Last year, just days after his second inauguration as president, Donald Trump appeared on a screen in Davos to deliver a rousing speech in which he threatened the entire world with tariffs, urged NATO countries to increase defense spending and called on the Federal Reserve to cut interest rates «immediately» – setting the tone, as it feels everywhere today, for a chaotic 12 months. The first edition of the World Economic Forum in Davos under the leadership of Larry Fink, the American who runs the most globalized corporation in the world, has begun and promises to be the most interesting after many, many years. With a world in chaos, it could be the most important. The official theme is «spirit of dialogue». The unofficial theme will be Donald Trump. Davos is the Swiss mountain, ski resort where the political, business, financial, banking and scientific elite of the world meet annually to discuss the pressing issues of the time. At this year's edition of the forum, US President Donald Trump promised an overwhelming American delegation, the largest so far. It will be an entourage worthy of a celebration: Trump completes a year since his second inauguration as president of the world's greatest economic, geopolitical and military power. Everyone expects the 2026 edition of the WEF in Davos to be dominated in one way or another by Trump, either in presence or as a topic of discussion. European leaders certainly have something to discuss with or about the American president, from war and peace in Ukraine to the future of NATO, to the annexation of Greenland to the US and a possible new trade war between America and the EU. The most powerful European leaders, French President Emmanuel Macron and German Chancellor Friedrich Merz, have announced their presence at Davos. In fact, the WEF boasts the participation of the most heads of state and government in its history. But for Europeans, the first stage will be the ring where European leaders will face Donald Trump. France and Germany, along with six other European states, were threatened by Washington the other day with customs duties on imports because they sent soldiers to Greenland in support of Denmark, which has sovereignty over the island. The EU and other European states seem to find, albeit slowly, a balance after each hit received from the US and boast that they have something to fight back, both in Trump's power play and in the trade war started by him. But they never seem to have the initiative. Davos is an opportunity for Macron and Merz to convey to the world how they see the future of European-US ties. On January 19, the first day of the Davos summit, one year after Trump, it seemed that tensions would create a cold curtain between the US and Germany, until recently close allies and partners. The US is in a trade and technological war with China as well, and the confrontation has gained an unprecedented scale since Trump won his second term as president. The USA is also in bad relations with its neighbors Canada and Mexico. Under these conditions, Trump's return to Davos may mean the celebration of a new era of deglobalization. The time and place could not have been better chosen. Larry Fink came to lead the forum after it fell prey to scandals and struggled to stay relevant. Larry Fink runs BlackRock, a huge American investment fund that holds large, small and often modest stakes in almost every company with potential in the civilized world. It is a real corporate octopus that has learned to take full advantage of globalization. Fink and Trump have known each other for 40 years because they were in the same business circles. The head of BlackRock usually supports American Democrats politically. But lately his company has been very interested in taking advantage of the business opportunities created by Trump's geopolitical games. The Panama Canal is a good example. So, will Davos (January 19-23) be a place of true communication and understanding or of monologues and demonstrations of strength? What will showman Trump choose, with so many top viewers? The WEF announced the participation of 400 high-level political leaders, including 65 heads of state and government, and almost 850 leaders from the business world. Most analysts are convinced that Davos will be a demonstration of America's strength, a spectacle with the theme «America first». That Trump will take the stage as a conqueror, a few weeks after the US successfully attacked Venezuela through a swift and precise operation. Last year, just days after his second inauguration as president, Trump appeared in Davos on a screen to deliver a rousing speech in which he threatened the entire world with tariffs, urged NATO countries to increase defense spending and called on the Federal Reserve to cut interest rates «immediately» – setting the tone, as it feels everywhere today, for a chaotic 12 months. At Davos 2026, Trump brings his most trusted lieutenants, including Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Steve Witkoff, one of the central figures of the US administration in the Ukraine peace process.
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