Davos 2026: Trump's "America First" Agenda Collides with Global Elite

The 2026 World Economic Forum in Davos has opened under a cloud of geopolitical tension as President Donald Trump returns to the Swiss alpine resort with the largest US delegation in history. The agenda is set to be dominated by the clash between the forum's traditional globalist ethos and Trump's renewed brand of assertive unilateralism.

The “Board of Peace” Proposal

Trump is expected to promote his newly established “Board of Peace,” a controversial alternative to UN-led diplomacy. Leaked drafts suggest a $1 billion “entry fee” for permanent membership, a structure that has drawn sharp criticism from European allies and diplomats who view it as a “pay-to-play” scheme designed to sideline the United Nations.

Despite the skepticism, countries like Argentina and Hungary have reportedly shown interest, highlighting a fracturing global order where nations are increasingly forced to choose between US-led initiatives and multilateral institutions.

Trade and Geopolitics

The atmosphere is further charged by the looming US tariff threats against NATO allies. European leaders, including EC President Ursula von der Leyen, are expected to use the forum to defend free trade and transatlantic cooperation.

However, with Trump focused on domestic economic wins—promising announcements on lowering US housing costs—the potential for a diplomatic breakthrough seems low.

Market Implications

• Volatility: The rhetoric coming out of Davos is likely to induce headline risk for the EUR/USD and GBP/USD.
• Safe Havens: The stark lack of alignment between the world's largest superpower and its traditional allies reinforces the structural bullish case for Gold and the Swiss Franc (CHF).
• Energy: Looming discussions on a potential deal regarding the Ukraine conflict could trigger sharp moves in Crude Oil (WTI/Brent) prices as traders assess the likelihood of supply chain normalizations.