Squawk Pod: Davos 2026 – President Donald Trump

Date: January 22, 2026
Host: Joe Kernen (CNBC)
Guest: President Donald Trump
Location: World Economic Forum, Davos, Switzerland

Episode Overview

This special episode of Squawk Pod centers on President Donald Trump's headline-grabbing appearance at the 2026 World Economic Forum in Davos. CNBC’s Joe Kernen sits down for an extended, newsmaking interview with President Trump, covering breaking developments on U.S.–Europe relations, particularly regarding the Greenland deal, as well as American economic policy, Federal Reserve leadership, Iran sanctions, and initiatives on housing and lending. The conversation blends geopolitical strategy, policy detail, and characteristic Trump commentary, all in the high-stakes, high-profile setting of Davos.

Key Discussion Points and Insights

1. The Greenland Deal and Arctic Security

[02:44 – 07:07]

• Trump recaps his Davos speech and the breaking news on Greenland:
  • The U.S. is pursuing the "acquisition of Greenland" for security and development:

    “The United States alone... can protect this giant mass of land, this giant piece of ice, develop it and improve it, and make it so that it's good for Europe and safe for Europe and good for us.” (Trump, 03:24)

  • Trump stresses he will not use force:

    “That's probably the biggest statement I made because people thought I would use force. I don't have to use force. I don't want to use force. I won't use force.” (Trump, 03:48)

  • After meetings with NATO, threatened tariffs on Denmark and other European countries are called off as a deal framework is reached:

    “We have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic region.” (Costa, 03:59)

• Elements of the deal:
  • The arrangement includes security measures, possible mineral rights, and the ‘Golden Dome’ project:

    “They're going to be involved in the golden dome and they're going to be involved in mineral rights and so are we.” (Trump, 06:42)

  • Trump repeatedly emphasizes the permanence of the agreement:

    “Forever.” (Trump, 06:57, 07:03) “That's better than the Obama deal... with a nine year deal. Now this is forever. This is a long term.” (Trump, 07:08)

2. NATO, Ukraine, and European Alliances

[07:08 – 08:44]

• On the U.S. role in supporting and changing NATO:
  • Trump positions himself as a restorer of NATO finances and strength:

    “I brought them up from 2% to 5% of GDP. They're paying a lot of money. They pay us a lot of money because they buy missiles and they buy a lot of things.” (Trump, 08:07)

• Critical of previous Ukraine aid:

  “Unfortunately, Obama gave him $350 billion for Ukraine, which was just terrible... The whole thing was terrible. It should have never happened.” (Trump, 08:13)

  • Trump says he made deals on rare earths with Ukraine to offset U.S. outlays.

3. Iran Sanctions and Middle East Policy

[08:44 – 12:05]

• Strict sanctions and confrontation:

  “Sanctions 25% for anyone who does business with Iran. And that will go forward.” (Kernen, 09:45; Trump, 09:54)

• Military action and prevention of executions:
  • Trump claims U.S. interventions prevented mass executions in Iran:

    “They were going to hang, hang the old fashioned hanging. They were going to hang 837 people on Thursday. And I told them, you can't do that. If you do that, it's going to be bad... And they canceled it.” (Trump, 09:22)

• On B2 bomber strikes and nuclear redlines:

  “Those things... were totally undetectable... every single one of those bombs hit its targets and just obliterated the place... They can't do the nuclear... if they do it, it's going to happen again.” (Trump, 10:52 – 11:33)

4. Federal Reserve Leadership and Economic Policy

[12:05 – 15:56]

• Trump on Fed Chair succession:
  • Names Rick Rieder among top candidates; criticizes Jay Powell for being "too late" and for enormous expenditures on Fed buildings:

    “All three are good. All three would be, I think, good. We have a problem with the man that's there now. It's a... he's too late. He's always too late, except when it comes to politics for the other side.” (Trump, 12:44)

• Inflation, Growth, and Monetary Policy:
  • Calls for Fed policy modeled after Alan Greenspan’s era, prioritizing economic growth without excessive rate hikes:

    “Growth is not a cause, a big cause of inflation. In fact, it can go the other way... we have almost no inflation for the last three months. We have 1.2% inflation, and yet we've had tremendous growth.” (Trump, 14:18 – 14:51)

• On Powell and real estate:
  • Trump blasts the high cost of Fed headquarters renovations:

    “I could have redone it. I could have fixed it for 25 million bucks... I think he's up to almost $4 billion, the most expensive project ever built per square foot.” (Trump, 15:06)

5. Populism, Credit Card Cap, and Housing Affordability

[17:31 – 20:34]

• Announces intent to cap credit card interest at 10% for one year:
  • “Credit card companies are getting 28%, 30%. These people don't know they're paying that... I'd like to see a one year cap of 10%... They make a lot of money. They got to give people a break.” (Trump, 17:38 – 17:45)
• On limiting corporate home-buying and aiding purchasers:
  • Trump frames measures as "common sense" conservatism:

    “Well, it's also aimed at common sense again, but they were buying up all the homes. People couldn't buy homes... We want people to be able to buy a home.” (Trump, 20:06)

• Style of governance:

  “I'm conservative, but I think I'm common sense... I do things that aren't necessarily that conservative sometimes...” (Trump, 18:52)

Notable Quotes and Memorable Moments

• On the Greenland deal length:

  “Forever.” (Trump, multiple times — 06:57, 07:03)

• On not using force:

  “I don't have to use force. I don't want to use force. I won't use force.” (Trump, 03:48)

• On political critics:

  “If I came up with the cure to cancer, they'd say, why didn't you do it faster? If you walked on water, — be you can't swim.” (Trump, 10:35; Kernen, 10:41)

• On monetary policy and the stock market:

  “In the old days, when you had a good run... the stock market would go up. Now the stock market crashes every time you have good numbers because they think everyone's going to raise rates.” (Trump, 14:18)

• On financial fairness:

  “Whatever happened to usury? They can't pay 28%... I'd like to see a one year cap of 10% with the credit card companies.” (Trump, 17:43 – 17:45)

• On governing philosophy:

  “I'm conservative, but I think I'm common sense. You know, it's like people say, are you a conservative? I say, yeah, but I'm a common sense person.” (Trump, 18:52)

Timeline of Important Segments

• [02:44 – 07:07] Greenland deal details, security, and permanence ("forever"); Trump on avoiding use of force.
• [07:08 – 08:44] Trump on strengthening NATO, Ukraine's financial support, criticism of prior administration.
• [08:44 – 12:05] Iran: sanctions, preventing executions, U.S. military action, nuclear red lines.
• [12:05 – 15:56] Federal Reserve: succession, criticism of Jay Powell, philosophy on rates and growth.
• [17:31 – 18:30] Proposal for one-year 10% credit card interest rate cap.
• [20:06 – 20:34] Limits on corporate single-family home purchases; housing affordability.
• [18:52 – 20:06] Trump on his 'common sense conservatism'; energy deals with Venezuela.

Tone and Takeaways

The conversation is classic Trump—unfiltered, bold, and heavy on superlatives—blending breaking policy news with economic commentary and a dose of Trumpian bravado. The President focuses on "big, forever" deals, touts results in economic growth, and blends populist measures with conservative values. Kernen plays a balancing act, probing, reflecting, and at times joking with the President, creating an engaging, often rapid-fire discussion well-suited to Squawk Box's energetic tone.

This summary provides a comprehensive map of the key subjects and memorable exchanges from an episode at the intersection of geopolitics and U.S. economic policy—directly from Davos, 2026.