Trump Doing 'Permanent Damage' To US, Says Bremmer in Davos | The Pulse 1/20

Watch on YouTube ↗  |  January 20, 2026 at 13:10  |  50:03  |  Bloomberg Markets
Speakers
Wale Edun — Nigerian Finance Minister
Belén Garijo — CEO, Merck KGaA
Vas Narasimhan — CEO, Novartis
Scott Bessent — Treasury Secretary
Francine Lacqua — Anchor, Bloomberg
Ian Bremmer — President and Founder, Eurasia Group
Chad Thomas — Bloomberg Europe Executive Editor
Lila Ibrahim — Chief Operations Officer, Google DeepMind
Mike Johnson — Speaker of the U.S. House of Representatives

Summary

The Pulse from Davos covers President Trump’s Greenland-related tariff threats, a 200% champagne tariff threat against France, and a broad selloff in global bonds with Japanese yields spiking. Ian Bremmer says permanent damage is being done to U.S. alliances, while European officials debate retaliation options. Guests include Nigeria’s finance minister pitching reforms, Merck KGaA’s CEO on trade resilience and AI semiconductors, and Novartis’s CEO on U.S. investment, drug pricing, and biotech valuations.

  • Trump threatens new tariffs over Greenland and floats 200% champagne tariffs after Macron rejects his Gaza peace board.
  • Global bonds sell off, Japanese yields spike on fiscal and election concerns, and gold and silver hit record highs on safe-haven demand.
  • Ian Bremmer warns of permanent damage to U.S. alliances; Europe remains divided on retaliation.
  • Nigeria’s finance minister says reforms, tax increases, and refining capacity make Nigeria investable.
  • Merck KGaA’s CEO says the company is prepared for trade restrictions and positioned for AI-driven semiconductor growth.
  • Google DeepMind’s COO discusses Gemini 3 and broader AI research including weather and materials discovery.
  • Novartis’s CEO says U.S. investment and a White House agreement protect it from tariffs, while biotech valuations have rebounded.
  • U.S. House Speaker Mike Johnson addresses the U.K. Parliament and says he is bullish on America’s prospects.
Ideas
Wale Edun Nigerian Finance Minister 17:04
Nigeria reforms make it investable.
Edun argues Nigeria is investable as macroeconomic reforms stabilize the economy, tax-to-GDP is targeted to rise from 13% to 18%, revenue collection is being automated, private-sector investment is being encouraged, and value-added refining of 650,000 barrels per day supports industrialization. He says Nigeria hopes to rely less on borrowing and is in discussions with foreign investors and the UAE.
NGE MED
Belén Garijo CEO, Merck KGaA 28:18
Merck KGaA resilient to trade restrictions.
Garijo says Merck KGaA has spent years preparing for trade restrictions and is resilient because it has a large U.S. workforce and extensive U.S. manufacturing footprint, allowing it to collaborate with the U.S. administration. She also says the company signed an agreement to supply its fertility franchise in the U.S. at affordable prices, improving patient access.
MRK.DE MED
Belén Garijo CEO, Merck KGaA 32:39
AI drives semiconductors; Merck KGaA benefits.
Garijo says the semiconductor sector is being driven by the booming AI cycle and that Merck KGaA is at the center of capturing that opportunity, with strong momentum in its electronics business and launches in the U.S. and Europe.
SMH MED
Vas Narasimhan CEO, Novartis 43:31
Novartis future-proofed, US-invested, growing.
Narasimhan says Novartis has future-proofed its business with a $23 billion U.S. investment so it can make medicines in the U.S. for the U.S., and its agreement with the White House should exempt it from tariffs, with no impact on guidance or outlook. He also points to a strong innovation pipeline, M&A to reach $80 billion of sales in the next decade, and strong shareholder returns.
NVS HIGH
Vas Narasimhan CEO, Novartis 47:34
Biotech dip-buying opportunity has faded.
Narasimhan says valuations in the biotech sector have rebounded, meaning the opportunity to buy the dip is gone. He remains disciplined and science-driven in M&A, with no capital constraints, so the setup is worth monitoring rather than a clear cheap-buy opportunity.
XBI MED
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This Bloomberg Markets video, published January 20, 2026, features Wale Edun, Belén Garijo, Vas Narasimhan discussing NGE, MRK.DE, SMH, NVS, XBI. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Wale Edun, Belén Garijo, Vas Narasimhan  · Tickers: NGE, MRK.DE, SMH, NVS, XBI