WSJ What’s News – "Can NATO Troops in Greenland Keep Trump at Bay?"

Date: January 15, 2026
Host: Luke Vargas
Guests: Daniel Michaels (Brussels Bureau Chief), Gregory Zuckerman (Special Writer)

Episode Overview

This episode delves into the rising tensions between the US and its NATO allies over President Trump’s renewed push to acquire Greenland. It examines Europe’s military response, analyzes Trump’s shifting stances on Iran and Venezuela, and explores the US administration’s new economic initiatives targeting Wall Street and major corporations ahead of the midterm elections. The tone is brisk and analytical, with expert commentary highlighting the geopolitical and economic stakes.

Key Discussion Points and Insights

1. Greenland and NATO: Standoff with the US

• European Military Movements

  • Denmark and NATO allies (Sweden, France, Germany) deploy troops to Greenland amid failed diplomatic talks with the US over Trump’s interest in the island ([00:24]).
  • Germany signals further military contributions, marking the start of ongoing exercises to emphasize European commitment to Arctic security.

• Political Significance

  • Daniel Michaels: “This is the first move of what is likely to be several exercises, deployments, repositionings of forces on and around Greenland to signal to the White House that Europe is serious about Arctic security.” ([01:22])
  • Deployments are seen as a message: any attempt by the US to seize Greenland would create direct conflict with its own NATO partners.

• US Rationale and European Dismissal

  • Trump claims US needs Greenland for national security, alleging Denmark cannot protect the island from China and Russia.
  • European officials contradict this: “There are no Chinese ships near Greenland ... Troops are moving there as a sign to Trump and not because of an immediate security threat.” — Daniel Michaels ([02:03])

• Logistics and Limits

  • Europe faces constraints: limited forces able to operate in harsh Arctic conditions and few available bases in Greenland.
  • Daniel Michaels: “It may well be that there aren’t even places to put them in Greenland…these conversations are probably happening very quickly.” ([02:40])

2. Trump Eases Off Iran Threats, Americas in Flux

• Situation with Iran

  • Trump seems to step back from immediate military action following assurances from Iranian officials that executions of protesters have halted.
  • Anonymous official: “They say no executions. Everyone is talking about a lot of executions...We were just told no executions. I hope that's true.” ([03:39])

• Military Positioning and Political Maneuvers

  • Shift of US forces to the Caribbean has left the Middle East without an aircraft carrier, potentially reducing options for escalation.
  • Congress assured: no plans for US ground troops in Venezuela, swaying Senators to support the White House on war powers ([04:30]).

• Venezuela and Opposition Politics

  • Venezuelan opposition leader Maria Carina Machado scheduled to meet Trump, despite recent US support swinging toward Maduro loyalist Delsey Rodriguez.

• Domestic US Tensions

  • Minneapolis: Federal immigration agent shoots and injures a Venezuelan immigrant during a traffic stop incident ([05:10]).
  • DHS confirms the individual entered the US illegally in 2022.

3. AI Controversy and Tech Oversight

• Elon Musk’s Grok AI Investigation
  • California Attorney General investigates Grok AI chatbot for creating Deepfakes, particularly sexual imagery related to women and children.
  • Company responds: now blocking illegal “undressing” of real-life images ([05:45]).

4. Global Markets & Economic Policy Shifts

• European and UK Economic Growth

  • Germany’s economy posts its first expansion since 2022 due to defense and infrastructure investment.
  • UK GDP beats expectations with automotive sector growth.

• TSMC’s Record Profits Amid AI Boom

  • Demand from Nvidia and Apple for AI chips boosts Taiwan Semiconductor to new highs, even as US tariffs loom.

• Trump’s Economic Populism: Wall Street Under Fire

  • Presidential push to cap credit card rates, restrict stock buybacks, and pressure tech firms on rising electricity costs.
  • Luke Vargas: “There’s a new theme emerging in 2026: The White House putting Wall Street on the defensive.” ([07:17])

• Gregory Zuckerman’s Analysis

  • Policies signal shift from prioritizing Wall Street to addressing Main Street concerns ahead of midterms.
    • “The administration has been saying for over a year that they're going to pivot to some extent from Wall Street to Main Street ... helping the average person.” ([07:44])
  • Uncertainty over whether initiatives will be enacted, as many require Congressional approval or may face economic downsides.
  • Credit card interest rate restrictions—a potential win for borrowers, could backfire if credit access is reduced:
    • “If [credit card companies] can only charge them 10%, well, then maybe they won’t give them credit cards anymore...the administration may think twice about these policies.” ([09:22])

• 2026 Midterms and Wealth Equity

  • Policy push is partly electoral: popularity among voters focused on affordability, but consequences and implementation remain unclear.
  • Bipartisan acknowledgment of wealth concentration, persistent friction in designing effective policy.

Notable Quotes & Memorable Moments

“This is the first move of what is likely to be several exercises, deployments, repositionings of forces on and around Greenland to signal to the White House that Europe is serious about Arctic security.”
— Daniel Michaels ([01:22])

“There are no Chinese ships near Greenland, and in fact, they see them at the other end of the Arctic, near Alaska.”
— Daniel Michaels ([02:03])

“The administration has been saying for over a year that they're going to pivot to some extent from Wall Street to Main Street ... helping the average person.”
— Gregory Zuckerman ([07:44])

“If [credit card companies] can only charge them 10%, well, then maybe they won’t give them credit cards anymore...the administration may think twice about these policies.”
— Gregory Zuckerman ([09:22])

Important Timestamps

• 00:24 — Announcement of NATO troops deploying to Greenland
• 01:22 — Daniel Michaels on the geopolitical motives and implications in Greenland
• 02:03 — European dismissal of US security threat claims in Greenland
• 02:40 — Resource constraints and logistics of European deployments
• 03:39 — Trump official on Iran’s promise of “no executions”
• 04:30 — Repercussions of US Venezuela military pledge for domestic politics
• 05:10 — Minneapolis immigrant shooting incident
• 05:45 — Elon Musk’s AI chatbot investigated for deepfakes
• 07:17 — Trump’s populist economic pivot and Wall Street's response
• 07:44 — Gregory Zuckerman on administration’s telegraphed Main Street pivot
• 09:22 — Policy risks around capping credit card rates discussed
• 10:49 — Challenges of wealth equity policies in practice

Episode Takeaways

• NATO troop deployments to Greenland are a rare, public rebuke of a US territorial ambition, reflecting heightened transatlantic tensions and anxious European logistics.
• President Trump is recalibrating foreign policy moves, especially concerning Iran and Venezuela, against a backdrop of repositioned military resources and domestic political calculations.
• AI ethics remain under scrutiny, with California escalating oversight of tech giants’ capabilities and responsibilities.
• On the economic front, Trump’s populist policies—targeting lending rates, buybacks, and tech industry costs—mark a notable shift. However, actual impact remains uncertain before midterms.
• The episode captures a world jittery about change, both military and economic, with leaders and markets trying to discern bluster from realignment.