Trump: 'We won’t use force in Greenland'… Wall Street rises on rollback of Europe tariffs [Morning Briefing]

◆ Trump: 'Greenland is our territory… we want immediate talks and won’t use force'

U.S. President Donald Trump on Jan. 21 (local time), in a speech delivered in the heart of Europe, reaffirmed his determination to make Greenland—an autonomous territory of Denmark—part of U.S. territory, declaring that he hopes for “immediate negotiations” and that he will not use force. In a roughly 1 hour and 20 minute address at the World Economic Forum (WEF) annual meeting in Davos, Switzerland—also known as the Davos Forum—Trump devoted substantial time to arguing the legitimacy of his ambition to acquire Greenland. He first stressed that “no country other than the United States is in a position to keep Greenland safe.” Before leaders and economic figures from major European countries, he again laid bare his desire to annex Greenland, saying the island, rich in rare-earth deposits, is a “strategic chokepoint” wedged between adversaries China and Russia, and “part of the North American continent and our territory at the northernmost edge of the Western Hemisphere.” He added, however, “I do not want to use force, and I will not,” ruling out the option of employing military power to secure Greenland.

◆ Wall Street rises as Trump rolls back ‘Greenland tariffs’… Dow +1.2%

U.S. stocks rose across the board on Jan. 21 (local time) after President Donald Trump withdrew his threat of so-called “Greenland tariffs” that had been slated for eight European countries. The Dow Jones Industrial Average closed up 588.64 points (1.21%) at 49,077.23. The S&P 500 gained 78.76 points (1.16%) to 6,875.62, while the tech-heavy Nasdaq Composite rose 270.50 points (1.18%) to finish at 23,224.82. The key catalyst behind the rebound was upbeat news out of the World Economic Forum (WEF) in Davos, Switzerland. Trump said on social media that he had met NATO Secretary General Mark Rutte and agreed to build a future cooperation framework covering Greenland and the broader Arctic region. He also announced he would scrap, effective immediately, plans to impose steep tariffs on European countries starting next month. By sector, semiconductors and megacap tech led the recovery.

◆ AI Framework Act becomes the world’s first to take full effect… industry watches implementation standards

The Framework Act on the Development of Artificial Intelligence and the Establishment of a Trustworthy Foundation (AI Framework Act) took effect starting Jan. 22. It is the world’s first comprehensive law of its kind, rather than a partial set of AI-related regulations. The law focuses on supporting the AI industry to promote the sound use of AI while preventing the use of high-risk AI expected to cause harm. On the promotion side, it requires the minister of science and ICT to establish and implement an AI master plan every three years to foster AI and related industries and strengthen national competitiveness. The National Artificial Intelligence Strategy Committee will be elevated to a statutory committee. It also calls on the central and local governments to respect the creative spirit of AI businesses and support R&D for related products and services. On the regulatory side, the government must refine systems to minimize potential risks AI poses to people’s lives and ensure safe use. It must also support technology development, education and public outreach to secure AI safety and reliability.

◆ Trump rolls back ‘Greenland tariffs’… 'A framework for Greenland-related agreements formed'

U.S. President Donald Trump on Jan. 21 (local time) said he had “decided not to impose” tariffs that were set to take effect on Feb. 1 against eight European countries opposing the U.S. annexation of Greenland. While attending the World Economic Forum (WEF) annual meeting in Davos, Switzerland—also known as the Davos Forum—Trump wrote on his social media platform Truth Social that, “Based on a very productive meeting with NATO Secretary General Mark Rutte, we have created a framework for future agreements regarding Greenland and, in effect, the entire Arctic region.” Previously, on Jan. 17, Trump said he would levy U.S. tariffs of 10% from Feb. 1 and 25% from June 1 on eight countries—Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland—that had dispatched troops to Greenland. At the time, the countries sent troops after Trump raised the possibility of military action to annex Greenland, and as Trump played the tariff card, tensions had intensified in a “tit-for-tat confrontation” between the U.S. and its NATO allies.

◆ Wildfire in Gijang-gun, Busan continues overnight… 13 helicopters to be deployed after sunrise

A wildfire that broke out the previous day in Gijang-gun, Busan, is continuing despite overnight firefighting efforts. As of 4:30 a.m. on Jan. 22, the containment rate stood at 65%, according to the Busan Fire Headquarters and the National Fire Agency. Of a 1.7 km fire line, 1.1 km has been contained, and the total affected area is 11 ha. Fire authorities issued a Level 2 response the previous day, and the Korea Forest Service also issued a Level 1 wildfire response as of 4:30 a.m. Roads near the scene, including the Yeonhwa Tunnel route, were fully closed, and an evacuation advisory was issued to about 30 staff and guests at a resort. About 340 personnel—including firefighters, the Korea Forest Service, police and Gijang-gun office officials—were deployed to establish firebreak lines and fight through the night to prevent the blaze from spreading. No injuries have been reported. Authorities plan to deploy 13 helicopters after sunrise, from around 7:30 a.m., for intensive firefighting.

◆ Trump: 'Putin to join Gaza peace panel… a doer despite controversy'

U.S. President Donald Trump on Jan. 21 (local time) said Russian President Vladimir Putin has agreed to participate in the “Board of Peace,” the top decision-making body for a ceasefire in Gaza and for transitional governance and reconstruction, which Trump chairs. Reuters and CNN reported that Trump made the remarks after meeting NATO Secretary General Mark Rutte on the sidelines of the World Economic Forum (WEF) annual meeting—also known as the Davos Forum—in Davos, Switzerland. Asked why he invited Putin to the panel, Trump replied, “Because we want everybody. We want all countries whose people control them and have power (to participate). That way, problems don’t arise.” He added, “There are some controversial people, but these are people who get things done.” Trump continued, “So I invited President Putin, and he accepted.”

◆ Bitter cold persists… snow and rain mainly in Jeolla and Jeju

On Thursday, Jan. 22, severe cold will continue nationwide. Morning temperatures in most regions will hover around -10°C, and strong winds will push wind chills even lower. The Korea Meteorological Administration forecast morning lows of -19°C to -5°C and daytime highs of -8°C to 3°C. Skies will be mostly clear nationwide, but Chungcheong, Jeolla and Jeju will be mostly cloudy. Snow or rain is expected mainly in Jeolla and Jeju. Forecast snowfall: Ulleungdo and Dokdo 5–15 cm; the west coast of Jeolla and Jeju’s mountain areas 2–7 cm; Jeju mid-mountain areas 1–5 cm; Gwangju and inland central Jeonnam and the western south coast 1–3 cm; Jeju coastal areas around 1 cm. Forecast precipitation: Ulleungdo and Dokdo 5–15 mm; Jeju around 5 mm; the west coast of Jeolla under 5 mm; Gwangju and inland central Jeonnam and the western south coast around 1 mm. Fine dust levels are expected to be “good” across all regions due to smooth atmospheric dispersion.

Eunji Cha, Hankyung.com reporter chachacha@hankyung.com