US Treasury Secretary Scott Bessent shrugged off Denmark’s sale of US Treasurys on Tuesday at the World Economic Forum in Davos.
“They’ve been selling Treasurys for years, I’m not concerned at all,” Bessent said.
Trump arrived at the World Economic Forum in Davos, Switzerland, on Wednesday, as his revived tariff threats against allies over his pursuit of Greenland have roiled markets and upended trading relationships forged just months earlier.
“As I expressed to everyone, very plainly, Greenland is imperative for National and World Security. There can be no going back — On that, everyone agrees! The United States of America is the most powerful Country anywhere on the Globe, by far,” Trump posted early Tuesday.
The US president is scheduled to hold meetings with European leaders who are furious over his escalating bid to take over Greenland, the territory of a fellow NATO ally in Denmark. Trump predicted to reporters Tuesday that “things are going to work out pretty well,” even as he suggested “you’ll find out” how far he is willing to go to acquire the island.
Trump over the weekend said the US would implement 10% tariffs on eight European countries that he says are getting in the way of a US purchase of Greenland, rising to 25% on June 1 if no agreement is in place. The tariffs would begin Feb. 1 and apply to “any and all goods sent to” the US.
Trump has also threatened 200% tariffs on French wine and champagne after France’s leader Emmanuel Macron rejected Trump’s call to join his peace initiative.
EU capitals have entered discussions to implement tariffs of up to $108 billion on American products after Trump posted his plan to levy new tariffs on Europe on Saturday. But Trump predicted that his Greenland pursuit would not force the bloc to rethink its trade agreement with the US or its pledged investments in the country.
Meanwhile, the US Supreme Court’s first three opportunities to issue a verdict this year on the implications and legality of Trump’s global duties on trade partners have come and gone without a decision. The high court did not hand down a ruling on Tuesday, and it is unclear when it could rule next.
The Trump administration also made appeals to the court last year, and in recent weeks, Trump has frequently expressed concern over the ruling, saying losing the ability to tariff other countries would be a “terrible blow” to the US.
Read more: What Trump promised with his ‘Liberation Day’ tariffs — and what he delivered
LIVE 61 updates
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Bessent dismisses Danish Treasury sales as ‘irrelevant’
US Treasury Secretary Scott Bessent brushed off Denmark’s sale of US Treasurys on Tuesday at the World Economic Forum in Davos. Bessent said he is ‘not concerned at all,” and told reporters it is irrelevant.
“It’s less than $100m,” the Treasury Secretary said. “They’ve been selling Treasurys for years, I’m not concerned at all.”
Denmark has started to sell off US assets due to Trump’s plan to take over Greenland.
On Tuesday, Danish pension operator AkademikerPension announced it would be selling $100 million in US Treasurys. Anders Schelde, AkademikerPension’s investing chief, said that it would do this due to “poor US government finances.”
The “sell America” trade has bounced back this week after Trump went to war with European leaders over Greenland. US stocks and bond prices have dropped as tensions between the two sides escalate.
Trump also threatened to impose 200% tariffs on French wine and champagne, following France’s leader, Emmanuel Macron, texting Trump and telling him he was “confused” over his choice to take over Greenland and that he would not be joining his Board of Peace for Gaza committee.
The US president said on Monday that he will impose 10% tariffs on the EU as part of his push to acquire Greenland; the duties would take effect on February 1 and would rise to 25%. Trump doubled down on his pursuit of Greenland on Tuesday as he headed to Davos, saying the EU “won’t resist too much.”
EU ‘fully prepared’ to hit back over Trump’s Greenland tariffs
Bloomberg News reports:
- ECB’s Lagarde sees little impact on inflation from more tariffs
- Novartis CEO: By mid-2026, we will not be ‘exposed to tariffs’
Novartis (NVS) CEO Vas Narasimhan said he expects the company’s agreement with the US to help shield it from any possible tariffs.
In an interview with CNBC, Narasimhan said that by the middle of this year, the company will not be “exposed to tariffs.”
Reuters reports:
- Tariffs are bumping up product prices: Amazon CEO
Tue, January 20, 2026 at 9:31 PM UTC Trump doubts Greenland threats will spoil EU trade deal
- Tue, January 20, 2026 at 8:38 PM UTC Trump on how far he’ll go to acquire Greenland: ‘You’ll find out’
In a press briefing on Tuesday, President Trump said the US would pursue other strategies to acquire Greenland if the Supreme Court were to rule against his administration’s tariffs.
“We have other alternatives,” Trump said, “but what we’re doing now is the best, the strongest, the fastest, the easiest, the least complicated.”
When asked how far the US is willing to go to acquire Greenland, Trump answered, “You’ll find out.”
Trump said the US has “a lot” of meetings with Greenland scheduled at the World Economic Forum in Davos. Trump is expected to travel to Davos tonight.
Stocks were headed toward their worst day in two months on Tuesday as the markets digested Trump’s threats of fresh tariffs against European countries in order to obtain control of the Arctic territory.
- Tue, January 20, 2026 at 4:04 PM UTC Supreme Court does not issue tariff ruling today
The Supreme Court issued three opinions on Tuesday, but none of them were the highly anticipated ruling on whether President Trump has the authority under the International Emergency Economic Powers Act (IEEPA) to issue tariffs.
The court heard oral arguments on the case, formally called Learning Resources, Inc. v. Trump, in November of last year and is expected to deliver an opinion before June. The Supreme Court did not say when the next decision day will be.
If the Supreme Court strikes down the tariffs, it could result in the US repaying more than $130 billion in tariff refunds. A negative ruling against Trump would be one of the largest legal blows to the administration’s policies so far. If that were to happen, “WE’RE SCREWED!” the president posted on Truth Social earlier this month.
- Tue, January 20, 2026 at 11:26 AM UTC Trump says he will meet with ‘various parties’ in Davos concerning Greenland
President Trump posted on Truth Social that, following a phone call with the Secretary General of NATO, Mark Rutte, he will have a meeting at the World Economic Forum in Davos with various parties concerning Greenland.
“As I expressed to everyone, very plainly, Greenland is imperative for National and World Security. There can be no going back — On that, everyone agrees! The United States of America is the most powerful Country anywhere on the Globe, by far,” Trump posted.
“Much of the reason for this is a rebuilding of our Military during my First Term, which rebuilding continues at even more expedited pace. We are the only POWER that can ensure PEACE throughout the World — And it is done, quite simply, through STRENGTH! PRESIDENT DONALD J. TRUMP,” Trump added.
- Tue, January 20, 2026 at 11:21 AM UTC EU tells Trump ‘a deal is a deal’ as Greenland threats escalate
- Tue, January 20, 2026 at 9:56 AM UTC Market reaction to Trump’s Greenland threats
President Trump’s pursuit of Greenland has caused widespread concern, with European leaders expressing confusion at the president’s actions and protests taking place in Greenland. Markets have also been affected by the Trump administration’s latest moves.
Here’s how different pockets are reacting to Trump’s latest pursuit.
US futures: Nasdaq 100 futures (NQ=F) fell as much as 2%, while the Dow Jones Industrial Average futures (YM=F) pulled back 1.6% and S&P 500 futures (ES=F) fell 1.8%, as trade tensions escalated due to Trump’s Greenland threats.
Bonds: Bond prices dropped, as the threats made US investments look less attractive and raised fears that prices for goods would rise. The biggest losses were in long-term bonds; the 30-year Treasury yield rose to above 4.90%.
Dollar: The dollar fell to its lowest level in two weeks and currency hedging costs climbed as President Donald Trump showed no signs of backing down in his campaign for control of Greenland and threatened new tariffs on France.
French wine and champagne makers: Shares of French firms that make or are exposed to wine and spirits were hit. Champagne Luxury giant LVMH (MC.PA) — the owner of beverage brands like Veuve Clicquot (VRV.F) and Krug — was 2% lower, while peer Remy Cointreau (RMC.BE) shed 2%, and Laurent-Perrier (LPE.DU) dipped 1%.
Gold: Gold (GC=F) rose past $4,700 an ounce to a record high, while silver also reached an all-time peak.
- Tue, January 20, 2026 at 9:34 AM UTC Trump repeats Greenland claims, says EU won’t push back hard
President Trump doubled down on his pursuit of Greenland on Monday, speaking in Florida, he said the EU won’t resist too much.
Bloomberg News reports:
- Tue, January 20, 2026 at 9:27 AM UTC US Treasury Secretary Bessent brushes off ‘hysteria’ over Greenland-spurred trade war
- Tue, January 20, 2026 at 9:23 AM UTC Trump floats 200% champagne tariff and reveals Macron’s text
President Trump took a swipe at French leader Emmanuel Macron on Monday, saying he would put 200% tariffs on French wine and champagne following Macron’s decision not to join his peace initiative.
“Nobody wants him because he’s going to be out of office very soon,” Trump told reporters.“I’ll put a 200% tariff on his wines and champagnes and he’ll join,” he added.
Macron declined Trump’s request due to his pursuit of Greenland, sending a text to the US president.
The Trump administration established the Board of Peace for Gaza over the weekend. It consists of Russian President Vladimir Putin, Argentine President Javier Milei, and Canadian Prime Minister Mark Carney. Other invitees include Turkey’s President Recep Tayyip Erdogan and Brazil’s leader Luiz Inacio Lula da Silva.
Bloomberg News reports:
- Mon, January 19, 2026 at 10:00 PM UTC EU weaponizing US assets a risk: Deutsche Bank
Deutsche Bank (DB) has warned that if President Trump keeps up his threats of tariffs on Europe over Greenland, the European governments might start selling off their US assets, worth around $8 trillion. The results could lead to a weaker US economy and dollar. The move could also make the euro stronger, as investors move their money out of the US and back into Europe.
Bloomberg News reports:
- Mon, January 19, 2026 at 6:00 PM UTC Goldman economists see limited US tariff hit to European growth
- Mon, January 19, 2026 at 1:59 PM UTC Americans bear almost all the cost of Trump tariffs
A study, conducted by a German think tank, has concluded that American importers are paying almost entirely for President Trump’s tariffs on imported goods.
Bloomberg news reports:
- Mon, January 19, 2026 at 10:18 AM UTC Trump links Greenland threats to Nobel Peace Prize snub
President Trump has claimed in a letter to the Norwegian Prime Minister Jonas Gahr Stor that his desire to purchase Greenland is due to his not being awarded the Nobel Peace Prize.
Trump initially said that his claims on Greenland related to reasons of national security; some have claimed it may come down to Greenland’s supply of natural minerals.
Bloomberg News reports:
- Mon, January 19, 2026 at 10:11 AM UTC Europe can wield this $8T ‘sell America’ weapon as Trump reignites a trade war over Greenland
As the EU weighs retaliatory measures against President Trump due to his 10% tariff threat, experts believe the EU’s greatest weapon in its arsenal may be its financial markets.
Fortune reports:
- Mon, January 19, 2026 at 10:06 AM UTC EU eyes tariffs on $108 billion of US goods over new Trump threat
The European Union is looking to impose tariffs on $108 billion of US goods after President Trump threatened to hit European countries with a 10% levy. Relations between the EU and the US started to unravel over the weekend as Trump continued his pursuit of Greenland. The US president said he would unleash 10% tariffs on goods from eight European countries starting from February 1, rising to 25% in June, unless a deal is struck on the “purchase of Greenland.”
Trump issued the threat after the EU said it would undertake token NATO military planning exercises in the semi-autonomous Danish territory.
It’s not just tariffs that the EU is looking to impose. Its 27 countries met Sunday to discuss options; the union is also weighing additional countermeasures beyond the tariffs.
Trump has been keen to purchase Greenland since he returned to office, framing it as essential for national security reasons and saying he will take the island the “easy way” or the “hard way
Bloomberg reports: