Finance
After Trump salvo, Macron says: we don't give in to bullies
Published by Global Banking & Finance Review®
Posted on January 20, 2026
4 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 20, 2026
4 min readLast updated: January 20, 2026
Trump threatens tariffs on French wine after a private message from Macron, escalating US-EU tensions over Greenland and trade policies.
By Michel Rose and Ingrid Melander
DAVOS, Switzerland, Jan 20 (Reuters) - French President Emmanuel Macron on Tuesday said Europe would not give in to bullies or be intimidated, in a scathing criticism of U.S. President Donald Trump's threat to impose steep tariffs if Europe does not let him take over Greenland.
While other European leaders have tried to keep a measured tone to prevent the trans-Atlantic dispute from escalating, Macron came out swinging.
France, and Europe, will not "passively accept the law of the strongest," Macron said at the World Economic Forum in Davos, adding that doing otherwise would lead to their "vassalization".
Instead, he said, Europe will continue to stand up for territorial sovereignty and the rule of law, despite what he called a shift towards a world without rules. That could include the EU responding with its own steep trade sanctions.
NO TO BULLIES
"We do prefer respect to bullies," Macron said. "And we do prefer rule of law to brutality."
Macron wore aviator sunglasses during his speech, which the Elysee Palace said was to protect his eyes because of a burst blood vessel.
He delivered the speech after Trump threatened huge tariffs against French wine and champagne and posted private messages from Macron, an unusual breach of diplomatic discretion.
Trump had already vowed on Saturday to implement a wave of increasing tariffs from February 1 on several European allies, including France, until the U.S. is allowed to acquire Greenland, a step major EU states decried as blackmail.
Washington's "endless accumulation" of new tariffs is "fundamentally unacceptable," Macron said in Davos, "even more so when they are used as leverage against territorial sovereignty".
WHAT WILL EUROPE DO?
EU leaders decided over the weekend to convene in Brussels on Thursday evening for an emergency summit on Greenland.
Tariffs on 93 billion euros of U.S. goods, which the EU set aside when Trump agreed a trade deal with the bloc last summer, could snap into place on February 6.
Macron has pushed for the EU also to consider the first use of its Anti-Coercion Instrument, informally known as the "trade bazooka", which could limit U.S. access to public tenders or restrict trade in services such as tech platforms. Macron said on Tuesday it was "crazy" it had gone that far.
SOURED RELATIONSHIP
The U.S. president's relationship with Europe as a whole has deeply soured over his push to wrest sovereignty over the Arctic island from fellow NATO member Denmark, rattling European industry and sending shockwaves through financial markets.
Trump has also taken offence at France's reluctance to join a proposed Board of Peace, a new international organisation that he would lead. Paris has voiced concern over its impact on the role of the United Nations.
When asked about Macron's stance on the Board of Peace, Trump said late on Monday: "I'll put a 200% tariff on his wines and champagnes, and he'll join, but he doesn't have to join."
TRUMP PUBLISHES PRIVATE POST
A few hours later, Trump published on his Truth Social account a screenshot of an exchange with Macron.
In the exchange, which a source close to Macron said was authentic, Macron told Trump "I do not understand what you are doing on Greenland," and offered to host a G7 meeting inviting Russia and others. Neither Trump nor the French source disclosed the date of the messages.
NO TRUMP-MACRON MEETING PLANNED IN DAVOS
Macron confirmed he had no plans to extend his stay in Davos to Wednesday, when Trump arrives in the Swiss mountain resort town.
"I don't have to change my schedule," he said, adding that it had long been planned he would leave in the evening.
Macron, who will leave office in mid-2027, has been France's president since 2017. His relationship with Trump has had ups and downs since Trump's first term, with Macron alternating between flattery and tougher rhetoric.
French officials have long defended Macron’s efforts to engage directly with Trump, saying the men often have impromptu calls and exchange texts outside official diplomatic channels.
People close to Macron said he was being singled out by Trump because he was standing up for democratic principles.
"By leading the resistance, France becomes a target," Pieyre-Alexandre Langlade, a lawmaker in Macron’s camp, told Reuters.
(Reporting by Michel Rose in Davos, additional reporting by Louise Rasmussen and Elizabeth Pineau in Paris, Chandni Shah and Subham Kalia in Bengaluru, Nandita Bose and Bo Erickson in Washington; Writing by Ingrid MelanderEditing by Andrew Heavens and Peter Graff)
NATO, or the North Atlantic Treaty Organization, is a military alliance of countries from North America and Europe established for mutual defense against aggression.
Foreign currency refers to money that is used in other countries, which can be exchanged for the local currency at varying rates.
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