MARKET RECAP → The S&P 500 (VOO) finished slightly down on Friday and had a losing week as traders considered President Donald Trump's recent remarks about the Federal Reserve and global politics.

⚖️ TARIFF FIGHT OVER GREENLAND GRAB → Trump floated tariffs on countries that refuse to back U.S. control of Greenland, pushing geopolitical strategy into trade policy and risking broader fallout.

💥 TRUMP DEALS BANKS A BAD HAND → The White House’s idea to cap credit card rates has evolved into a buzzword push (“Trump cards”) and a simmering confrontation with banks and lawmakers, spotlighting the political risk facing financials and credit markets today.

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For the week beginning January 12, 2026

💳 “Trump Cards” enters the political lexicon: White House economic adviser Kevin Hassett rolled out a nickname — “Trump cards” — for a proposed initiative tied to President Trump’s push to cap credit card interest rates at 10 %. Initially pitched as a direct reform, the plan has faced fierce pushback from major lenders who warn it could force them to close accounts or sharply reduce credit access. In response, the administration is now talking about voluntary bank programs to extend lower-cost cards to underserved Americans.

🏦 Banks and lawmakers push back: Industry groups have been publicly resistant. Banks argue that a mandatory cap would shrink lending and limit consumer borrowing — concerns echoed by lawmakers including Speaker Mike Johnson, who says such a policy would need legislation to be implemented and could carry “negative secondary effects.”

📊 Wall Street nerves and market watch points: The broader financial sector has felt the tremors: credit card issuer stocks have slid as investors price in regulatory risks tied to the proposed cap. Some alternative lenders — like Klarna — have voiced support for the idea, framing it as consumer protection, but most of Wall Street sees potential fallout for credit availability and banking profitability if Trump’s agenda takes shape.

🌍 Trump may punish countries that “don’t go along” with Greenland acquisition push: President Donald Trump said he is considering imposing tariffs on nations that oppose U.S. efforts to control Greenland, framing the Arctic territory as vital for national security and saying he could retaliate against governments that “don’t go along” with Washington’s ambitions. His comments came during a White House event unrelated to trade policy, where he drew parallels with past tariff threats on pharmaceuticals.

🇩🇰 Tensions with Denmark and NATO allies escalate: Trump’s remarks arrive as bipartisan Congressional delegations visit Copenhagen to ease diplomatic tensions. Denmark and Greenland have repeatedly rejected U.S. attempts to assert ownership or sovereignty over the semi-autonomous territory. Danish officials have increased NATO military cooperation in Greenland, underlining the strategic but contentious geopolitics.

📊 Global trade risks and market signals: The suggestion of using tariffs as leverage over sovereign nations introduces fresh geopolitical uncertainty into global trade. Such a move could provoke retaliatory responses, complicate existing trade agreements, and rattle markets that are sensitive to sudden trade policy shifts. Analysts note that invoking tariffs for geopolitical ends — especially on allies — could strain economic relationships and supply chains.

AI chip trade, Saks’ bankruptcy woes, Trump’s health-care plan and more in Morning Squawk (CNBC)

South Korea’s ex-president Yoon given 5-year jail term in first ruling over martial law (CNBC)

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