Race to the finish in Davos

Jan 24, 2025

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GOOD MORNING from Davos. The final day of this year’s World Economic Forum is finally upon us, but do not fret, we’ll be back in your inboxes with Global Playbook Saturday morning with all the latest from the slopes.

Sessions continue this morning, with heavy-hitters like ECB chief Christine Lagarde and IMF boss Kristalina Georgieva due to take the stage. The annual farewell lunch at the Schatzalp will wrap up around 3 p.m.; media have been invited to a boozy sendoff over fondue, while the invite-only Shabbat dinner will take place at the Kurpark.

Hungry like the wolf: Such was the demand last night to attend the Salesforce party, the location had to be switched to the Dome. Party-goers were entertained by none other than Duran Duran, the 1980s British rockers. Meanwhile, POLITICO co-hosted the final nightcap of the week in Goals House (spotteds below).

ALL HAIL TRUMP

STANDING ROOM ONLY: He may have been only a virtual attendee, but the lines to see Donald J. Trump address the World Economic Forum stretched right into the main Congress foyer, as the Davos set came to hear directly from the man of the moment at 5 p.m. Thursday.

The Lucky 4: Bank of America chief Brian Moynihan, Blackstone CEO Stephen Schwarzman; Santander boss Ana Botín and energy company Total boss Patrick Pouyanné were hand-picked to ask the big man questions from the stage, flanked by WEF CEO Børge Brende. (The selection was made “in a dialogue” with the White House, WEF said.)

Owning the stage: Trump set out his political priorities, making the case for investment in America, touting his achievements and promising to make America “greater, bigger, stronger, better than ever before.”

Talking tough on Russia: Trump also directly blamed Vladimir Putin for the ongoing war in Ukraine, a day after threatening massive tariffs and sanctions on Russian products if the Russian president fails to make a deal to end the conflict.

Get to work: Trump also told OPEC to lower oil prices, stating that lower interest rates would follow. Oil prices took a tumble following his remarks.

Reshoring: In words that will unnerve countries with big U.S. FDI investments, Trump warned companies that don’t manufacture in the U.S. that punishment awaits in the form of tariffs. “Come make your product in America, and we will give you among the lowest taxes of any nation on Earth,” he declared. He called out Europe in particular, blasting its trade surplus in goods with the U.S: “We’re going to do something about it.”

Hands off our tech: Trump also took aim at the EU’s regulatory chops, blasting its cases against Apple, Google and Meta. “These are American companies and they shouldn’t be doing that.” (Reminder: This is nothing new. During his time in office, President Barack Obama clashed with Brussels over what he saw as European regulatory overreach when it comes to U.S. tech giants.)

Thank you Mr. President: It was all smiles from the WEF stage as CEO Brende repeatedly told (pleaded with?) Trump that he was welcome next year, saying: “We’re already ready.” (Note: Trump didn’t respond.)

A message from IBM:

While others experiment, AI leaders are integrating AI into their core business DNA. A new study from IBM found that 85% of IT decision-makers report progress in their AI strategies, with 58% moving from pilot to full production in less than a year.

NOT ALL ABOUT THE MONEY

THE OTHER SIDE: Finance chiefs may have a new air of confidence this week at Davos, but plenty of representatives from the civil society and NGO world are also in town.

IRC INTERVIEW: Playbook caught up with David Miliband, head of the International Rescue Committee (IRC), the New York-based aid organization which helps people hit by humanitarian crises.

Money, money, money: This year’s Davos seems like a lonely place for NGOs, given the emphasis on bumper profits, deal-making and soaring stock markets that has been shepherded in by the Trump administration. Miliband, a former U.K. foreign secretary, remained chipper.

“At a time when governments are in retreat from big global problems, it’s really important that NGOs — and the corporate sector — step up,” he said. Besides, policy-makers need to ensure that the benefits of the technological revolution are shared, he added. “The distributional challenge is massive. If AI doesn’t change the lives of millions of people who are disadvantaged, there’ll be a big reaction against it.”

Realpolitik: But the reality is that the changing of the guard in Washington is bad news for NGOs like IRC and international organizations like the U.N. The IRC was first out of the traps after November’s election to call on the Trump administration to “continue America’s traditions of humanitarian leadership” — a call it reiterated this week.

Trump’s response? He’s plowed ahead with an immigration crackdown, dispatching thousands of active-duty troops to the U.S.-Mexico border, ending birthright citizenship (though a judge temporarily blocked that order) and canceling travel arrangements for refugees who were already cleared for entry to the United States.

On the ground: For Miliband, Trump’s scrapping of that refugee resettlement program is misguided. “The president has justified this on the grounds that these people are a burden to American communities. We have really good evidence of the contrary,” he said, describing it as “secure, organized and regulated.”

Irony alert: There are also fears Trump’s abolition of an entry program covering citizens from Cuba, Venezuela, Nicaragua and Haiti fleeing their homelands could be counterproductive. “This program has decisively reduced the number of people from these countries arriving at the southern border — a 98 percent reduction. Our concern is that it will drive people into other routes,” Miliband said.

NOT ALONE: Several NGO officials and representatives of civil society groups this week who spoke to Playbook have privately expressed alarm about the impact of new U.S. policies.

WHO WOBBLES: Trump announced America’s withdrawal from the World Health Organization on his first day in office.

Moz Siddiqui, director of partnerships at the WHO Foundation, had a message for the new president: “Come back.” If the U.S. withdraws from the WHO, “you destabilize the things you want to happen. You want stronger borders, you want stronger prosperity for populations — that depends on the WHO. So it feels like a counterintuitive move,” Siddiqui told Playbook.

Correcting the record: “Most of the WHO’s work is not done in Geneva,” where its headquarters are located, Siddiqui added. “Most of the work is done in-country. And when you don’t have the financing, the people who help the governments to do things like ‘do we have ultra-high processed food in our diets or not, do we have HIV guidance in our countries or not’ — that gets cut.”

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PLAYBOOK INTERVIEW: WILL.I.AM

LESS TALK, MORE ACTION: Playbook caught up with rapper will.i.am on the sidelines of a Goals House breakfast roundtable Thursday morning. We asked him what he’d like Playbook readers to know about Davos.

“You want me to play safe or not?” asked the seven-time Grammy Award winner and founder of the i.am Angel Foundation, which aims to deliver STEAM education for at-risk youth in the U.S.

The not-safe answer: “Pay attention to people’s perception on [the World Economic Forum being] lots of talk, no action, if you want to have more results on things that folks claim to represent when they come here. There’s a lot of folks that question if the intent is executed. Some people do execute … Then there’s a lot of question marks.”

It’s not just Trump: Is will.i.am concerned things will get worse for at-risk people in the U.S. under the Trump administration? Like many WEF attendees, the rapper demurred. “There’s issues across all administrations,” he said.

Practice what you preach: will.i.am was offered a range of vegan options for breakfast, including overnight oats with berries, molasses and toasted seeds — apt, given he’s an advocate for a plant-based diet.

A message from IBM:

CONGRESS CENTER CATCH-UP

TELLING IT LIKE IT IS: Trump wasn’t the only one to dial in to Davos remotely on Thursday. Speaking from Los Angeles, Trump’s presidential envoy Ric Grenell took a swipe at NATO’s leader Mark Rutte, who was until recently the Dutch prime minister, reports Camille Gijs.

“We have the NATO secretary-general talking about adding Ukraine to NATO — the American people are the ones that are paying for the defense. You cannot ask the American people to expand the umbrella of NATO when the current members aren’t paying their fair share, and that includes the Dutch, who need to step up,” Grenell said.

MILEI STOKES CULTURE WARS: Libertarian leader Javier Milei didn’t pull any punches in his speech on the WEF main stage on Thursday, claiming that the “cancer” of woke-ism is the great epidemic of our times. The Argentinian president invoked a number of world leaders including Italy’s Giorgia Meloni, Trump and Israeli Prime Minister Benjamin Netanyahu, as he spoke of a new global alliance.

AROUND TOWN

FORECAST: A warm one today — high of 6°C/43°F, low of -3°C/27°F.

CELLO AND CHILL: Famed cellist Yo-Yo Ma braved sub-zero temperatures and a snow shower to deliver an incredible performance on the icy ledge outside the Schatzalp hotel Thursday morning. He played three pieces: the Mi’kmaq Honor Song by George Paul, Bach’s Suite No. 1 for Solo Cello, Prelude, and Over the Rainbow by Harold Arlen. The concert was in aid of the Performing Hope for the Glaciers campaign, led by the Climate Basecamp NGO.

Taking aim: “In previous years, we had climate and nature all along the promenade, as well as in the Congress, but not this year,” said Professor Gail Whiteman, the executive director of Climate Basecamp. “The reasons for that are vast and complicated, but the reality is still true. We’re going to need to boost action faster, but that’s simply not happening, and in such a world it’s easy to feel hopeless. But we can’t do that. What we need to do is actually find hope, and what better way to do that than with the performing arts.”

CONGRATULATIONS … to the winners of the GAEA (Giving to Amplify Earth Action) announced last night. The awards were presented by Bridgewater’s Ray Dalio and former U.S. Vice President Al Gore. Winners include Decarbonizing Rice, Built by Nature, HYBRIT, Global Energy Alliance for People and Planet, and Youth Climate Justice Fund.

WEEKEND LISTENING: Catch up on all this week’s action at WEF in today’s edition of Power Play, including an interview with anti-corruption campaigner Bill Browder. Listen to the full edition here.

HAPPY BIRTHDAY … to CNBC’s Jacqueline Corba, celebrating here in Davos.

New Year. New Washington. New Playbook. With intensified congressional coverage and even faster delivery of policy scoops, POLITICO’s reimagined Playbook Newsletter ensures you’re always ahead of the conversation. Sign up today.

SPOTTED …

— Foreign Affairs Minister of Liberia Sara Beysolow Nyanti visiting Ukraine House late Thursday afternoon.

— Outside the Congress Hall, gazing at the rather sad looking lunch options of soup, lukewarm risotto or veggie sandwiches (and walking away without eating any of it): European Commissioner for Transport Apostolos Tzitzikostas.

— Argentina’s Minister for Foreign Affairs, International Trade and Worship Gerardo Werthein, hanging out on a bench in the Congress Centre cloakroom.

— Former U.S. Ambassador to the EU Stuart E. Eizenstat, walking down the ramp from the promenade toward Congress.

— Olympic springboard diver and YouTuber Tom Daley, popping into the Ameron Hotel.

— Walking through the Congress Center, a man sporting a large Illuminati “Eye of Providence” neck tattoo. How WEF.

— At last night’s POLITICO/MIT reception in Goals House. POLITICO Europe’s Jamil Anderlini, MIT’s Hossein Rahnama; former U.K. Prime Minister Tony Blair; broadcasters Alistair Campbell and Rory Stewart; former Danish Prime Minister Helle Thorning-Schmidt; journalist Mariella Frostrup; Climate Basecamp’s Gail Whiteman; Andrew Kalish, Hunt & Gather; Sebastian Vos, FGS Consulting; Kevin Wong, Greenoaks; Sherrie Westin, Sesame Workshop.

— At Brunswick’s reception in the Belvedere: Henry Timms, CEO, Brunswick ; POLITICO’s Goli Sheikholeslami, Cally Baute, Anne McElvoy; Paul Polman, former CEO, Unilever; Christine Anderson, Blackstone; Sara Fischer, Axios; Ben Smith, Semafor; Richard Fletcher, the Times; designer Daniella Helayel; Rebecca Winthrop, Brookings Institute.

A message from IBM:

2024 saw AI reshape the business landscape. According to an IBM survey, most organizations do not plan to slow down their AI investments in 2025, as they take a more nuanced, mature approach to technological transformation. That progress is underpinned by setting a clear AI strategy. Today, 85% report making progress on their current AI strategy. The progress is underpinned by a balanced approach: 41% of organizations report being equally driven by innovation and ROI, while 31% prioritize innovation over immediate financial returns. Make 2025 a year of impact for your AI and find out why AI strategies are clear to driving ROI from your AI.

AGENDA

— Free Science at Risk? Speakers include President of the University of Tokyo Teruo Fujii, Maria Leptin, president of the European Research Council, Michael Spence, provost of the University College London, Kimberly Budil of the Lawrence Livermore National Laboratory, Jonathan Brennan-Badal, CEO of Opentrons Labworks; Ignite; Congress Center; 9 a.m.

— Renewing the Promise of Democracy. Speakers include neuroscientist Tali Sharot, Edelman CEO Richard W. Edelman, Executive Director Human Rights Watch Tirana Hassan and India Today’s Rahul Kanwal; Spotlight, Congress Center; 9 a.m.

— U.S.-EU-China Triangle. Speakers include: POLITICO’s Jamil Anderlini, Chatham House’s Robin Niblett, Primavera Capital Group’s Fred Hu, CEO of Merck Belén Garijo, Harvard Kennedy School of Government’s Graham Allison; Sanada Room, Congress Center 10:15 a.m.

— The Global Economic Outlook. Speakers include ECB President Christine Lagarde, BlackRock CEO Larry Fink, IMF chief Kristalina Georgieva, Minister of Economy of Saudi Arabia Faisal Alibrahim, Singapore’s President Tharman Shanmugaratnam; Congress Center; 11 a.m.

— Closing Remarks; WEF CEO Børge Brende; Congress Hall, 12 p.m.

THANKS TO: Camille Gijs, Sarah Wheaton and producer Catherine Bouris.

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