committed to its course. The question, as forum organizers have framed it, is whether Trump will speak with attendees in a spirit of dialogue—or at them in a display of American unilateralism.

The Davos gathering has long faced criticism for generating more rhetoric than results, with skeptics viewing the annual meeting as disconnected from the struggles of ordinary citizens. Trump’s presence and the surrounding controversies risk reinforcing that perception, even as the forum attempts to position itself as an essential venue for addressing global challenges ranging from climate change to technological disruption to democratic erosion.

For business leaders navigating this turbulent environment, the Davos meetings provide rare opportunities for face-to-face diplomacy and relationship-building that may prove crucial in an increasingly fragmented global economy. Whether those connections can bridge the widening political divides between the United States and its traditional allies remains an open question as the week unfolds in the Swiss Alps.

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By: Montel Kamau

Serrari Financial Analyst

20th January, 2026