“They’re going to be involved in the Golden Dome, and they’re going to be involved in mineral rights, and so are we,” Trump told CNBC in an interview in Davos.
Trump said the deal would last “forever,” adding that the parties have reached the “concept of a deal.”
“I think it's going to be a very good deal for the United States, also for them, and we're going to work together on something having to do with the Arctic as a whole, but also Greenland, and it has to do with the security, great security, strong security, and other things,” he said.
The president earlier announced that he would cancel tariffs on Europe over Greenland in light of the framework agreement.
Trump repeated his call for a 10 percent cap on card rates for one year, arguing that people are struggling to pay.
Trump said credit card companies have reached out to him.
"I respect them greatly, but they make a lot of money. They got to give the people a break," the president said.
JPMorgan Chase CEO Jamie Dimon said earlier in the day at the World Economic Forum that Trump's proposal would backfire, harming everyday consumers and businesses.
“It would remove credit from 80 percent of Americans, and that is their back-up credit," Dimon said in Davos.
The longtime JPMorgan chief suggested the government could test the idea in Massachusetts and Vermont.
Trump, in an interview with CNBC in Davos, criticized the Fed chief for not lowering interest rates, arguing that it can be hard to maintain economic momentum if the central bank keeps monetary policy tight.
"Right now, if you announce great numbers, the stock market goes down because they say, 'Oh, they're going to raise the rate,'" Trump said. "They might kill it, which really stops you from having any great runs—and we want to have a great run."
Powell’s term as Fed chair ends in May, though he is slated to remain on the Board of Governors until January 2028. He has not indicated whether he intends to stay at the central bank beyond his chairmanship.
As for Powell's replacement, Trump signaled that he could be "down to maybe one, in my mind."
Prediction markets suggest that former Fed Governor Kevin Warsh is now the heavy favorite to be Trump's nominee to lead the central bank for the next four years.
"This solution, if consummated, will be a great one for the United States of America, and all NATO Nations," the president said in a post on Truth Social after his meeting with NATO Secretary-General Mark Rutte.
"Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st."
He added: "Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress. Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations — They will report directly to me."
"You'll have to figure that out for yourself," Trump responded.
The Danish have said no to negotiating the transfer of Greenland, according to Denmark’s foreign minister, Lars Lokke Rasmussen.
"If he wants to tell me, he can tell me that to my face," Trump said.
The president added that NATO Secretary-General Mark Rutte is “frankly, more important” to talk with on the issue.
“There's one thing I heard you say yesterday and today: We're not absolutely sure that the Europeans would come to the rescue of the U.S.,” Rutte said, paraphrasing Trump, during their bilateral meeting on the sidelines of the World Economic Forum.
“Let me tell you, they will.”
“Well, I hope that that's true,” Trump later said, adding that Rutte is “a good man.”
During his speech earlier in the day, Trump said that NATO would not invoke Article Five and come to America’s defense. Article Five states that an attack on one NATO member is an attack on all members.
“Marco Rubio is here, too. He's done a fantastic job as secretary of state,” Trump said.
“He'll go down as maybe the best secretary of state if he keeps going like he's going.
“I don't know that he will, but for the first year, he's right, he's headed to the top.”
Rubio also serves as Trump’s national security adviser.
“We have a couple of Democrat mayors who, very quietly, are begging us for help, and we're making them all look very good,” he said.
Trump advised Democratic mayors and governors to ask for his help.
“But I would do it,” he said. “If I were a Democrat, if I were a mayor or governor, I'd be saying, ‘Mr. Trump, could you quietly come over here and would you do this, president, for me? Send about 1,000 troops in here.’
“And we do it fast, and we get rid of the criminals.”
“Thank goodness for robots, because we're never going to have enough people to run all these places that are being built,” he said. “And I think robots are actually going to be a very big business.”
DAVOS, Switzerland—President Donald Trump stood before the world’s wealthiest and most influential leaders at the World Economic Forum in Davos, Switzerland, delivering a speech he said brought “truly phenomenal news from America.”
He touted his agenda and U.S. economic success over the past year, while also devoting significant time to making the case for the U.S. acquisition of Greenland.
Here are the key takeaways from his remarks in Davos.
Trump Rules Out Acquiring Greenland by Force
After long declining to rule out military action as a means of acquiring Greenland from Denmark, a NATO ally, Trump told the audience in Davos that force was off the table.
“We probably won’t get anything unless I decide to use excessive strength and force, where we would be, frankly, unstoppable,“ the president said. ”But I won’t do that, OK.”
Trump’s deescalatory remarks come amid conversations with Europeans about the issue, including NATO Secretary-General Mark Rutte.
Ahead of his visit to Davos, he said the conference would include a meeting with leaders, although he did not specify participants.
The president said a U.S. acquisition of Greenland “would not be a threat to NATO.”
“This would greatly enhance the security of the entire alliance,” he said.
Trump also called for “immediate negotiations to once again discuss the acquisition of Greenland by the United States.”
US Will ‘Remember’ Choice Over Greenland
Trump said the United States must own Greenland for national and international defense purposes, downplaying the significance of its rare-earth mineral resources.
He described it as critical to building the “Golden Dome” missile defense system he envisions for protecting America.
Although the United States is already legally entitled to step up its military presence in Greenland, Trump said outright ownership is necessary for the country to defend the territory.
“Number one, legally, it’s not defensible that way, totally,“ he said. ”And number two, psychologically, who the hell wants to defend a license agreement or a lease?”
Trump also noted that Greenland is part of North America, apparently invoking the Monroe Doctrine to argue that it falls in the U.S. sphere of influence.
The Danes, he suggested, now face a choice: “You can say yes, and we will be very appreciative, or you can say no, and we will remember.”
Trump Rolls Back Proposed Tariffs on Europe Over Greenland
Soon after his public speech in Davos, Trump announced that a meeting with Rutte had convinced him to change his course on new tariffs that were slated to be imposed at the beginning of February.
Aimed at multiple European countries, the tariffs were motivated by the countries’ negative response to Trump’s recent push to acquire Greenland.
“We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region,” the president wrote on Truth Social.
“This solution, if consummated, will be a great one for the United States of America, and all NATO Nations,” he wrote.
Trump’s announcement came the same day that the European Union suspended work on legislation furthering a new trade deal with the United States, a move motivated by the Trump administration’s rhetoric on Greenland.
Trump Sheds More Light on Emerging Greenland Deal
In a CNBC interview, Trump said an emerging deal would involve the Danes with the Golden Dome and mineral rights.
He added that it would lock the United States into a permanent relationship with Greenland.
“It’s a little bit complex, but we’ll explain it down the line,” Trump told CNBC’s Joe Kernen.
NATO, Russia React to Greenland Announcement
In the wake of Trump holding off on new tariffs and announcing an emerging framework on Greenland, representatives of both NATO and Russia responded.
A spokesperson for NATO, Allison Hart, said in a statement that talk of the possible Arctic security infrastructure “will focus on ensuring Arctic security through the collective efforts of allies, especially the seven Arctic allies.”
Those nations are the United States, Denmark, Sweden, Finland, Canada, Iceland, and Norway.
“Negotiations between Denmark, Greenland, and the United States will go forward aimed at ensuring that Russia and China never gain a foothold—economically or militarily—in Greenland,” Hart said.
Russian President Vladimir Putin said that the United States’ position on Greenland’s status “doesn’t concern us at all.”
Europe Is ‘Going in Wrong Direction’
Trump began his speech with a strong message for European leaders. As in previous years, he criticized European nations for their energy policies and heavy reliance on renewable energy sources such as wind power. He also raised concerns about cultural changes and mass migration.
“Certain places in Europe are not even recognizable, frankly, anymore, they’re not recognizable,” Trump said.
“And I love Europe, and I want to see Europe go good, but it’s not heading in the right direction.”
He criticized European countries for increasing government spending, permitting unchecked mass migration, and depending on foreign imports, which he said led to job losses.
He also noted that they are replacing affordable energy sources such as oil and gas with what he called the “green new scam.”
“The United States cares greatly about the people of Europe,” Trump said, touting his Scottish and German heritage.
Restoring ‘Bedrock of the American Dream’
Trump used his appearance at the World Economic Forum to tout the administration’s recent measures to restore housing affordability for U.S. families.
The president called out Wall Street giants and institutional investment firms for driving up housing prices in recent years by purchasing “hundreds of thousands of single-family homes.”
“I’m taking action to bring back this bedrock of the American dream,” the president said.
Before leaving for Davos, Trump signed an executive order titled “Stopping Wall Street from Competing with Main Street Homebuyers.”
The action directs federal agencies to draft new restrictions and adjust current rules regarding corporate purchases of single-family homes.
“Homes are built for people, not for corporations,” Trump said. “America will not become a nation of renters.”
Comparing credit card interest rates to usury, the president urged Congress to approve a one-year, 10 percent cap that “will help millions of Americans save for a home.”
Trump also teased that he may look at depreciation, a deduction for the cost of long-term assets over time that reduces annual taxable income.
“You know, the crazy thing is, a person can’t get depreciation on a house, but when a corporation buys it, they get depreciation,” he said. “That’s something we’re going to have to think about, too.”
US Keeping ‘World Afloat’
The United States is not going to subsidize the whole world, Trump said.
His global tariffs were implemented to address large trade deficits with various nations, with him noting that many countries were “taking advantage” of the United States.
“You’re all party to them, in some cases victim to them, but in the end it’s a fair thing, and most of you realize that,” the president said.
Following a conversation with a world leader regarding his tariffs, Trump said he realized that “the United States is keeping the whole world afloat.”
“Without us, it’s not any of the countries that are represented here,” he said. “We want to work with the countries. We want to work with them. We’re not looking to destroy them.”
As a result, according to the president, the United States should be paying the lowest interest rates in the world.
Economic Change ‘Not Seen in Over 10 Years’
Trump touted his administration’s one-year economic achievements, pointing to lower inflation and strong economic growth.
“In one year, our agenda has produced a transformation like America has not seen in over 10 years,” the president said in his Davos speech.
He cited the three-month core inflation rate of 1.6 percent, which strips out volatile energy and food prices.
Trump also stated that fourth-quarter growth is poised to exceed 5 percent.
This, the president said, is vastly different from what economic observers predicted in 2025.
“Virtually all of the so-called experts predicted my plans to end this failed model would trigger a global recession and runaway inflation, but we have proven them wrong,” he said.
America’s reindustrialization was another theme the president emphasized.
Trump pointed to rising exports, increased domestic steel production, and a surge in factory construction, attributing the gains to what he called “historic trade deals with partners.”
He also noted that gasoline prices have fallen over the past year, predicting an average cost of $1.99—a level he said “nobody has heard for years.”
The Associated Press contributed to this report.
“The military’s not on the table. I don’t think it’ll be necessary. I really don’t,” he said. “I think people are going to use better judgment.”
In his speech at Davos, Trump said he does not want to use military action to take over Greenland, an island he said is necessary for national security.
“I think he rightfully celebrated American economic growth, the stopping of the price rise, increasing of wages of American workers, getting a commonsense energy policy so we can drive our economic growth and help support our neighbors and allies in Europe,” Wright said.
When it comes to Greenland, Wright also said that Trump made the “strategic case of why it’s important for national defense.”
“And look at the work he’s done to strengthen NATO, to bring the alliance together, stronger. Stronger economies, stronger militaries. Better to resist bad actors in the world,” he said.
NATO Secretary General Mark Rutte said on Jan. 21 at the World Economic Forum in Davos, Switzerland, that U.S. President Donald Trump was right about security in the Arctic.
“When it comes to the Arctic, I think President Trump is right. Other leaders in NATO are right. We need to defend the Arctic,” the former Dutch prime minister said. “We know that the sea lanes are opening up.”
Rutte said that China and Russia were becoming increasingly active in the Arctic Circle, and acknowledged that this posed a problem for the alliance.
“There are eight countries bordering on the Arctic. Seven are members of NATO. That’s Finland, Sweden, Norway, Denmark, Iceland, Canada, and the U.S.,” Rutte said.
“And there’s only one country bordering on the Arctic outside NATO, and that’s Russia. And I would argue there is a ninth country, which is China, which is increasingly active in the Arctic region. So, President Trump and other leaders are right, we have to do more there; we have to protect the Arctic.”
Rutte also praised Trump for upping the contributions from many NATO member states to the alliance’s budget.
“Do you really think that without Donald Trump, eight big economies in Europe, including Spain, Italy, and Belgium—Canada, by the way, also outside Europe—would have come to 2 percent in 2025 when they were only on 1.5 percent at the beginning of the year?” Rutte said. “No way. Without Donald Trump, this would never have happened. They are all on 2 percent now.”
Rutte’s comments about NATO’s presence in the Arctic come as Trump’s stated ambition of annexing Greenland has driven a wedge between Washington and European allies.
Before departing for the summit, Trump expressed confidence that NATO and the United States would reach a deal on the Arctic island that benefits all parties.
“I think that we will work something out where NATO is going to be very happy and where we’re going to be very happy,” Trump said during a Jan. 20 White House news conference.
“We need it for national security and even world security. It’s very important.”
U.S. Vice President JD Vance (2nd R) and Second Lady Usha Vance (2nd L) tour the U.S. military's Pituffik Space Base in Greenland on March 28, 2025. (Jim Watson/AP)
During his speech in Davos, the president ruled out taking the island by force but remained forthright in his insistence that the United States must acquire the territory.
“People thought I would use force, but I don’t have to use force. I don’t want to use force. I won’t use force,” Trump said.
“We want a piece of ice for world protection, and they won’t give it. They have a choice: They can say yes, and we will be very appreciative, or you can say no, and we will remember.”
Trump also said that Denmark promised to spend “over $200 million to strengthen Greenland’s defenses” and that it has “spent less than 1 percent of that.”
He was referring to a 2019 commitment from the Danish government, made during his first presidency, when the idea of the United States taking control of the territory was first raised.
Copenhagen has not disputed that the implementation of that commitment has been slow.
The Associated Press contributed to this report.
Trump has been looking to resolve the war between Russia and Ukraine. The conflict has been ongoing for almost four years.
“Now official: EU-US Deal on ice indefinitely!” Bernd Lange, the chairman of the European Parliament's international trade committee, posted on X. “We have just decided to suspend work by [the European Parliament Committee on International Trade] on the legal implementation of the Turnberry Deal. Our sovereignty & territorial integrity are at stake. Business as usual impossible.”
“If we didn't do that, you would have never had peace in the Middle East,” he said.
The Q&A has concluded.
“I realized that we have many places … where they're making a fortune because of the United States. Without the United States, they wouldn't be making anything. Think of it. Switzerland made $41 billion on us,” he said.
“I realized in that conversation that the United States is keeping the whole world afloat.”
"I think he'll do a very good job," Trump stated.
He noted that central bank chairs often evolve once they assume the role.
"It's amazing how people change once they have the job. It's too bad—sort of disloyalty—but they got to do what they think is right," the president said in Davos.
Trump also took a jab at Fed Chair Jerome Powell.
"He's always too late, except before the election. He was just fine for the other side," Trump said.
"So we have to have somebody that's great, and we hope he does the right thing."
During his speech before the World Economic Forum in Davos, Switzerland, President Donald Trump ruled out the use of military force in his bid for the United States to acquire Greenland.
“We probably won’t get anything unless I decide to use excessive strength and force, where we would be, frankly, unstoppable. But I won’t do that, OK,” Trump told the gathered world leaders.
In recent weeks, Trump has intensified his calls for the United States to assume control over the island of Greenland, which is currently a semi-autonomous territory of Denmark.
As a member of the North Atlantic Treaty Organization, Denmark and its territory would ostensibly be protected by the collective alliance, including the United States.
Until his address to the World Economic Forum on Wednesday, Trump hadn’t ruled out military force to acquire the territory. Trump said his commitment not to use force is “probably the biggest statement I made, because people thought I would use force.”
“I don’t have to use force. I don’t want to use force. I won’t use force,” he added.
As he went on, Trump said his bid for a U.S. acquisition of Greenland would not threaten NATO.
“This would greatly enhance the security of the entire alliance,” he said.
At another point, Trump said every NATO member has an obligation to be able to defend its own territory, adding, “The fact is, no nation or group of nations is in any position to be able to secure Greenland other than the United States.”
During his speech, Trump noted the United States had protected Greenland during World War II, after Germany invaded Denmark.
“After the war, we gave Greenland back to Denmark. How stupid were we to do that? But we did it,” he said.
The president indicated he could use Greenland as a key forward location to support his Golden Dome missile defense initiative. Greenland already plays host to a solid-state phased-array radar, which is operated by the U.S. Space Force and can provide early warning of ballistic missile launches.
Trump also highlighted Greenland’s position within the Western Hemisphere.
“This enormous unsecured island is actually part of North America, on the northern frontier of the Western Hemisphere. That’s our territory,” he said.
In recent months, the president has asserted a “Trump Corollary” to the Monroe Doctrine, President James Monroe’s 1823 policy that declared the Western Hemisphere a distinct sphere of U.S. influence.
Though he dismissed the potential for the United States to acquire Greenland by force during his Wednesday speech, Trump still pressed Denmark to make a deal to transfer territorial control.
“You can say yes, and we will be very appreciative, or you can say no, and we will remember,” he said.
John Haughey contributed to this report.
He highlighted recent steps his administration has taken to improve affordability and expand access to homeownership.
"That's why I have signed an executive order banning large institutional investors from buying single-family homes," Trump said. "It's just not fair to the public. They're not able to buy a house."
The president added that one reason it has become harder for families to purchase a home is surging credit card debt.
He likened credit card companies' interest rates to usury.
"I'm asking Congress to cap credit card interest rates at 10 percent for one year, and this will help millions of Americans save for a home," Trump said.
“We want a piece of ice for world protection,” Trump said.
In Davos, the president suggested that the Danes “have a choice” as the United States seeks to gain control of their territory bordering the Arctic Ocean.
“You can say yes, and we will be very appreciative, or you can say no, and we will remember,” he said.
“You need the ownership to defend it. You can't defend it on a lease,” he said in Davos.
The president said defending a territory the United States does not own was unfeasible for multiple reasons.
“Number one, legally, it's not defensible that way, totally. And number two, psychologically, who the hell wants to defend a license agreement or a lease?” Trump said.
He said the island, which he described as “a large piece of ice,” is critical to building his Golden Dome missile system.
“If there is a war, much of the action will take place on that piece of ice,” Trump said.
“We probably won't get anything unless I decide to use excessive strength and force, where we would be, frankly, unstoppable. But I won't do that, OK,” Trump said.
The president remarked that his commitment not to use force is “probably the biggest statement I made, because people thought I would use force.”
“I don't have to use force. I don't want to use force. I won't use force,” he said.
“It's the United States alone that can protect this giant mass of land, this giant piece of ice, develop it and improve it and make it so that it's good for Europe and safe for Europe and good for us,” he said.
“This would not be a threat to NATO. This would greatly enhance the security of the entire alliance, the NATO alliance.”
“We need it for strategic national security and international security,” he told the audience at the World Economic Forum in Davos, Switzerland.
The president, now known for establishing a new corollary to the Monroe Doctrine, said that Greenland is not a geographical constituent of Europe, describing it as part of North America.
The world’s largest island sits on the North American tectonic plate.
“It's been our policy for hundreds of years to prevent outside threats from entering our hemisphere, and we've done it very successfully,” Trump said.
Greenland is currently a territory of Denmark.
“Every NATO ally has an obligation to be able to defend their own territory,” Trump said.
“And 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 noted the United States had treated Greenland as a protectorate during World War II, after Germany invaded Denmark.
“After the war, we gave Greenland back to Denmark. How stupid were we to do that, but we did it,” Trump said.
Trump pointed to lower inflation, robust economic growth, and declining trade deficits as examples of what he has achieved since returning to the White House for a second term.
"Virtually all of the so-called experts predicted my plans to end this failed model would trigger a global recession and runaway inflation, but we have proven them wrong," Trump said in front of the World Economic Forum audience.
"It's actually just the opposite. In one year, our agenda has produced a transformation like America has not seen in over 100 years."
The president also highlighted falling gasoline prices and that he expects gas to average less than $2 a gallon in many places.
"There were a couple of brilliant people that actually thought I was doing the right thing," Trump added. “I thought I was doing the right thing. Now they all think I'm doing the right thing, because they can't believe the numbers."
“I love Europe, and I want to see Europe go good, but it's not heading in the right direction,” he said.
Trump said that “conventional wisdom in Washington and European capitals” was that the “only way to grow a modern Western economy was through ever-increasing government spending, unchecked mass migration, and endless foreign imports.”
Tensions with European allies over Greenland, however, have taken center stage at this year’s gathering in the Alpine village. Before departing for the summit, Trump expressed confidence that NATO and the United States would reach a deal on the Arctic island that benefits all parties.
“I think that we will work something out where NATO is going to be very happy and where we’re going to be very happy,” Trump said during a press conference at the White House on Jan. 20.
Trump reiterated his interest in acquiring Greenland.
“We need it for national security and even world security,” he said. “It’s very important.”
The forum is taking place amid growing tensions between Trump and several European leaders. In recent days, Trump has stepped up his criticism of NATO allies, stating that the alliance would not have survived without his contributions.
“No single person, or President, has done more for NATO than President Donald J. Trump,” he wrote on Truth Social. “If I didn’t come along, there would be no NATO right now!!! It would have been in the ash heap of History. Sad, but TRUE!!!”
On Jan. 17, Trump announced plans to impose 10 percent tariffs on Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland until a deal is struck to acquire the island. The tariff threat came after these NATO allies sent small contingents of military personnel to the island.
Trump said he would have “a lot of meetings” in Davos focused on Greenland.
When asked about how far he is willing to go to acquire the territory, he responded, “You’ll find out.”
His stance on Greenland and tariff threats has drawn criticism from European leaders attending the Davos summit.
Speaking at the forum on Jan. 20, French President Emmanuel Macron said that Europe values respect over bullying and rule of law over “brutality,” without naming Trump directly.
Ursula von der Leyen, the President of the European Commission, also addressed rising tensions with Washington.
“We consider the people of the United States not just our allies, but our friends,” von der Leyen said. “And plunging us into a dangerous downward spiral would only aid the very adversaries we are both so committed to keeping out of the strategic landscape.”
Globalism vs. America First
Trump’s WEF address is scheduled for 2:30 p.m. local time (8:30 a.m. EST) Wednesday, followed by meetings with foreign leaders and a reception with business executives.
As in prior years, Trump is expected to deliver a speech touting his economic agenda and encouraging business leaders to invest in the United States. The 47th president has long viewed the WEF’s globalist agenda as at odds with his “America First” platform.
At the White House press briefing on Jan. 20, where he touted his accomplishments on the first anniversary of his second term, Trump also offered a preview of his remarks at Davos.
“More than anything else, what I’m going to be speaking about is the tremendous success that we’ve had in one year. I didn’t think we could do it this fast,” he said.
“I say it often—we have the most successful country in the world. We have the hottest country anywhere in the world by far,” he said, adding that his speech will serve as advice to world leaders.
“They need energy help badly, or they’re going to be in big trouble. And they need immigration help badly,” he said.
This year marks the 56th annual WEF gathering and is expected to draw nearly 3,000 participants from 130 countries, including a record 65 heads of state and government.
During his first term, Trump traveled to Davos twice, in 2018 and 2020, to attend the WEF meetings. In his keynote address in 2020, he touted the United States’ position as the world’s largest oil and gas producer.
He also openly expressed his skepticism toward climate change, taking aim at what he called “alarmists” and “radical socialists.”
“We must reject the perennial prophets of doom and their predictions of the apocalypse. They are the heirs of yesterday’s foolish fortune tellers,” Trump said at the time.
