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Leonie Kidd | CNBC
davos season
I have been participating in the World Economic Forum since 2009. At the time, I was a young news assistant at Squawk Box Europe and had no idea what I was doing.
It was then, and still is, CNBC International’s biggest outdoor broadcast of the year, and it’s still a thrill to be a part of.
A dizzying mix of world leaders, the most powerful players in business, and celebrities create a unique experience as they navigate the snow-covered streets of the Alpine ski resort Davos.
CNBC International Team at the World Economic Forum
Leonie Kidd | CNBC
The different faces of Davos
Over the years, I’ve seen many different versions of Davos. The aftermath of the Great Financial Crisis and the European Debt Crisis. The trading scandal that rocked France’s major banks société generale; the rise of the Arab Spring; The rise and fall of Russia. The spread of the new coronavirus infection and the overturning of the world order that has existed since the end of World War II.
Everyone has an opinion about this conference, but one thing is true: it’s never boring. And 2026 will likely be no different.
The encounter between the “spirit of dialogue” and violent rhetoric
Tensions between countries that call themselves allies are evident ahead of the talks.
US President Donald Trump has started 2026 by shocking the international community with a series of actions that challenge decades of sovereignty and alliances.
He is scheduled to speak at a forum on Wednesday as the international community struggles to assess the impact of his actions in Venezuela, his tough stance on Iran, his expansion into Greenland and slow progress toward a peace deal with Ukraine.
The World Economic Forum has labeled this year a “spirit of dialogue,” but the organization itself warns in its latest Global Risks Report that “rules and institutions that have long supported stability are under siege in a new era in which trade, finance and technology are wielded as weapons of influence.”
What’s the problem?
Prior to President Trump’s speech, the first day of the forum will hear from a number of other world leaders.
This includes European Commission President Ursula von der Leyen, French President Emmanuel Macron and Canadian Prime Minister Mark Carney. All three parties are likely to stress the importance of NATO’s role as the organization faces its most serious challenges since its inception.
President Trump’s threat of military force against Greenland has brought to the table the previously unthinkable: the end of the NATO alliance. The G7 could reportedly meet on the sidelines of the event, ostensibly to advance a peace deal between Russia and Ukraine, but tensions with NATO will inevitably be discussed.
Chinese Vice Premier He Lifeng is also scheduled to speak on Tuesday, but a temporary trade truce with Washington, D.C. appears to remain in place, even though recent data shows China will have the world’s largest trade surplus of more than $1 trillion in 2025. Business leaders with a strong interest in China, such as Nvidia President Jensen Huang, will also speak at the forum, aiming to navigate an increasingly political business environment.
declaration of independence
Beyond geopolitics, the debate over central bank independence is likely to heat up the icy summit of Davos. Central bankers around the world were outraged by the Justice Department’s announcement that it had opened a criminal investigation into Federal Reserve Chairman Jerome Powell.
Chairman Powell said in a statement that the investigation “concerns whether the Fed can continue to set interest rates or whether monetary policy is guided by political pressure or intimidation.”
They came from around the world and issued a remarkable letter of support, including signatures from ECB President Christine Lagarde and Bank of England Governor Andrew Bailey. Former ECB President Jean-Claude Trichet told Squawk Box Europe that markets were not taking the threat seriously enough, calling the situation “extremely serious”.
my opinion, what’s worth
If you had told my 20-year-old self in 2009 that these would be the big debates at Davos in 2026, I doubt she would have believed me.
The influence of the G20 and G7 is now being tested, and the World Economic Forum has become an even rarer opportunity for face-to-face diplomacy. As someone who values diplomacy in all aspects of life: work, home, the content we consume, and the people we influence, I hope that cool heads can prevail in the Alps as well.
Swiss alpine town of Davos
Leonie Kidd | CNBC
This week’s featured talks:
Tuesday: European Commission President Ursula von der Leyen. Chinese Vice Premier He Lifeng and French President Emmanuel Macron
Wednesday: US President Donald Trump
Thursday: Israeli President Isaac Herzog. German Chancellor Friedrich Merz
