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The European Parliament has suspended the approval of a key US trade deal agreed in July in protest against Donald Trump's demand to take over Greenland.
The suspension was announced in Strasbourg, France, on Wednesday, as the US president addressed the World Economic Forum in Davos.
The move followed renewed trade tensions between the US and Europe sparked by Trump's bid to acquire Greenland, which had rattled financial markets, reviving talk of a trade war and the possibility of retaliation against the US.
Hours later, Trump said on social media he had reached a "framework" deal on Greenland's future and would not carry out threats to put new tariffs on eight Nato members.
Trade tensions between the US and Europe had eased since the two sides struck a deal at Trump's Turnberry golf course in Scotland in July.

That agreement set US levies on most European goods at 15%, down from the 30% Trump had initially threatened as part of his "Liberation Day" wave of tariffs in April. In exchange, Europe had agreed to invest in the US and make changes on the continent expected to boost US exports.

The deal would have still required approval from the European Parliament to become official.

But on Wednesday, days after Trump threatened fresh US tariffs over Greenland, Bernd Lange, chair of the European Parliament's International Trade Committee, said it was "left with no alternative but to suspend work on the two Turnberry legislative proposals".

He said work to implement the trade plans would be on hold "until the US decides to re-engage on a path of cooperation rather than confrontation, and before any further steps are taken".

The move renewed the possibility that the EU might move forward with tariffs on a possible €93bn ($109bn, £81bn) worth of American goods it announced last year in response to Trump's "Liberation Day" tariffs.

It had put those plans on hold while the trade deal was being finalised but those levies would now come into force on 7 February unless the bloc moves to extend the pause or approves the new deal.

Lange, speaking before Trump announced the "framework deal" and backed off the tariff threat, said there would be "no possibility for compromise" until Trump's threats ended.

He also raised the prospect of the use of the "anti-coercion instrument" of retaliatory measures, nicknamed a "trade bazooka", an idea also backed by French President Emmanuel Macron.

In an interview with the BBC after Trump's announcement, Lange declined to say whether it could salvage the trade deal, adding that it would take "some time" to understand its implications.

"We have to look what this so-called solution would mean," he said.

There seems to be a sense in Brussels that Trump's climbdown was inevitable. When BBC News asked one well placed EU source for a response to President Trump saying he wouldn't go ahead with the tariffs, the response was simply an eye-rolling emoji.

Over the last year, financial markets have batted away concerns over the impact of the US president's policy announcements, taking comfort in the TACO acronym, Trump Always Chickens Out.

It seems the sense of him not following through on threats has also taken hold in some corridors of power.

In his Davos speech, Trump repeated his interest in the US acquiring Greenland from Denmark, but said "I don't have to use force, I don't want to use force, I won't use force".

He called for "immediate negotiations" with the country about how he could take over the island, which he has argued is crucial for US and global security, announcing the "framework" of a future deal a few hours later.
Trump's speech helped to calm financial markets on both sides of the Atlantic, which had sunk in previous days.

Shares in the US gained further on the deal announcement, with the Dow Jones, S&P 500 and the Nasdaq, rising more than 1% in afternoon trading on Wednesday, while the FTSE 100 closed slightly higher.
The price of gold continued to make gains as it rose above $4,842 (£3,604) an ounce for the first time. The price of silver remained slightly lower than Monday's record high of $95 an ounce, hovering around $94.
Precious metals are seen as safer assets to hold in times of uncertainty, and the prices of both gold and silver have soared over the past year.
The US and the 27-nation European Union are each others' single biggest trade partners, with more than €1.6tn ($1.9tn, £1.4tn) in goods and services exchanged in 2024, according to European figures. That represents nearly a third of all global trade.

When Trump started announcing tariffs last year, it prompted threats of retaliation from many political leaders, including in Europe.

In the end, however, many, opted to negotiate instead.

Only China and Canada stuck by their threats to hit American goods with tariffs, with Canada quietly withdrawing most of those measures in September, concerned they were damaging the Canadian economy.

In a speech in Davos on Tuesday, Canadian Prime Minister Mark Carney urged "middle powers" to unite to push back against the might-makes-right world of great power rivalry that he warned was emerging.
"When we only negotiate bilaterally with a hegemon, we negotiate from weakness. We accept what is offered. We compete with each other to be the most accommodating," he warned. "This is not sovereignty. It is the performance of sovereignty while accepting subordination."
The US has previously expressed impatience with European progress toward approval of the deal amid ongoing disagreements over tech and metals tariffs.
But ahead of Trump's arrival in Davos, US Treasury Secretary Scott Bessent said European leaders should not jump to retaliate, urging them to "have an open mind".
"I tell everyone, sit back. Take a deep breath. Do not retaliate," he said.
Looming in the background of the trade tensions is a pending Supreme Court decision over whether many of the tariffs Trump announced last year are legal.
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As the World Economic Forum Annual Meeting gathers in Davos for its 56th instalment, the eyes of the global business and policy community will be on a familiar yet ever-evolving delegation: Team South Africa. Representing a nation that has navigated a tumultuous decade of economic adjustment, political transition, and social transformation, the South African contingent arrives in Switzerland with a clear agenda.
The narrative Team South Africa takes to Davos is grounded in evidence. In November 2025, Standard & Poor’s delivered the country’s first sovereign credit rating upgrade in nearly two decades. Weeks earlier, South Africa was removed from the Financial Action Task Force grey list, following the implementation of a comprehensive 22-item reform programme. This progress was reinforced on 9 January 2026, when the European Union published its decision to remove South Africa from its list of high-risk third country jurisdictions, effective 29 January 2026. The move reduces regulatory friction for transactions with EU financial institutions and signals growing international confidence in South Africa’s regulatory and financial governance framework.
The energy sector has delivered over 300 consecutive days without load shedding, and according to Group CEO, Dan Marokane, Eskom entered 2026 with an additional 4400MW of available generation capacity compared to the same period last year, underpinned by a marked improvement in the performance of its power stations.
Operation Vulindlela – the structural reform programme jointly led by the Presidency and National Treasury – continues to unlock bottlenecks across the economy. A pipeline of 220 GW of private-sector renewable energy projects is in development, with 72 GW in advanced stages. Eleven private Train Operating Companies were selected to add 20 million tonnes of freight capacity annually from 2026/27. Digital reforms have reduced data costs by 51%, while visa reforms cleared a 306,000-application backlog.
The delegation’s mission is not merely to showcase the country’s progress but to leverage the WEF platform to reinforce macro-economic stability, accelerate structural reforms, assert regional leadership, and forge strategic partnerships that unlock investment and growth. Davos could be a turning point for South Africa.
The aim is simple: to remind the Davos audience that South Africa is not a high-risk gamble but a stable, rule-based economy ready for responsible investment. Beyond stabilisation, the country recognises that long term prosperity hinges on deep structural reforms that broaden participation and diversify the economy. The Davos strategy must announce concrete steps that will unlock the growth potential of the economy while addressing the legacy of inequality.
The recent passage of the Electricity Amendment Bill paves the way for a more competitive power market, while the Reserve Bank’s commitment to an inflation-targeting regime demonstrates that monetary policy is data driven and insulated from short term political pressures and restores confidence.
South Africa has long positioned itself as a regional leader in Sub-Saharan Africa, and Davos 2026 offers a stage to reinforce that narrative on the world’s biggest policy platform. The delegation will articulate a vision of a more integrated, prosperous Southern Africa that can contribute meaningfully to global challenges such as climate change, food security and digital innovation. As a founding member of AfCFTA (African Continental Free Trade Area), South Africa will champion the removal of barriers and the harmonisation of customs procedures. Under the AfCFTA) South Africa exported R571 billion worth of goods to the balance of the continent in 2024. The Johannesburg Stock Exchange remains Africa's largest and most liquid capital market.
This narrative is aimed at shifting the story from “aid recipient” to “partner of choice”, encouraging multilateral institutions and private investors to view the region as an engine for global growth.
The most tangible objective will be to translate concrete deals and long-term relationships. Davos 2026 will host a series of high-level roundtables, bilateral meetings, and the dedicated “South Africa Investment Forum” designed to match local projects with global capital. A curated list of bankable projects including the Gauteng-Durban high speed rail, the Ports of Durban and Cape Town expansion, and several utility-scale solar farms – will be presented to an audience of institutional investors, sovereign wealth funds and development banks. The government has already secured “ready-to build” status for many of these initiatives, reducing the due diligence burden for partners.
By weaving these strategic threads into the fabric of the Davos agenda, Team South Africa hopes to convert the form’s buzz into a pipeline of sustainable investments that will underpin the country’s growth trajectory for years to come.
Team South Africa’s presence at Davos 2026 is more that just a diplomatic courtesy; it is a strategic showcase of a nation on a path to recovery. With a clear focus on macro-economic credibility, structural reform, regional leadership and investment mobilisation, the delegation is poised to tell a story of resilience, ambition, and partnership. The roadmap laid out at Davos offers a credible path forward.
If the WEF Davos 2026 can serve as a catalyst for the deals, reforms, and collaborations that South Africa is championing, this Forum may well be remembered as the moment the country turned a period of global uncertainty into a springboard for inclusive, sustainable growth. The world will be watching, and Team South Africa is ready to meet the moment.
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Jan 22, 2026
More about the meeting
Donald J Trump at Davos 2026

Elon Musk on space, robots, energy and optimism
Join us for a conversation with Elon Musk, the engineer and entrepreneur behind several industry-defining companies.

The founder and CEO of SpaceX, CEO and product architect of Tesla, and owner of social media platform X will sit down with Larry Fink, Chair and CEO at BlackRock and Interim Co-Chair of the World Economic Forum.

The conversation started with Fink asking Musk about the use of AI on robotics, on space, on energy, "all at the same time".

"When you look across those efforts, what do they have in common from an engineering standpoint?"

Multiplanetary life

Musk launched straight into an explanation of the rarity of life and consciousness and said, "if that's the case, then we need to do everything possible to ensure that the the light of consciousness is not extinguished because we're effectively...a a tiny candle in a vast darkness, a tiny candle of consciousness that could easily go."

That's why it's important to make life multiplanetary, he said.

He spoke about "full re-usability" for Starship - which will mean the cost of access to space will drop by a factor of 100 - using the analogy of a single-use aircraft.

Abundant Future with AI and robots

He thinks there will be a scenario where ageing can be reversed. He also said that "everyone will have a robot" and there'll be an "abundance for all", solving poverty and giving everyone a high standard of living.

"Humanoid robotics will advance quickly."
Energy
He thinks later this year, we'll be producing "more chips than we can turn on" - but highlighted that China is well ahead in renewable energy - so that ratio changes.

The amount of solar energy required to power the US would take up a "very small" percentage of the area of land across the nation, he added.

And then explained, "it's really all about the sun" and said he'd be launching solar powered satellites with Space X: solar energy in space is five times more efficient. Link for the video below⬇️⬇️
https://www.youtube.com/watch?v=10rKMvJFNhA
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