Trump Treasury Secretary Brands Denmark ‘Irrelevant’ as Greenland Row Deepens

Economic

Summary:

Scott Bessent’s barb against Nato ally follows claims Danish pension funds could disinvest in US government debt market

Donald Trump’s treasury secretary has dismissed Denmark as “irrelevant” in his administration’s latest attack on a traditional US ally, as world leaders in Davos prepare for the president’s arrival in the Swiss ski resort.

Speaking on the sidelines of the World Economic Forum, Scott Bessent brushed aside claims that European investors, such as Denmark’s pension funds, might pull out of the market for US government debt in retaliation for Trump’s attempt to annex Greenland.

“The size of Denmark’s investment in US Treasury bonds, like Denmark itself, is irrelevant,” Bessent declared. “It is less than $100m[£75m]. They’ve been selling treasuries for years. I’m not concerned at all.”

He blamed the “fake news media led by the Financial Times” for amplifying a Deutsche Bank report that suggested Europe might be less willing to keep buying US government debt, amid the crisis over ownership of the Arctic island.

Bessent told reporters that the CEO of the German bank had called to say it does not stand by the findings of the report.

The US treasury secretary was speaking a day after the French president, Emmanuel Macron, told Davos he preferred “respect to bullies” and the “rule of law to brutality”, and the European Commission president, Ursula von der Leyen, promised an “unflinching response” over Trump’s threat of tariffs on eight European countries opposing his Greenland takeover.

Bessent called Macron and von der Leyen’s statements “inflammatory” and suggested the French president should focus on domestic matters rather than push for a Nato mission in Greenland.

“If this is all President Macron has to do when the French budget is in shambles, I would suggest he focuses on other things for the French people,” Bessent said.

He was speaking as Trump flew towards Davos behind schedule, after a problem with Air Force One delayed the president by about three hours. Trump is due to address WEF on Wednesday afternoon but Bessent suggested the president was “likely to be three hours late”.

Bessent urged leaders in Davos not to show “reflexive anger” and “bitterness” and instead wait for Trump and listen to his argument as to why the US should own Greenland. “I think they’re going to be persuaded,” he added.

He saved his sharpest barbs for California’s governor, Gavin Newsom, who had told Davos on Tuesday that Bessent was “smug” and “out of touch”.

Bessent hit back, dubbing Newsom “Patrick Bateman meets Sparkle Beach Ken”, and accusing him of “hobnobbing with the global elite” rather than tackling California’s homeless crisis.

“Shame on him. He is too smug, too self-absorbed and too economically illiterate to know anything. Let me know if you need any further clarification,” Bessent said.

Source: Theguardian

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Trump Treasury Secretary Brands Denmark ‘Irrelevant’ as Greenland Row Deepens

Source: Theguardian

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