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Trump Brings Greenland Fight to Davos and Calls Europe’s Bluff
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January 21, 2026
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3:46Now PlayingJonathan Maxwell, Co-Founder & CEO at Sustainable Development Capital discusses Trump's battle over Greenland and the strategic resources the Arctic region offers.
Along the illustrious Davos Promenade, the US administration has taken over a 19th century church that’s been reconsecrated for the week as a shrine to business and politics. On the eve of President Donald Trump’s arrival, a banner hangs behind USA House spelling out, “House of God.”
It’s as good a visual cue as any for the power plays ahead as Trump descends on the Swiss Alps for the first time since 2020 in the final year of what was, with the benefit of hindsight, a more restrained first term. That goes for European leaders as well as the gullible billionaires duped into buying fake tickets for access to Trump’s entourage.
This is a very different Trump in his second iteration in power, with few if any constraints beyond his “own morality,” as he recently put it. Everything suggests he’ll arrive in no mood to make concessions, only dictate how he plans to bring Greenland and the mineral riches buried beneath its rock and ice sheet under US control.
Never mind Ukraine, whose fate and that of its freezing population have been relegated to the diplomatic backburner. President Volodymyr Zelenskiy has now opted to skip the forum altogether.
With Trump the headline act on Wednesday, attendees of the World Economic Forum will have front-row seats on how the US president’s very public brawl with a growing number of allies plays out amid talk of a revival of the “Sell America” trade.
De-risking is a popular buzzword of past forums, except this time it’s swirling not in relation to China — but the US.
The question being asked is whether European countries holding trillions of dollars of US bonds and stocks will choose to “weaponize” those holdings by dumping them after Trump threatened additional tariffs on countries that resist his designs on Greenland, the world’s largest island and sovereign Danish territory.
One Danish pension fund offered an answer on Tuesday, opting to exit US Treasuries.
Trump, however, seems willing to call their bluff, citing national security.
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