The opening of this year’s World Economic Forum in Davos has taken a markedly different tone, with Donald Trump’s return to global prominence reshaping discussions from cooperation and climate to power, trade, and national interest.
What was once a forum centred on multilateral solutions and shared global challenges has, from day one, been reframed by the gravitational pull of Trump’s political agenda. Even before his arrival in Switzerland, the themes dominating Davos corridors have shifted decisively towards tariffs, currency leverage, industrial sovereignty, and geopolitical rivalry.
From global cooperation to strategic confrontation
In previous years, Davos prioritised climate transition, sustainability financing, and inclusive global growth. While these topics remain on the formal agenda, they have been pushed into the background by renewed focus on hard power economics. Trump’s approach to trade, alliances, and economic nationalism has forced business leaders and policymakers to reassess assumptions about stability, predictability, and global governance.
Trump’s influence without the microphone
Although Donald Trump has not yet formally addressed the forum, his presence is already shaping debate. Panels and private meetings are dominated by questions about potential tariff escalations, currency tensions, and the future of global supply chains under a more transactional US foreign policy. The result is a Davos agenda driven less by aspiration and more by risk management.
Markets and CEOs recalibrate priorities
Corporate leaders gathering in Davos are increasingly focused on resilience rather than optimisation. Discussions around reshoring, “friend-shoring”, and strategic redundancy have replaced earlier narratives about efficiency and global integration. Trump’s policies have made clear that access to markets can no longer be taken for granted, forcing companies to embed geopolitics into long-term planning.
A challenge to the Davos worldview
The shift represents a direct challenge to the intellectual foundations of the World Economic Forum itself. The idea that economic interdependence naturally produces political stability has been weakened by years of trade disputes, sanctions, and strategic decoupling. Trump’s worldview has accelerated this reckoning, making it harder for Davos to frame globalisation as an unquestioned good.
Europe caught in the middle
For European leaders, the change in tone is particularly acute. The forum opens amid concerns over industrial competitiveness, energy security, and strategic dependence on both the United States and China. Trump’s stance has sharpened debates around European autonomy, defence spending, and the protection of critical industries, pushing Europe to confront uncomfortable strategic realities.
A forum transformed
This year’s meeting of the World Economic Forum begins under the shadow of a world that is more fragmented, more competitive, and more openly political. Trump has not merely influenced Davos; he has altered its operating logic. The language of consensus has given way to the language of leverage, and optimism has been replaced by strategic calculation.
As the conference unfolds, one conclusion is already clear: Davos is no longer debating how to improve the existing global system, but how to survive and compete in a world where that system is being actively dismantled.
Newshub Editorial in Europe – 21 January 2026
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