Bulwark Takes – Trump Chickens Out on Greenland After Markets Flinch
Podcast: Bulwark Takes
Air date: January 22, 2026
Hosts: Sam Stein, Catherine Rampell
Guests/Quotes: Donald Trump (clip), Steven Mnuchin (clip)
Episode Overview
This episode of Bulwark Takes centers on President Trump’s abrupt decision to backtrack on threatened tariffs and posturing around Greenland, following adverse reactions in the financial markets. Sam Stein and Catherine Rampell dissect what actually changed (very little, in substance), explore why the administration folds after market turmoil, and analyze the broader global implications for U.S. credibility and economic partnerships—especially after repeated cycles of self-made crises and dramatic ‘solutions.’
Key Discussion Points & Insights
1. Trump’s “Deal” on Greenland: Announcement & Reality (02:18–03:07)
- Trump’s statement: Trump claimed to have reached a “framework of a future deal” with NATO Secretary General Mark Rutte regarding Greenland and the Arctic, implying a diplomatic breakthrough.
- In reality, both hosts agree that this is mostly smoke and mirrors—just parroting existing arrangements and backing down from self-imposed threats.
- Catherine: “It's definitely not chess or board games of any kind. ... I mean, if you look at markets the last few days, they should have chastened this administration.” [03:07]
2. Markets Force a Retreat (03:08–05:38)
- Discussion focuses on how the threat of tariffs and potential Greenland invasion spooked global markets.
- Scandinavian pension funds dumping U.S. Treasuries, spike in bond yields, and volatility forced the administration into a hastily declared “deal.”
- Sam: “Maybe it's the Occam's razor. ... He saw the market reaction. He knew what he was doing was making people uncomfortable.” [04:50]
- Catherine (on Trump’s patterns): “He’s the arsonist who wants praise for his firefighting skills.” [05:02]
3. Status Quo: Security in the Arctic & NATO Relations (05:38–07:11, 07:11–07:49)
- The hosts read out NATO’s official response, which essentially reiterates the pre-existing multinational Arctic security framework.
- Sam: “All those things were in effect prior to this latest episode. Now, according to NATO, essentially that's still in effect. ... This is the spokesperson statement.” [05:38]
- Trump (clip, on CBS): “We have a concept of a deal. I think it's going to be a very good deal for the United States, also for them. ... Has to do with security. Great security, strong security and other things.” [07:11–07:28]
4. Market Realities and Risks of ‘Taco’ Diplomacy (07:49–09:24)
- The hosts muse about how markets keep getting “suckered” into Trump’s cycles, yet remain a real check on his actions.
- Catherine: “We are not a serious country. ... The markets did react, right?... And it seems like that initial decline is maybe, as we've said, what got Trump to back down.” [07:53]
5. Real-World Consequences: Credibility, Economics, and Allies (09:24–11:37)
- Beyond immediate market jitters, the cycle of Trump-fueled drama leaves “residual damage,” eroding trust and incentivizing allies to look elsewhere (including China) for stability.
- Allies increasingly view the U.S. as an “unreliable partner” with “an erratic leader.”
- Catherine: “On paper, it looks like nothing has changed, but in reality, we have done perhaps irreparable damage to our relationship with our allies... Also irreparable economic damage with these other countries.” [09:24]
- Parade of allied leaders now seeking “relationship repairs” with China due to U.S. unpredictability.
6. Dismissing Allies: Mnuchin and the Denmark “Irrelevant” Comment (11:37–14:11)
- Treasury Secretary Steven Mnuchin publicly mocks Denmark’s significance as an investor in U.S. Treasuries:
Steven Mnuchin (clip): “Denmark's investment in U.S. treasury bonds, like Denmark itself, is irrelevant. ... They've been selling Treasuries for years. I'm not concerned at all.” [12:01] - Rampell counters severely, warning that this attitude only raises the risks and costs for any foreign company considering long-term investment in the U.S.
- Catherine: “Why would you go forward and make that long term investment? ... You might lose a lot of money in the process. ... We’ve basically put on a lot more risk for these other countries.” [13:00]
7. Long-Term Instability and Final Thoughts (14:11–14:49)
- Trump’s repeated, erratic swings on Greenland signal ongoing instability, undermining U.S. credibility.
- Catherine (on ‘irrelevant Denmark’ remarks): “I would say the market suggests it's pretty relevant.” [14:35]
- Sam: “I continue to believe that the markets are a real check on Trump... In this case, I do believe that it got him to taco, or whatever you want to call it.” [14:49]
Notable Quotes & Memorable Moments
- “He's the arsonist who wants praise for his firefighting skills.”
— Catherine Rampell (05:02) - “We are not a serious country.”
— Catherine Rampell (07:53) - "Denmark's investment in U.S. treasury bonds, like Denmark itself, is irrelevant."
— Steven Mnuchin (12:01) - “On paper, it looks like nothing has changed, but in reality, we have done perhaps irreparable damage to our relationship with our allies... and also irreparable economic damage.”
— Catherine Rampell (09:24) - “I would say the market suggests it's pretty relevant.”
— Catherine Rampell (14:35)
Timestamps for Key Segments
- 00:00–01:40 — [Ads/Intro skipped]
- 01:40–03:07 — Trump’s “arrangement” with NATO on Greenland
- 03:07–05:38 — Market panic and consequences; Trump’s pattern of stirring and then soothing crises
- 05:38–07:49 — NATO’s response and status quo Arctic security
- 07:49–09:24 — Market reactions and risks of cyclical Trump “crises”
- 09:24–11:37 — Deeper damage to U.S. alliances and rise of China as fallback partner
- 11:37–14:11 — Treasury Secretary’s “irrelevant Denmark” remarks and implications for foreign investment
- 14:11–14:49 — Ongoing instability and final commentary
Episode Tone & Takeaway
The tone is sardonic, brisk, and cynical about the seriousness of both the Trump administration and the U.S. approach to international partners. Rampell and Stein repeatedly stress the “cycle of drama” and its accumulating consequences for America’s reputation, directly quoting officials to underline how market and diplomatic realities are at odds with self-congratulatory announcements.
Bottom Line:
Trump's "deal" around Greenland is a walk-back, not a breakthrough, prompted by market backlash rather than actual negotiation. The United States’ erratic behavior breeds mistrust and pushes even allies toward competitors like China. Meanwhile, market reactions remain the one thing truly capable of checking these cycles—at least in the short run.