In a significant move, President Donald Trump is set to unveil the inaugural members of his “Board of Peace” initiative at the World Economic Forum in Davos. This idiosyncratic body is intended to serve as a rival to the United Nations, with the aim of mediating in global conflicts.
The announcement comes amidst a rebound in global markets, following Trump’s retreat from threats to use military force to take Greenland and impose tariffs on European countries. European markets opened higher, with the Stoxx 600 index up 1.1 per cent. Tariff-sensitive carmakers were among the best-performing stocks, while the defence sector saw a decline.
Trump has decided not to impose the planned tariffs, scheduled for February 1, after reaching an agreement on the framework of a future deal regarding Greenland, an autonomous territory of Denmark. This followed talks with NATO Secretary-General Mark Rutte.
Rutte has expressed his support for Trump’s vision for protecting Greenland and the wider Arctic, stating that it is “spot on.” However, Denmark’s Prime Minister has clarified that the understanding between Trump and Rutte does not involve Greenland’s sovereignty.
EU leaders are still set to hold an emergency summit in Brussels on Thursday to address the ongoing crisis over Greenland.
The creation of the “Board of Peace” represents a significant shift in Trump’s approach to global affairs, moving away from the use of military force and tariffs towards a more diplomatic and multilateral approach to resolving international disputes. The success of this initiative will be closely watched by the international community as it seeks to navigate the complex geopolitical landscape.