FT News Briefing — January 19, 2026

Episode Title: EU readies retaliation for Trump’s Greenland threat
Host: Victoria Craig, Financial Times
Main Theme:
The episode covers the geopolitical upheaval following US President Donald Trump’s tariff threat against NATO allies over Greenland, Europe’s growing resolve to retaliate, and the resulting tension within NATO. It also highlights the business and political ripple effects across the Atlantic, the surge in risk insurance after the US capture of Venezuela’s president, and the charged atmosphere ahead of the World Economic Forum in Davos.

1. The Greenland Tariff Crisis and NATO Tensions

Overview:
President Donald Trump’s announcement of new tariffs on NATO allies over Greenland ambitions marks the most significant NATO rift in decades. The episode digs into EU reactions, Danish strategies, and the wider geopolitical stakes.

Key Developments

• Trump’s Tariff Threat:

  • Announced new tariffs: A 10% duty on imports from NATO allies (UK, France, Denmark, among others) if they don't support his bid to "own Greenland."
  • Tariffs to increase to 25% in June if unresolved.
  • [00:57] Victoria Craig: “Outrage has ricocheted across European capitals … Trump threatened new tariffs on eight of his NATO allies if they do not get on board with his ambition to own Greenland.”

• US Administration’s Justification:

  • [01:40] Scott Besant, US Treasury Secretary: “This is a geopolitical decision and [the President] is able to use the economic might of the US to avoid a hot war.”

• European Response:

  • UK Prime Minister Starmer calls Trump’s move “completely wrong,” pledges to confront Washington.
  • French President Macron advocates for the EU to restrict US companies from accessing the single market.
  • The EU is readying €93 billion in retaliatory tariffs.

  [02:03] Victoria Craig: “French President Emmanuel Macron has called for the EU ... to use its most potent trade weapon and restrict American companies access to the single market. In response, ... the EU is readying 93 billion euros worth of tariffs as retaliation.”

2. Denmark and Greenland: Strategic Investments Amid Tension

Guest: Camilla Hodgson, FT correspondent
Discussion on Danish Export and Investment Fund’s New Push in Greenland
[Timestamps: 02:54-06:24]

• Denmark’s New Investment Drive:

  • Focus on mining and energy sectors.
  • Hundreds of millions of euros planned in Arctic investments.
  • Aiming for three to five new projects, mostly in minerals/energy.
  • [03:00] Camilla Hodgson: “Denmark’s export bank wants to invest more money in Greenland and … has a huge appetite to do more on the island, following a ‘keep calm and carry on’ approach.”

• Greenland’s Untapped Potential and Challenges:

  • Rich mineral deposits: rare earths, nickel, others.
  • Tough conditions: only two operational mines, limited infrastructure, harsh climate.
  • [03:50] Camilla Hodgson: “Greenland, in principle, is very rich in minerals ... but in reality, it’s a very difficult jurisdiction to work in. The weather is very extreme … and can make it very difficult to do work and causes logistical problems.”

• Political Underpinnings:

  • Some Greenlanders resent Denmark, seeking autonomy or independence.
  • Denmark promises “billions” for security, infrastructure, and healthcare to strengthen ties.
  • [04:55] Camilla Hodgson: “Some Greenlanders have felt some resentment towards Denmark because they want more autonomy. There is a movement to be entirely independent … and there’s also been some resentment over the idea that perhaps Denmark hasn’t spent as much or invested as much ... as it could have done.”

• Future Prospects:

  • Tripartite talks among US, Denmark, Greenland pending.
  • Will increased Danish investment deter Trump’s ambitions? Uncertain.
  • [05:58] Camilla Hodgson: “That’s the million dollar question … it has felt like a very dramatic and escalating situation in recent weeks.”

3. US–Venezuela: Geopolitical Shockwaves and Risk Insurance Surge

[06:30-07:57]

• US “Capture” of Venezuelan President Maduro:

  • Led to a surge in political risk insurance requests across Latin America.
  • Companies now seek coverage for expropriation, contract breaches, and war risks after years of instability.
  • Some insurers plan to raise premiums for high-risk sectors and countries (e.g., critical minerals in Colombia, Mexico, Nicaragua).
  • [06:32] Victoria Craig: “Private insurers have viewed Venezuela as effectively, quote, uninsurable for more than a decade ... Insurance brokers said the events in Venezuela had caused companies ... to inquire about coverage.”

• Market Responses:

  • No immediate regional premium hikes, but volatility is pushing the trend.
  • Broader impact for the resource and manufacturing industries seeking security.

4. Davos 2026: World Economic Forum’s Charged Atmosphere

Guest: Mercedes Ruhl, FT Switzerland & Austria Correspondent, live from Davos
[Timestamps: 07:57-12:21]

Themes and Mood

• High Stakes, Feverish Anticipation:

  • Davos hosts a record number of world leaders and CEOs; “febrile mood.”
  • Potential for breakthroughs—or chaos—given current crises.

  [08:05] Mercedes Ruhl: "I think there's a high sense of anticipation ... so I think there's a very febrile mood at the moment. ... There could be incredible progress on things that have flared up—Iran, Venezuela, more clarity on what happens next with Ukraine. But there's also a sense of chaos because it's Donald Trump. So who knows what could happen?"

• Trump’s Return:

  • First in-person visit in six years; brings largest ever US delegation.
  • Agenda expected to cover crises in Venezuela, Iran, Ukraine.

  [08:54] Mercedes Ruhl: "There's a record number of chairmans and CEOs. ... In terms of heads of state, more than 60. ... Trump is bringing with him a lot of people like Scott Besant, Marco Rubio ... [and] Trump’s top Russian negotiator, Steve Witkoff. It feels like they want to dip into all topics."

• Global Leaders on Edge:

  • Some leaders making last-minute decisions to attend, not wanting to miss key deals or discussions.
  • Trump’s Wednesday speech is expected to be a central event.
  • [10:06] Mercedes Ruhl: "My understanding is actually that some of these attendances are last minute ... I think there's a sense that if you are not here, given what's going to be discussed and what's being planned ... that people need to be there."

• Shifted Agenda:

  • Lower profile for climate and diversity topics, partly to accommodate Trump’s preferences.
  • Contrast with previous years where climate was center stage.

  [11:01] Mercedes Ruhl: "I don't think that you're going to see a huge amount of things like the environment or climate change or diversity high up on headlines.”

5. Notable Quotes & Memorable Moments

• US Treasury Secretary Scott Besant:
  "[Trump’s tariffs are] a strategic decision… to use the economic might of the US to avoid a hot war." — [01:40]

• Victoria Craig (on EU’s looming response): "The EU is readying 93 billion euros worth of tariffs as retaliation to Trump’s threats." — [02:03]

• Camilla Hodgson (on Greenland’s challenges): "Greenland, in principle, is very rich in minerals ... but in reality, it’s a very difficult jurisdiction to work in. The weather is very extreme." — [03:50]

• Mercedes Ruhl (on Davos atmosphere): "There is a sense this could be really great ... but there’s also a sense of chaos because it’s Donald Trump. So who knows what could happen?" — [08:05]

6. Segment Timestamps

• Opening & Main Headlines: [00:19–00:57]
• Trump Tariff Threats & European Responses: [00:57–02:54]
• Greenland Strategy — Camilla Hodgson Interview: [02:54–06:24]
• US–Venezuela & Risk Insurance: [06:30–07:57]
• Davos/WEF Preview — Mercedes Ruhl Interview: [07:57–12:21]
• Key Quotes, Reactions, and Outlooks: Throughout segments above

Summary Conclusion:
This FT News Briefing episode spotlights the deepening divisions in the Western alliance driven by Trump’s Greenland demands and outlines how the crisis is driving economic, strategic, and diplomatic countermoves from Europe and Denmark. It also tracks cascading geopolitical risks from Latin America to Davos, where global leaders’ anxieties and ambitions will play out with Trump’s unpredictable return to the world stage. The ongoing drama promises to reshape trade, investment, and the transatlantic alliance in 2026.