🌎 Is Greenland For Sale?

Trump announces new tariffs over Greenland dispute

The US can’t seem to stay out of the headlines. President Trump said over the weekend that he will slap new tariffs on eight European countries due to their resistance to his plan to take Greenland under the wing of the US.

What’s going on?

On Saturday, Trump renewed his push to acquire Greenland, the self-governing territory currently controlled by Denmark, and announced a 10% tariff on eight European countries, which are set to take effect on February 1.

• Trump also said the duties would rise to 25% on June 1 if no deal is reached for what he called the “complete and total purchase” of the world’s largest island.

Why go after Greenland? Trump has said the territory is vital to US national security thanks to its strategic placement in the Arctic Circle, even as diplomatic talks earlier in the week produced rather paltry results (see our previous article).

Europe is not happy

Those eight countries listed in Trump’s tariff retort (Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland) all responded to the US president’s reiterated plan promptly:

• Last week, every one of them sent troops to Greenland to train with Denmark’s Joint Arctic Command.

• Then, on Sunday, the countries issued a joint statement warning that Trump’s tariff threats “undermine transatlantic relations” and risk a “dangerous downward spiral.”

What happens now? Since all of the targeted nations are NATO members and nearly all are part of the European Union, the EU is considering up to $108 billion in retaliatory tariffs and weighing whether it should activate its 2023 “anti-coercion instrument,” a sweeping economic pact that’s known as the “trade bazooka” because of its potential impact.

🌎 Why does this matter? The tariffs risk reopening a trade war with Europe, which would likely push up prices on cars, electronics, wine, and other imports you buy. It could also disrupt global supply chains that many US businesses depend on, meaning higher costs and less stable job growth.

Death toll mounts as Iranian protests continue

Thousands of protesters have been killed. Iran is experiencing one of its deadliest waves of unrest in decades after widespread protests over economic hardship have been met with violent government crackdowns.

A swift suppression

Widespread protests began in late December as Iran’s currency fell to a record low, with demonstrations escalating into a broader anti-government movement, and many calling for the removal of Supreme Leader Ayatollah Ali Khamenei. Watch footage from the protests here (warning: graphic content).

• The Iranian government quickly initiated a brutal crackdown, with protesters being killed in large waves by security forces, according to human rights groups.

The response has now left at least 5,000 people dead, including 500 security personnel, and led to the arrest of over 20,000 protestors, according to a recent report by an Iranian official.

Additionally, a government-imposed internet blackout, which is now on its 13th day, has prevented rights groups from tallying the full extent of the killings. See a full timeline of events here.

Will the US step in?

Last week, President Donald Trump announced the US was considering military intervention if the killings continued, but has since backed down after Iran called off plans to execute 800 protestors.

• The US also dispatched the aircraft carrier USS Abraham Lincoln toward the area last week, but the strike group may not reach the Middle East for several days.

• US officials say further decisions concerning military intervention could come in the next few weeks.

What does Iran’s government say? Supreme Leader Ayatollah Ali Khamenei publicly blamed the US and other actors for encouraging the unrest and called US officials “criminals” for their statements supporting protesters.

🌎 Why this matters: Even a limited conflict between the US and Iran could disrupt oil exports (potentially raising gas and energy prices at home), cause travel disruptions, and pose potential cyber threats.

Canada cozies up to China on trade

I wonder if they exchanged friendship bracelets. Canada’s prime minister, Mark Carney, announced a “new strategic partnership” with China this week, in an attempt to expand trade beyond its heavy reliance on the US.

Turning the page

Under the new partnership, China and Canada will collaborate on key industries, including agriculture, automotive, energy, and finance.

What are the biggest changes? Canada will sharply reduce its previous 100% tariff on Chinese electric vehicles, allowing Chinese-made EVs to enter the Canadian market at a tariff rate of 6.1%.

• To start, Canada will allow 49,000 Chinese EVs into the country per year, with the quota rising to 70,000 within the next five years.

• In exchange, China will lower tariffs on Canadian farm products (like canola and peas) from 84% to about 15%, and drop levies on lobster and crabs.

Canadian officials say the agreement could unlock roughly $3 billion in export orders for farmers, fish harvesters, and processors.

From enemies to friends: The deal signals a major shift in policy for the nation, given that just a year ago, Carney described China as “the greatest threat” facing Canada. Now, he is the first Canadian prime minister to visit China since 2017.

Is it a good or bad deal?

For China, there are virtually no downsides. Canada, however, has seen its fair share of residents voicing their opinions on the new arrangement:

• Supporters, especially those in the agricultural sector, see it as a lifeline for industries hit hard by previous Chinese tariffs.

• Critics, including many in the auto industry, warn that cheaper Chinese EVs could undercut local manufacturing jobs and raise concerns about national security and dependence on foreign supply chains.

The US could retaliate: The pact also stands in contrast to US policy, which has maintained a 100% tariff on Chinese EVs. Analysts say Canada’s shift toward China could strain relations with Washington, as some US officials have already called the deal “problematic.”

🌎 What does this mean for you? Canada’s decision could reshape global supply chains and price trends, meaning it may shift where products are made, how affordable goods like EVs and food are, and where jobs in tech and manufacturing are located. In addition, it could weaken US leverage in regional trade policy, which would mean higher prices and fewer job opportunities, especially for young adults.

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The US’s biggest banks had a rough end to 2025

Anyone want to slip ‘em an extra $20? Wall Street was largely unimpressed by major banks’ latest earnings reports, sending shares of Bank of America, Citi, JPMorgan Chase, and Wells Fargo tumbling after their Q4 results.

Cracks in the foundation

While many major banks hit the jackpot last year, thanks to a rebound in dealmaking and market swings that supported trading revenue, some cracks in their foundation began to show in the fourth quarter:

• Bank of America beat estimates but signaled higher expenses, and JPMorgan saw dealmaking revenue fall 4%.

• Wells Fargo missed expectations amid mortgage weakness and layoffs, and Citi faced rising costs from hiring.

But not everyone posted bad grades: Banking giant Goldman Sachs posted 12% profit growth and record equity trading revenues, while Morgan Stanley saw a 47% jump in investment banking revenue, beating forecasts.

Looking forward… major banks are expected to keep growing this year, but JPMorgan’s CEO, Jamie Dimon, cautioned that investors may be overlooking risks tied to geopolitics, high asset prices, and stubborn inflation.

🌎 Why should you care? Major bank earnings are widely seen as a key barometer of economic health, meaning strong earnings typically signal the economy is healthy, and weak earnings usually mean, well, things aren’t doing so well.

Vail ski resorts are seeing a record drop in visits

Maybe people don’t want to pay $300 for a lift ticket. Vail Resorts cut its expected 2026 earnings after some of the lowest snowpack on record led to an almost 20% drop in visits at its locations early in the season.

Melting expectations

The prestigious Colorado-based operator of dozens of ski mountains across North America saw a pretty big hit to sales as a result of the visitation slump:

• Vail reported last week that ski school revenue is down 14.9% and dining revenue has fallen nearly 16% so far this season.

Executives attributed the drop in visitation mainly to historically weak snowfall across much of the western United States, which limited terrain availability and discouraged travel.

Why no snow? A rare polar vortex and La Niña combination brought record snowfall to the East Coast but left much of the rest of the country unusually dry. Vail said snowfall at its Rocky Mountain resorts was nearly 60% below the region’s historical 30-year average in November and December.

It gets worse: Last week, Vail Mountain said it had its worst snowpack since records began in 1978, with just 4.4 inches, and only about 11% of Vail Resorts’ Rocky Mountain terrain was open last month.

🌎 How does this affect you? If you’re looking to ski or snowboard this year (especially on Colorado’s illustrious slopes or outside of the East Coast), you’re likely to face higher travel costs and pricier ski experiences as resorts try to make up revenue losses.

Catch up on this week’s weird news

 > China’s Zhejiang University has claimed the top spot in global research rankings, pushing Harvard to third place, as seven other Chinese universities join the top 10 amid surging research output.

 > Sri Lanka unveiled a 3,563-carat purple star sapphire that is believed to be the world’s largest natural stone of its kind, valued at around $300 million to $400 million.

 > A supermassive black hole has “reawakened” after about 100 million years of dormancy, spewing powerful plasma jets across an area 10 million times wider than the Milky Way.

 > Three masked suspects armed with a handgun and a hammer robbed a Pokémon store in Manhattan on Wednesday evening, stealing about $100,000 in merchandise before fleeing.

 > Dos Equis is reviving its iconic “Most Interesting Man in the World” advertising campaign, with 87-year-old Jonathan Goldsmith reprising the character after a decade away, to help boost the beer brand’s profile and sales in a tough market.

 > Retired CBS news anchor Jim Donovan showed off his collection of unique socks, which totaled 1,531 pairs, and earned him a spot in the Guinness Book of World Records.