DAVOS, Switzerland (AP) — The annual meeting of The World Economic Forum attracts corporate executives, academics, philanthropists and media to the Swiss Alps town of Davos for dialogue, debate and deal-making.

The Geneva-based think tank first hosted the event in 1971 with the goal to improve European management. Beginning Tuesday, 850 CEOs and chairs of the world’s top companies are expected to be among 3,000 participants from 130 countries in the Alpine resort through Friday.

U.S. President Donald Trump’s third visit to Davos as president comes as U.S. allies worry about his ambition to take over Greenland, Latin America grapples with his efforts to reap Venezuela’s oil and business leaders and lawmakers at home express concerns about his hardball tactics toward Federal Reserve Chair Jerome Powell.

Here is the latest:

Bessent says US-Europe relations ‘never been closer’ despite Greenland

U.S. Treasury Secretary Scott Bessent on Tuesday said America’s relations with Europe remain strong and urged trading partners to “take a deep breath” and let tensions over new Trump administration tariff threats over Greenland “play out.”

“I think our relations have never been closer,” he said, speaking on the sidelines of the World Economic Forum meeting.

On Saturday, Trump announced a 10% import tax starting in February on goods from eight European nations that have rallied around Denmark in the wake of his stepped up calls for the United States to take over the semi-autonomous territory of Greenland.

Trump has insisted the U.S. needs the territory for security reasons against possible threats from China and Russia.

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Jamey Keaten reported from Davos.

Bessent tells countries to stick with trade deals

U.S. Treasury Secretary Scott Bessent said the worst thing another country can do is escalate against the United States.

“What President Trump is threatening on Greenland is very different than the other trade deals,” he said. “So I would urge all countries to stick with their trade deals.”

Read more about how Europe is reacting to the Greenland tariff threats: https://apnews.com/article/tariffs-coercion-greenland-trade-eu-us-brussels-8b32f5c35a4568aacd105253065bcb9f

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Jamey Keaten reported from Davos.

WEF opens without founder

This year’s edition of the World Economic Forum will be the first not headed by forum founder Klaus Schwab. The board gave its unanimous support in 2025 for an independent investigation of Schwab following a report by The Wall Street Journal.

The report cited a whistleblower letter alleging financial and ethical misconduct by Schwab and his wife, Hilde. The allegations emerged two days after the WEF announced Schwab had retired as chairman “with immediate effect.”

He was succeeded by interim co-chairs Larry Fink, chairman and CEO of New York-based investment management company BlackRock, and Andre Hoffmann, the vice chairman of Swiss pharmaceuticals company Roche Holdings.

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AP World Economic Forum: https://apnews.com/hub/world-economic-forum