Good morning. Markets are spooked as Trump ratchets up disputes with European leaders over Greenland. We look at how the Trump family fortune has changed in the last year. And a fashion maestro dies at the age of 93. Listen to the day’s top stories.

— Marc Perrier

Donald Trump unleashed fresh social media attacks against European allies. The president took a swipe at French leader Emmanuel Macron for rejecting an invitation to join his Board of Peace, suggesting he may impose a crushing 200% tariff on French wine in retaliation. Even champagne is at risk, proving nothing is sacred. 

Also adding to tensions, Trump renewed his push for Greenland, claiming the European Union won’t resist too much. “We have to have it,” he said. Trump said he will meet with several parties over his ambition to take over the island during the World Economic Forum in Davos, Switzerland. He’s due to speak there on Wednesday, a moment not to be missed. 

Market reaction was swift with US futures dropping as the standoff over Greenland deepens. Treasuries also fell as the allure of US assets dimmed. Investors are looking for havens, pushing gold to a record high, while silver also reached an all-time peak with trade war fears rising. 

US Treasury Secretary Scott Bessent urged calm amid the growing transatlantic rift, calling for allies to honor their trade agreements and saying the idea that Europeans might dump Treasuries and other US assets “defies any logic.” Here’s a look at what US assets Europe holds and the implications of any “weaponization of capital.”

Trump may announce his pick for the new Federal Reserve chair as soon as next week, Bessent said, amid intense anticipation over the search for a new central-bank chief. As this plays out, Jerome Powell plans to attend Wednesday’s Supreme Court hearing over the attempted dismissal of Fed Governor Lisa Cook by Trump.

Live from Davos: Get the Economics Daily newsletter for special on-the-ground coverage of the World Economic Forum.

Deep Dive: Wealth Check

Photo illustration by Elizabeth Renstrom

Since Trump’s swearing-in for his second presidential term, the universe of his family’s wealth has expanded even further. Here’s a look at how things have changed:

• Cryptocurrency projects became the key driver: The Trumps have generated about $1.4 billion from crypto projects that are new to his second term, a Bloomberg analysis shows.
• Another portal to new business opportunities came from venture capital firm 1789 Capital, which holds stakes in blockbuster private companies including SpaceX.
• Trump Media remains one of the largest pieces of the family’s fortune, despite a decline in its shares over the past year. Advisory roles held by family members are also central, as is real estate.

The Big Take

Photo illustration by 731. Photo: Stefani Reynolds/Bloomberg

Elon Musk's AI chatbot Grok sparked global outrage by generating non-consensual explicit photos on X. Despite mounting criticism, Musk has continued to downplay concerns and faces limited US regulatory action.

Opinion

Protests in Nuuk, Greenland on January 17. Photographer: Sean Gallup/Getty Images Europe

Europe can’t afford a throwdown over Greenland, Marc Champion writes. So long as Trump remains determined to get it, the fate of this vast, ice-covered island won’t be decided by principles, but by power—and the US president always wins by that metric.

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Before You Go

Valentino attends the BAFTA awards in London in 2017. Photographer: John Phillips/Getty Images Europe

Valentino Garavani, the Italian fashion maestro who dressed Hollywood stars and royalty in his signature "Valentino red," died at 93 in Rome. The extravagant designer lived a life as opulent as his creations.

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