Trump Backs Off Greenland Tariffs, Citing ‘Framework’ Deal (Bloomberg)
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President Donald Trump said he would refrain from imposing tariffs on goods from European nations opposing his effort to take possession of Greenland, citing a “framework of a future deal” he said was reached regarding the island.
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The decision, which Trump announced Wednesday on social media, marks a stark reversal for a president who has repeatedly attempted to coerce Europe over Greenland. It came after a meeting with North Atlantic Treaty Organization Secretary-General Mark Rutte at the World Economic Forum in Davos, Switzerland.
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Still, Trump did not detail the parameters of the so-called “framework” and it was unclear what the agreement entails, especially since Denmark earlier Wednesday ruled out negotiations over ceding the semi-autonomous island to the US.

The European Parliament froze ratification of the European Union’s trade agreement with the US in response to Trump’s escalating threats. On Saturday, Trump said he would impose tariffs of 10% on goods from eight European countries on Feb. 1 unless a deal was reached for the purchase of Greenland, with the rate increasing to 25% on June 1 if an agreement was not made by then.

In a speech at Davos earlier Wednesday, Trump ruled out the use of military force to take control of the island. But he still used menacing language to describe what would happen if Europe did not meet his demands.

In his remarks, Trump doubled down on his desires, deriding Europe’s liberal democracies, their governments’ policies, NATO’s effectiveness and singling out individual leaders including Canada’s Mark Carney and Emmanuel Macron of France for criticism.

Trump’s sales pitch occasionally veered off script. He claimed that the US had selflessly established military bases on Greenland in World War II, before acknowledging moments later it was in the country’s own self-interest. 

European leaders in recent days have been discussing how to respond to Trump’s demands, including potential economic retaliation, but the US president has dismissed those threats, suggesting that allies have more to lose by opposing his agenda.

NATO Perspective: Mark Rutte Says Trump Greenland Plan Involved No Sovereignty Talk (Bloomberg)
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NATO’s chief said a breakthrough over Greenland was secured without discussing the territory’s sovereignty with President Donald Trump, focusing rather on the broader issue of security in the Arctic region.
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The discussion centered on regional security in a “practical sense” — and how to prevent Russia and China from accessing the semi-autonomous Danish territory, Secretary General Mark Rutte told Bloomberg News Editor-in-Chief John Micklethwait in an interview in Davos.
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“When it comes to the protection of the Arctic, with a priority on Greenland, we have to spend more energy, more time, more focus on this because we know the sea lanes are opening up,” Rutte said. An American military presence was also not discussed, he said, though Denmark is “completely open” to an increased US footprint.

A New Peace Order

Europe Still Big Mad: Earlier today, Trump unveiled his much-heralded “Board of Peace” before a crowd in Davos. There could hardly have been a clearer illustration of the historic break now occurring between America and its western allies, according to Politico Playbook.
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The president hailed “a very exciting day” as he and other heads of state signed the “Board of Peace charter,” a pledge to work together to avert or end conflicts around the world. “Once this board is formed we can do whatever we wanna do,” Trump said.

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Any grand American play at world diplomacy normally gets rapid buy-in from key allies, Politico writes. But the 20-something list of nations who’ve agreed to join so far is hardly packed with America’s traditional friends — nor with places associated with peace, democracy and human rights. (Sample signatories: Saudi Arabia, Belarus, Hungary, Pakistan.)

Israeli PM Netanyahu has agreed to join the peace board — but could not attend today’s signing ceremony as he’s wanted by the ICC for alleged war crimes, per the FT. Trump said last night that Russian President Vladimir Putin, whose military has been bombarding Ukrainian cities for almost four years, has also signed up. (The Kremlin has yet to confirm.)

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Under the “Board of Peace” charter signed this morning, the New York Times reports, “one man has the power to veto decisions, approve the agenda, invite members, dissolve the board entirely and designate his own successor.” No prizes for guessing who that might be.

US Economy Latest

Fact Check: Trump 2.0 Stock Market Underperforms Trump 1.0, Biden and Obama (Axios)

US stocks performed worse during the first year of President Trump's second term than during the same period of his first term.
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The S&P 500 climbed 15.7% between Trump's second inauguration day and last Friday, which marked the final trading day of his first year in office. It was up 24.1% during the first year of his prior term, and up 19.3% during Biden's first year. Obama outperformed them both with a 35.3% gain.

Stocks experienced a major sell-off on Tuesday, with the S&P 500 shedding more than 2%.

Follow the Data: Trump Touts Strong Economic Numbers, but the Strain on Americans Persists (Washington Post)

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President Trump has recently been touting economic growth, what he says is low inflation and his tariff policies. “We have quickly gone from the worst numbers on record to the best and strongest numbers, and an economy that is far ahead,” Trump has asserted.

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But economists say there are real struggles for Americans reflected in the data. Many Americans continue to report in polls that it’s becoming tougher to afford everyday basics. While it’s not soaring, inflation has been tough to bring down during Trump’s first year back in the White House. And even though consumers continue to spend and businesses keep investing, there aren’t a lot of jobs available. Trump’s approval rating on the economy hit a new low of 36%, according to a recent NPR/PBS/Marist poll.
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The data shows that Americans are struggling: Income is barely keeping up with stubborn inflation, as basics are getting more expensive. Food, transportation and housing all went up in December. Utility bills are increasing, and child care and elder care costs are rising rapidly. Groceries are still expensive. NPR found that prices at Walmart have risen 5 percent from a year ago. Housing remains unaffordable for many.

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Factories Lag: Trump’s Promised Manufacturing Boom Has Been a Bust So Far (Washington Post)

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Manufacturing employment has declined every month since Trump declared “Liberation Day” in April, saying his widespread tariffs would begin to rebalance global trade in favor of American workers. US factories employ 12.7 million people today, 72,000 fewer than when Trump made his Rose Garden announcement.

The trade measures that the president said would spur manufacturing have instead hampered it, according to most mainstream economists.

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Real Estate Slump: US Pending-Home Sales Plunge by Most Since Start of Pandemic (Bloomberg)

Climate of Hope

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What Patti Harris is Reading: World’s First Treaty to Protect the High Seas Becomes Law (New York Times)
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An international agreement to safeguard marine life is now in effect. Known as the High Seas Treaty, it represents the first time that international waters, which lie outside of any country’s jurisdiction and cover nearly half the globe, can be protected.
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The United Nations discussed the treaty for more than two decades, and formal negotiations began in 2017. The final text makes it possible for countries to create environmentally protected zones in international waters and includes requirements for new ocean industries.

Antha Williams, who leads the environment program at Bloomberg Philanthropies, said, “The High Seas Treaty’s entry into force is a major step forward for ocean protection and global cooperation. As countries move to implement the Treaty, we’ll keep supporting efforts to accelerate the creation of High Seas Marine Protected Areas, which are essential to meeting global 30x30 goals, and to strengthen capacity so countries can move quickly from agreement to lasting protections for the ocean and the people who depend on it,” Business Green reported.  

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What I'm Reading

Problems at the Pentagon: America’s Defense Industry Is in Trouble, With No Plan to Fix It (Bloomberg)

In recent weeks, Trump's administration called out a problem: The state of the US defense industrial complex. Indeed, advances by China as well as developments on the Russia-Ukraine battlefield have exposed serious issues with US military innovation and its production capacity.

Trump’s proposed solutions, however — government stakes in companies, mandates for how they use capital (e.g. not for buybacks), and a massive ramp-up in overall spending — don’t necessarily address underlying challenges (and most are up to Congress anyway). 
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Judicial Preview: Supreme Court Appears Wary of Trump Bid to Fire Fed’s Lisa Cook (Bloomberg)

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US Supreme Court justices suggested they are wary of President Donald Trump’s effort to fire Federal Reserve Governor Lisa Cook over unproven mortgage-fraud allegations, saying the move could upend the Fed’s independence and rattle markets.

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Hearing arguments in Washington Wednesday, conservative and liberal justices alike sharply questioned US Solicitor General D. John Sauer, who urged the court to let Trump oust Cook for the time being while her lawsuit goes forward.

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Trump’s own appointees were among the skeptics. Justice Brett Kavanaugh said the president’s position would “weaken if not shatter the independence of the Federal Reserve.” Justice Amy Coney Barrett asked whether the risk to financial markets was reason for “caution on our part,” though she also suggested she wasn’t ready to fully embrace Cook’s position.

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News from Providence: Brown Students Return to Tighter Security After Campus Shooting (Bloomberg)

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Spain Mourns: Two Deadly Train Crashes Rock Spain, Risking Political Crisis (Bloomberg)
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A pair of deadly train accidents in just over two days have rocked Spain, killing 44 people and threatening to trigger another political crisis for the country’s beleaguered government.
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The incidents have cast doubt over Spain’s rail system, a source of national pride until this week, and upped pressure on the left-wing administration of Prime Minister Pedro Sánchez, which manages infrastructure and the main passenger operator through state-owned companies.

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🔊 New Episode Alert: The Daily Read Podcast is live with an AI-fueled breakdown of today’s biggest headlines. Smarter context, sharper analysis—stream it now on Spotify or  Apple Podcasts.

Our Great Workplace: Bloomberg Named 8th Best Place to Work in Technology & AI (Glassdoor)

Bloomberg has been named one of the top 10 firms to work for in the technology industry, securing the #8 spot on Glassdoor’s “Best Places to Work in Tech & AI 2026” list for US companies with more than 1,000 employees. As part of Glassdoor’s 18th annual Employees’ Choice Awards, Bloomberg was also #33 on the “Best Places to Work 2026” list of companies in the US and #17 on the “Best Places to Work in the UK 2026” list.

US Weather Alert: Huge Winter Storm to Dump Snow, Ice From Texas to New York This Weekend (Bloomberg)

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Oscar Watch: 2026 Nominations Announced Today as Awards Season Hits Its Peak (Deadline)

The 2026 Academy Award nominations will be announced today at 8:30 AM ET, ahead of the ceremony hosted by Conan O’Brien on Sunday, March 15, airing on ABC.

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Brooklyn Beckham, Explained, For Those Not on TikTok: The Beckhams Are Fighting. Here’s What’s Going On. (New York Times)
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Brooklyn Beckham, eldest son of David Beckham and Posh Spice, has decided to do what every emotionally centered, media-trained celebrity offspring does in a family dispute: he took it to Instagram.

In a series of public statements that can best be described as “group therapy, but make it global,” Brooklyn accused his parents, David and Victoria, of meddling in his marriage, meddling in his wedding, and generally behaving like rich, famous parents. He says they cared more about brand management than feelings, treated his wedding like a PR exercise, and turned deeply personal moments into content opportunities.

To be fair, nearly every wedding in human history involves parents weighing in on guest lists, dresses, seating charts, and whether Uncle Larry should be allowed near the open bar—the Beckhams just do it with stylists and NDAs.
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The plot will feel familiar to anyone who followed the Meghan Markle–Prince Harry saga. A famous son marries an outsider with her own wealth, identity, and opinions, decides the family institution is suffocating, and goes public in the name of “truth,” autonomy, and mental health. The parents respond with silence, vague sadness, and carefully lawyered statements. The result is the same every time: a deeply personal family fight recast as a morality play about control, independence, and who really owns the narrative.
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Still, the end state is depressingly ordinary. Blocked parents, lawyers as emotional intermediaries, reconciliation postponed indefinitely pending apologies, self-reflection, or a streaming deal.

It’s a reminder that even families with private chefs, royal adjacencies, and global brands can wind up having the same arguments as everyone else—just with better lighting and a much better soundtrack.

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Big AI News in New York

Governor Hochul Announces Nation’s First Independent AI Research Center at SUNY Binghamton (WRGB - Albany)
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New York Governor Hochul announced the launch of the nation’s first independent artificial intelligence research center at a public university, located at the State University of New York at Binghamton.
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The new Center for AI Responsibility and Research is being established through a historic $30 million philanthropic gift led by Binghamton University alumnus and Bloomberg LP co-founder Tom Secunda, paired with a $25 million state investment through SUNY.

The combined funding represents the largest academic gift in Binghamton University’s history and advances Hochul’s goal to double research activity across the SUNY system.

State officials say the Center will focus on advancing safe, transparent, and trustworthy artificial intelligence, particularly for public sector and public interest applications. The facility will serve as an independent research hub dedicated to AI safety, security, and transparency, a first of its kind at any public university in the United States.

Tom said the Center will help establish national standards for responsible AI development, stating: “I’m optimistic about what AI will unlock—new scientific discovery, better health outcomes, stronger public services and productivity gains that expand opportunity.”

The Center will be fueled by SUNY’s broader Empire AI initiative, which provides advanced computing infrastructure to public and private research universities across the state. Binghamton University is a founding member of the Empire AI Consortium.

"Paired with Empire AI’s shared computing infrastructure, Binghamton University can help lead a national effort to make sure the next generation of AI advances strengthens communities and expands what’s possible," Tom said. 

Read the press release here, and watch the video announcement by clicking the photo below.  

Best of Late Night 

On President Trump telling Jonas Gahr Store, Norway’s prime minister, that since being denied the Nobel Peace Prize, he no longer felt obliged to “think purely of Peace.”

“The Norwegian government — they don’t have anything to do with awarding the peace prize. This is an organization within their country. This would be like if Trump bombed Mexico because Taco Bell didn’t put enough cheese on his Crunchwrap Supreme.” 
-- Jimmy Kimmel

Trump is basically, like, ‘I never would’ve bought the Nobel committee dinner if I knew they weren’t going to give it to me. Peace isn’t even hot, anyway.’” 
-- Josh Johnson

There’s nothing to compare it to in the history of humankind. This is — I mean, it’s like we armed a Real Housewife with nuclear weapons.” 
-- Jimmy Kimmel

“He didn’t get the Nobel Peace Prize, so now he’s going to ruin peace, the same way he didn’t get an Emmy for his reality show, so he ruined reality.” 
-- Stephen Colbert

And from The Daily Show... Jordan Klepper Asks Europeans About Trump's Peace Prize Crusade: Trump still wants Greenland and is threatening our European allies if they don’t go along with his plan, but this story has been brewing for a while. As Jordan Klepper’s recent trip to Norway showed us, the president’s anti-peace reputation has long been the talk of the town. Click the photo below to watch. 

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