Federico Steinberg, Emily Benson, and Nicholas Fenton
The global economy started 2026 growing at a healthy pace, with stock markets at historic highs, and the paradox that the enormous level of geopolitical uncertainty does not seem to be affecting either growth or investor appetite. The global economy is therefore proving much more resilient to geopolitical shocks than could have been expected just a few years ago. But the question is, how long can this momentum continue?
At the moment, one of the points of tension is Greenland, which remains the target of annexation by the United States. In fact, after President Trump repeated that he would like to “own” Greenland, the U.S. stock market and the U.S. dollar fell, gold prices—considered as the ultimate “safe haven”—increased, and the cost of servicing U.S. debt went up. For now, U.S. President Donald Trump appears to be walking back his threats of kinetic action against Greenland, along with associated U.S. tariffs against the territory’s defenders, but given the administration’s frequent policy pivots, Copenhagen and Nuuk will likely remain on alert.
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