Tonight’s digest tracks the accelerating use of trade and tariffs as geopolitical leverage, from Trump’s renewed pressure campaign over Greenland to Canada’s landmark trade reset with China.
In the Americas, Washington’s stance on Venezuela sharpens as Trump embraces Acting President Delcy Rodríguez, prioritizing energy access and stability over democratic restoration.
Meanwhile, markets found a rare bright spot in healthcare, with Novo Nordisk’s oral Wegovy posting strong early prescription momentum, signaling a potential turnaround in the weight-loss race.
Trump threatens tariffs for Greenland
Trump weaponized tariffs on Friday to coerce Greenland’s acquisition, threatening trade penalties on countries refusing to support his takeover bid.
Speaking at a White House healthcare roundtable, the president invoked national security, claiming Russia and China threaten the Danish territory, already NATO-protected.
The tariff threat mirrors his pharmaceutical pricing strategy, signaling willingness to weaponize trade globally.
Jeff Landry, Trump’s special envoy, insisted a deal “should and will be made,” planning a March visit despite categorical rejections from Copenhagen and Nuuk.
A bipartisan US congressional delegation countered with a show of solidarity, while Denmark bolstered its military presence.
Polls show that 83% of Americans oppose the annexation of Greenland; 80% reject military action.
Yet Trump doubled down, framing the mineral-rich Arctic territory as existential for American dominance, positioning commercial coercion as standard statecraft in his second term.
Oral Wegovy off to a strong start
Novo Nordisk shares surged over 5% Friday on early prescription wins for its oral Wegovy pill, marking a crucial rebound for the beleaguered Danish pharma giant.
IQVIA data showed 3,071 prescriptions filled in the pill’s first week post-January 5 launch, already eclipsing rival Eli Lilly’s initial Zepbound injection uptake.
Analysts at TD Cowen and Leerink Partners called the performance “solid,” noting that Symphony data reported 4,290 scripts for the week ending January 9, predominantly initial dosages.
The pill’s advantage: comparable efficacy to injections (16.6% average weight loss versus Lilly’s 12.4%) without injectable needle aversion.
However, enthusiasm carries warnings; the data is preliminary, and Lilly’s oral forglipron looms for 2026 approval.
Trump backs Venezuela’s Rodríguez
Venezuela’s competing power brokers played diplomatic chess with Trump this week, each seeking legitimacy.
CIA Director John Ratcliffe met Acting President Delcy Rodríguez in Caracas on Thursday to signal the US’s willingness for “improved collaboration,” discussing intelligence sharing and preventing drug trafficking.
Simultaneously, opposition leader María Corina Machado presented Trump with her 2025 Nobel Peace Prize medal at the White House, a symbolic gesture hoping to woo the unpredictable president.
Yet Trump sided decisively with Rodríguez, calling her “terrific” while dismissing Machado as lacking domestic support despite her party winning Venezuela’s disputed 2024 election.
Rodríguez released five American prisoners and pledged oil cooperation, cementing Trump’s preference: geopolitical stability and energy access over democratic restoration.
Carney secures China trade reset
Canada Prime Minister Mark Carney clinched a historic trade reset with Beijing on Friday, describing the deal as seizing “historic gains” for both nations.
The first Canadian PM to visit China since 2017, Carney negotiated tariff relief worth roughly $3 billion in export orders.
China agreed to slash canola seed duties from 85% to 15% by March, remove levies on canola meal, lobsters, and crabs through year-end, while Canada permits 49,000 Chinese EVs annually at 6.1% tariffs.
The pact signals Canada diversifying away from Trump’s erratic protectionism, the backdrop Carney plainly acknowledged.
Xi Jinping called the relationship a “turning point,” praising “new chapter” cooperation on clean energy, multilateralism, and security.
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