""The proposed additional tariffs are a mistake, especially between long-standing allies," European Commission president Ursula von der Leyen said in a speech at the World Economic Forum in Davos, Switzerland, on Tuesday."
""The EU and U.S. have agreed to a trade deal last July. And in politics as in business - a deal is a deal. And when friends shake hands, it must mean something," von der Leyen added."
""Whatever happens before tomorrow can be turned over again when Trump speaks," referring to the U.S. president's planned address Wednesday to the conference."
""The U.S. economy just continues to power ahead with full employment, despite a lot of macro uncertainty," Franklin Templeton's Rich Nuzum tells Axios in Davos. America has "an economic flywheel that's hard to stop.""
U.S. markets reacted to tariff news with the S&P 500 down over 1%, the dollar down 0.9% versus major currencies, and the 10-year Treasury yield up about 13 basis points. The U.S. plans to impose a 10% tariff on eight NATO allies starting Feb. 1 unless Denmark sells Greenland to the United States. European leaders called the proposed tariffs a mistake and emphasized that a prior trade deal should be honored. Business leaders warned that presidential statements could rapidly reverse developments. Geopolitical concerns coexist with ongoing Davos optimism about AI investment supporting economic resilience.
Read at Axios
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