Trump interview: President tells CNBC 'We have a concept of a deal' over Greenland

Trump told CNBC that Venezuela will receive some revenue from the sale of 50 million barrels of oil that it has shipped to the U.S.

"We're going to sell it at the market price," Trump said. "We're going to give some to Venezuela. We're going to keep some."

"They'll make more money with us than they would have made in 25 years," the president said.

The Trump administration has forced Venezuela to ship crude oil to the U.S. after the capture of former President Nicolas Maduro. The White House is selling the oil and holding the proceeds in U.S. controlled accounts.

— Spencer Kimball

Trump refloated his call for a temporary 10% cap on credit card interest rates — "and I love it," he said of the idea.

"It sounds like the mayor of New York ... came up with that," he added, referring to Zohran Mamdani, a self-described democratic socialist.

"Credit card companies are getting 28%, 30%," Trump said. "Whatever happened to usury?"

The average credit card interest rate in the U.S. is closer to 24%, according to LendingTree, after several months of small declines.

Still, banking insiders told CNBC that adhering to a 10% interest rate cap would result in issuers curbing access for consumers with poor credit. Executives at some of the biggest U.S. banks warned this week that rather than offering cards at a 10% interest rate, the banks would simply close many customers' accounts.

— Jessica Dickler

Trump said large investors have made it harder for everyday Americans to buy homes, arguing that big companies have snapped up thousands of properties to rent or flip for profit.

"People couldn't buy homes," Trump said. "You have these big companies buying up thousands of homes and renting them or doing whatever they do with them. Some of them are flipping them for a big profit ... We want people to be able to buy a home."

Earlier this month, the president said the U.S. should bar large institutional investors from buying single-family homes, arguing that corporate ownership has helped push housing further out of reach for everyday Americans.

— Yun Li

Trump blasted Powell for his oversight of a $2.5 billion project to renovate the central bank's headquarters complex in Washington, D.C.

"He has not done a good job. He's done a horrible job on buildings. He took a small, little complex, the Federal Reserve complex," Trump said.

"I could have redone it. I could have fixed it for 25 million bucks. It would have looked beautiful. I think he's up to almost $4 billion, the most expensive project ever built per square foot," the president said of Powell.

The Fed chair last week said that he was under federal criminal investigation in connection with his oversight of the project.

Powell has called that stated reason a pretext for what he believes is the real reason: the Fed's refusal to cut interest last year as quickly as Trump had demanded.

— Dan Mangan

Trump indicated he doesn't care if Fed Chair Jerome Powell stays on after his term as the central bank leader ends in May.

Powell can still serve out the remaining two years of his seat on the Board of Governors, allowing him to continue to have a voice in monetary policy and interest rates after he is replaced.

"We live with the cards you're dealt," Trump said. "If that happens, his life won't be very, very happy, I don't think, by doing it. I think he wants to get out. He has not done a good job."

Turning to cost overruns with the renovation project on the Fed building, Trump said of Powell, "He's either incompetent or he's crooked."

— Jeff Cox

The race for the next Federal Reserve chair may have reached a conclusion, though Trump still isn't declaring the winner.

In his CNBC interview Wednesday at the World Economic Forum, Trump said a derby that began in September is nearly over.

"I'd say we're down to three, but we're down to two. And I probably can tell you, we're down to maybe one, in my mind," the president said. Still, Trump declined to say which one.

The finalists were widely believed to be former fed Governor Kevin Warsh, current Fed Governor Christopher Waller, National Economic Council chief Kevin Hassett and BlackRock fixed income head Rick Rieder. In recent days, Trump said he preferred Hassett stay at the NEC, likely eliminating him from contention.

— Jeff Cox

Trump said Iran needs to stop pursuing nuclear weapons, and warned of possible future action if it did not cease such efforts.

"So we're going to find out where they are now about what they're going to do with nuclear. They can't do the nuclear," Trump said. "They gotta stop with the nuclear."

Trump also said that Iran had ceased killing protestors after he warned the nation last week of possible military action.

"They were gonna hang 837 people on Thursday," he said. "I told them, 'You can't do that.'"

"We hope there's not going to be further action," Trump said. "They were shooting people indiscriminately on the streets."

— Dan Mangan

Trump told CNBC the U.S. and European allies will work together on the Golden Dome and mineral rights in Greenland under a framework he reached with NATO Secretary General Mark Rutte.

"They're going to be involved in the Golden Dome, and they're going to be involved in mineral rights, and so are we," Trump said.

When asked how long the deal would last, the president said: "Forever."

— Spencer Kimball

Trump said he backed off on plans to impose punitive tariffs on a slew of European countries because he reached a "concept of a deal" with respect to Greenland.

"We have a concept of a deal. I think it's going to be a very good deal for the United States, also for them," Trump said. "It's a little bit complex, but we'll explain it down the line. But the Secretary General of NATO and I and some other people were talking.

Earlier in a post on Truth Social, Trump said he and NATO Secretary General Mark Rutte have "formed the framework of a future deal with respect to Greenland."

— Yun Li

Despite expectations that Trump would use his speech Wednesday to provide details about letting homebuyers use 401(k) money for down payments, he did not touch on the subject. National Economic Council Director Kevin Hassett said Friday during an interview with Fox Business News that the particulars of a plan would be released in Davos.

The White House did, however, issue an executive order Tuesday to ban large institutional investors from buying single-family homes. In his speech, Trump floated the idea of allowing homeowners to claim depreciation on a personal residence. That tax break is currently permitted for business or income-producing rental properties.

— Sarah Agostino

Greenland's geopolitical significance is growing due to climate change.

Potentially lucrative trade lanes and resources are becoming accessible as Arctic ice melts. Greenland, the world's largest island, is strategically located between the North Atlantic and the Arctic Ocean.

Trump claims the U.S. needs to own Greenland, a territory of Denmark, to deter China and Russia from dominating these resources and trade lanes. But the U.S. already has a longstanding agreement with NATO ally Denmark that allows it to station military forces on Greenland.

The U.S. had a larger presence on the island during the Cold War but withdrew the vast majority of its forces after the collapse of the Soviet Union.

— Spencer Kimball

Stocks extended gains Wednesday afternoon after Trump announced a Greenland deal "framework" with NATO and said he would not impose tariffs on several European nations.

The Dow Jones Industrial Average surged more than 700 points, or 1.5%. The S&P 500 and Nasdaq Composite each climbed around 1.5%.

Small-cap stocks outperformed, with the Russell 2000 jumping nearly 2% to an all-time high. The Russell 2000's Wednesday rally more than erased losses seen during the broad market sell-off a day prior.

Follow live markets updates here.

— Alex Harring

Trump said he has reached a framework for a deal on Greenland after meeting with NATO Secretary General Mark Rutte in Davos.

The U.S. president did not provide any details about the framework, but he said the U.S. will not impose tariffs on Denmark and other European nations on Feb. 1.

"This solution, if consummated, will be a great one for the United States of America, and all NATO Nations," Trump said in a post on his social media platform Truth Social.

He said discussions will be held on the Golden Dome and Greenland.

— Spencer Kimball

Trump said during his address Wednesday in Davos that he was urging Congress to pass legislation instituting a 10%, one-year interest rate cap for credit cards. JPMorgan Chase CEO Jamie Dimon rejected the idea, saying "it would be an economic disaster."

Trump's comments follow his calls earlier this month for the interest rate limit. During a forum Wednesday in Davos, Dimon instead proposed trying out a version of this policy in Vermont and Massachusetts.

Analysts see Trump's push for Congress to take action as a less-threatening avenue for the industry given opposition from some legislators. Bank stocks rose as a result, with the KBW Bank Index (BKX) rising more than 2% in midday trading.

— Alex Harring, Hugh Son

NATO Secretary General Mark Rutte told Trump not to doubt that America's allies would come to its defense if it ever came under attack.

"There is one thing I heard you say yesterday and today. You were not absolutely sure that the Europeans would come to the rescue of the U.S. if you will be attacked," Rutte told Trump during a bilateral meeting at Davos.

"Let me tell you, they will. And they did in Afghanistan," Rutte added, referring to the military response to the Sept. 11, 2001, terror attacks.

"For every two Americans who paid the ultimate price, there was one soldier from another NATO country who did not come back to his family," Rutte said. "From the Netherlands, from Denmark, particularly from other countries."

"So you can be assured, absolutely, if ever the U.S. will be under attack, your allies will be with you," he added. "Absolutely. There's an absolute guarantee. I really want to tell you this because this is important. It pains me if you think it is not."

— Kevin Breuninger

The U.S. stock market has momentum heading into Trump's interview with CNBC.

The Dow is up around 300 points in midday trading. The S&P 500 and Nasdaq Composite have gained 0.5% and 0.4%, respectively.

Stock futures jumped Wednesday morning after Trump said he would not use force to acquire Greenland.

Those moves mark a rebound following Tuesday's sell-off. The three major indexes recorded their worst sessions since October after Trump threatened tariffs on European nations as part of his push to take over Greenland.

Follow live markets updates here.

— Alex Harring

Markets are waiting patiently to see who the next Federal Reserve chair, something Trump could discuss with CNBC during his interview Wednesday.

In the most recent development, Treasury Secretary Scott Bessent said Tuesday that the decision could come next week to see who will replace Jerome Powell, whose term ends in May. Bessent has led the screening process, which he said is down to four finalists that Trump will select for Senate confirmation.

Traders on prediction market Kalshi see former Fed Governor Kevin Warsh as the frontrunner.

—Jeff Cox

California Gov. Gavin Newsom said he was blocked from entering the U.S. pavilion in Davos after pressure from the White House.

"Under pressure from the White House and State Department, USA House (a church acting as the official US pavilion) is now denying entry to ... Gavin Newsom to speak with media after Fortune — the official media partner — invited him to speak," Newsom's press office said in a post to X.

Newsom was scheduled to speak at the USA House, the official pavilion of the U.S. in Davos, and Fortune Magazine had promoted his appearance. Fortune is hosting speeches and fireside chats at the venue.

"How weak and pathetic do you have to be to be this scared of a fireside chat?" Newsom asked on X.

Newsom, a Democrat, has emerged as a chief antagonist to Trump in his second term and is often floated as a potential 2028 presidential contender.

— Garrett Downs

Trump, in his marquee address at Davos, laid out his case for why the U.S. should take over the Danish territory of Greenland.

But the remarks, which followed days of escalating rhetoric from the Trump administration, drew negative reactions from at least some in the crowd.

"This is ridiculous," muttered one attendee as Trump broached the subject, while others shook their heads.

"This is scary," another said after Trump called for "immediate negotiations" on a U.S. acquisition of Greenland.

"Yes, we laughed," one politician told CNBC after the speech. "But it's also frightening to think he might actually try to execute some of this."

— Spriha Srivastava and Kevin Breuninger

In his Davos speech, Trump angrily called out Canadian Prime Minister Mark Carney by name in response to the allied leader's stunning declaration that the international status quo was in the midst of a "rupture."

"Canada gets a lot of freebies from us ... they should be grateful also, but they're not. I watched your prime minister yesterday, he wasn't so grateful," Trump said.

"Canada lives because of the United States," he added. "Remember that, Mark, the next time you make your statements."

Carney's own address at Davos did not mention Trump by name. But the Canadian leader called out "great powers" weaponizing economic tools such as tariffs, and suggested the "bargain" that came with American hegemony "no longer works."

"You cannot live within the lie of mutual benefit through integration when integration becomes the source of your subordination," Carney said.

— Kevin Breuninger

Trump should not threaten Europe with economic force as leverage to acquire Greenland, Citadel CEO Ken Griffin told CNBC in an interview. 

Trump should persuade European allies that it makes sense for the U.S. to acquire the island, Griffin said. 

"It should not be done abruptly," Griffin said. "It should not be done under any form of either military or economic force. That's just not the way to deal with our allies here in Europe."

Trump has threatened several European countries, including Denmark, with tariffs that could shoot as high as 25% if they do not meet his demands on Greenland.

CNBC Pro subscribers can watch the full interview with Griffin here.

The president will sit down for an interview with CNBC's Joe Kernen on Wednesday.

— Spencer Kimball

Traders listened closely to Trump's remarks on Wednesday at the World Economic Forum in Davos, Switzerland. Although he reiterated his interest in annexing Greenland, an autonomous territory of Denmark, he said that he didn't plan on using military force to make it happen.

"I won't do that," Trump said during the speech. Instead, he called for "immediate negotiations."

Stocks rose Wednesday in the wake of that comment. On Tuesday, Trump's desire to acquire Greenland had rattled markets, especially after he threatened over the weekend to impose new tariffs on European allies who worked against it. The three major U.S. stock indexes notched their worst sessions since October.

Trump's speech earlier Wednesday was wide-ranging. He touched on U.S. economic strength, railed against wind power and said he felt Europe was "not heading in the right direction."

— Christina Cheddar Berk

Fresh off the first anniversary of his second term in office, Trump arrived at the World Economic Forum in Davos, Switzerland, amid heightened geopolitical tensions.

The U.S. president is attempting to acquire Greenland, a self-governing territory of Denmark. His plan has caused much consternation among fellow members of the NATO military alliance.

On Tuesday, Treasury Secretary Scott Bessent told CNBC: "The U.S. is back, and this is what U.S. leadership looks like."

— Christina Cheddar Berk