Donald Trump’s return to the World Economic Forum in Davos has reshaped the tone and priorities of this year’s gathering, as global business leaders and policymakers brace for the implications of his agenda on trade, security, and geopolitics.
The US president is expected to arrive in the Swiss resort on Wednesday to deliver a special address and meet senior executives, reported Reuters, citing sources familiar with the plans.
Business leaders across financial services, crypto, and consulting were invited to a reception following Trump’s speech, the sources told Reuters.
One CEO described having “a reception in honour of President Donald J Trump” listed in their diary, while another said the invitation appeared to be extended to global executives rather than only US-based leaders.
The agenda for the gathering has not been disclosed.
Anthony Scaramucci, who briefly served as Trump’s communications director during his first term, confirmed awareness of the meeting but said he would not attend. “I’m not going. I’m not sure I’m invited, but even if I were, I wouldn’t want to be a side show,” he said.
Davos agenda overtaken by US policy moves
Although the official World Economic Forum programme focuses on innovation, growth, and sustainability, much of the conversation has been overtaken by Trump’s recent policy moves.
Organisers say more than 3,000 delegates from over 130 countries are attending, including 64 heads of state and government, as well as leaders from the G7.
Trump’s renewed push to assert US control over Greenland has emerged as a central issue on the sidelines.
National security advisers from several countries met earlier in the week, with Greenland added to the agenda after Trump threatened to impose additional tariffs on eight European countries unless the US is allowed to buy the Arctic island.
Treasury Secretary Scott Bessent, who is accompanying Trump along with other senior officials, urged European governments not to retaliate.
“I think it would be very unwise,” Bessent told reporters, adding that Europe should not doubt Trump’s intentions.
“I spoke to President Trump and evidently there are a lot of inbounds, and I think everyone should take the president at his word.”
Europe weighs response as tensions rise
European leaders have struggled to respond to Trump’s rhetoric.
Denmark’s Economy Minister Stephanie Lose said the dispute extended beyond Greenland. “This is not a question about the Kingdom of Denmark, it is about the entire transatlantic relationship,” she told journalists, adding that “we will have to keep all options on the table as we move forward.”
The European Union has warned it could retaliate with trade measures, including a suspended package of tariffs on 93 billion euros ($109 billion) of US imports that could automatically resume in February.
Another option under consideration is the bloc’s “Anti-Coercion Instrument,” which could restrict US access to public tenders, investments, or services.
Speaking at the World Economic Forum, European Commission President Ursula von der Leyen said geopolitical shocks must “serve as an opportunity for Europe,” framing current global upheaval as a chance to pursue a “new form of European independence.”
She described the “seismic change” underway as neither temporary nor reactive, arguing the need for independence has been a “structiral imperative for far longer,” rather than a response to recent events.
Addressing Greenland and Arctic security, she said Europe is “fully committed” and that the EU and the US “share the objectives of the United States in this regard.”
She argued Arctic security requires cooperation, calling Trump’s proposed additional tariffs “a mistake.”
Referring to the US-EU trade deal agreed last July, she said, “a deal is a deal,” adding: “When friends shake hands it must mean something.”
Europe’s response, she said, would be “unflinching, united and proportional.”
Russia and China add to geopolitical complexity
The Davos gathering has also drawn participation from geopolitical rivals.
Russian President Vladimir Putin’s special envoy, Kirill Dmitriev, is expected to hold meetings with members of the US delegation, according to reports.
Russia’s foreign minister said Greenland was not “a natural part” of Denmark, adding to the controversy surrounding Trump’s ambitions.
China is represented by Vice Premier He Lifeng, who is delivering a special address and hosting a reception with global CEOs.
His presence underscores Beijing’s effort to project stability as trade tensions between the US and Europe resurface.
Trump has dismissed concerns raised by allies.
After speaking with NATO Secretary General Mark Rutte, he said there was “no going back” on his goal. “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!” he said.
Markets react and CEOs assess Trump’s style
Markets have been rattled by the prospect of renewed trade conflict.
European equities fell more than 1% on Tuesday, US stock futures weakened, and the dollar slipped, reflecting investor unease over tariffs and diplomatic strain.
Some business leaders have characterised Trump’s approach as a negotiating tactic.
Jenny Johnson, CEO of Franklin Templeton, said his methods could feel uncomfortable but reflected US interests.
“We all know his style. His style is, ‘I’m going to come out with a hammer, and then I’ll negotiate with you’,” she said. “But his instinct about trying to figure out longer-term positions for the US.is the right instinct.”
World Economic Forum Chief Executive Børge Brende said this year’s event was taking place “against the most complex geopolitical backdrop since 1945.”
Attendance has surged, with organisers expecting 850 CEOs and chairs of major companies, alongside leaders such as Germany’s Friedrich Merz and Ukraine’s Volodymyr Zelensky.
A must-attend Davos in an uncertain world
Trump’s in-person appearance, his first at Davos in six years, has heightened interest and logistical strain in the Alpine town.
USA House, a hub for US meetings, is hosting expanded programming as senior officials, including Secretary of State Marco Rubio and Commerce Secretary Howard Lutnick, attend.
Veteran attendees say the heightened interest reflects global uncertainty.
Thomas Crampton, founder of Narrative Alpha, said the demand shows “a great hunger to know which way the world is going.” David Kenny, a former Nielsen CEO, described the US as “the big elephant in the room.”
As leaders debate trade, security, and growth, Trump’s presence has turned Davos into a focal point for understanding the direction of the global economy.
With alliances under strain and markets on edge, the forum has become less a talking shop and more a barometer of a world in flux.
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