Dispatch from Davos: This is Trump’s town
President Trump may be yet to touch down, but his presence can be felt everywhere in Davos, writes Zaki Cooper in today’s Notebook
Davos has shifted to reflect Trump’s world
Donald Trump is exactly where he likes to be: at the centre of the world’s attention. There may be 65 Prime Ministers and Presidents at Davos this year, along with a record 400 senior ministers from governments around the world and nearly 850 of the world’s top CEOs and chairs, but the 47th President of America is the name on everyone’s lips.
Attending an event at Bloomberg House on the slopes of the Swiss mountains, its editor-in-chief John Micklethwait described the situation in the US as a “monarchical administration”. He argued that Trump is reminiscent of a medieval royal.
One seasoned US broadcaster commented that nobody has ever had the ability to dominate the daily global news agenda, and suck the air away from any other issue, quite like Trump.
The latest imbroglio over Greenland is a test of Europe’s mettle, and one where it will be forced to stand up to Trump. The whole basis of Europe rallying to support Ukraine was opposition to a territorial grab from an external power. It would be hypocritical for Europe not to come to Denmark’s aid on the question of who owns Greenland. If Europe stands its ground, trouble looms. The President’s threat to impose punitive tariffs on Europe, if carried through, will have serious consequences for the global economy.
Last year’s Davos coincided with Trump’s inauguration, and over the course of the past year his leadership has ripped up the old world order. The rules-based international system has been upended. This is why Canada and other Western countries are cultivating closer ties with China, which may not be the most attractive partner but at least is predictable.
Seasoned attendees at Davos note that the agenda this year is very different: there is much less about climate change and diversity and inclusion, and many more references to “honest” conversations. It’s been suggested this was a core requirement for Trump’s attendance.
This is Trump’s third visit to Davos, having attended twice in his first term. Many of the CEOs warm to his can-do, transactional approach, if less so to his attacks on free trade. There is little doubt that Davos has shifted to reflect Trump, focusing more on deals and less on issues like climate change.
‘We talk or we fight’
The theme of this year’s Davos is the spirit of dialogue. Certainly there is a lot of talk about a whole range of topics, from geopolitics and supply chains to tariffs and technology. Fostering dialogue between different leaders, whether in politics, business, finance, tech or civil society, is the essence of Davos. It is about the value of conversation. I am reminded of a comment by the late Muslim cleric Zaki Badawi, who when advancing the cause for interfaith dialogue liked to say, “we talk or we fight”. Or as the famous BT advert from yesteryear said, “it’s good to talk”.
Founders at the heart of progress
It’s invigorating that two themes close to Integra’s heart – entrepreneurship and philanthropy – feature prominently at Davos. Two years ago, we founded the Giving and Impact Summit at the London Stock Exchange, which has gone from strength to strength. There is noticeably more on the agenda this year at Davos about philanthropy and social impact. It was also energising to attend an event with the Global Entrepreneurship Network at Davos, a reminder that founders and entrepreneurs will be at the heart of our future progress.
Where Davos began
Immersing yourself in Davos, where you can easily end up attending three different events in the space of an hour on a variety of topics, is a reminder of the genius behind its creation. It was the dream of the German mechanical engineer and economist Klaus Schwab. He first organised what became the Davos meeting in 1971. Getting people from different walks of life to talk, cooperate and find where their interests overlap is something we need to encourage. In the UK, we are fortunate that another visionary leader, John O’Brien, has created the fantastic Anthropy conference, which has a similar ethos behind it.
What I’ve been reading
On the journey to Davos, I’ve been reading the remarkable new book about the Holocaust by Anthony Seldon, The Path of Light. On a 1,300 km trek across the continent ending at Auschwitz, he tells the story of some of the hidden heroes of the Holocaust. These were people who stood up bravely to Hitler’s regime, often risking their own lives. With Holocaust Memorial Day taking place next Tuesday, it’s an opportune time to reflect on this, particularly at this time of ignorance and distortion of the Holocaust and an ugly resurgent antisemitism.