Will cooler heads prevail at Davos WEF 2026?
World Economic Forum security badges
Leonie Kidd | CNBC
Davos Season
I’ve been going to the World Economic Forum since 2009, when I was a young news assistant at “Squawk Box Europe” and had no idea what I was getting into.
Then and now, this was CNBC International’s biggest outside broadcast of the year, and it’s still a thrill to participate.
A dazzling combination of world leaders, business powerhouses and celebrities – all roaming the snowy streets of the Alpine ski resort of Davos – creates a unique experience.
CNBC International Team at the World Economic Forum
Leonie Kidd | CNBC
The many faces of Davos
I have seen many versions of Davos over the years: the effects of the Great Financial Crisis and the debt crisis in Europe; The trade scandal that shook the French banking giant High Society General; the rise of the Arab Spring; The rise and fall of Russia; The spread of the Covid-19 pandemic and the upheaval of the world order that has existed since the end of the Second World War.
Everyone has an opinion about this meeting, but one thing is true: The meeting is never boring. And 2026 will certainly be no different.
‘Spirit of Dialogue’ meets vulgar rhetoric
The tension between the countries that call themselves allies is clearly felt in this meeting.
US President Donald Trump began 2026 by shocking the international community with a series of actions that challenge sovereignty and alliances that have been in place for decades.
He will speak at the Forum on Wednesday as the global community tries to assess the impact of his action in Venezuela, his hardline stance on Iran, his progress in Greenland and the slow progress toward a peace deal for Ukraine.
The World Economic Forum has marked this year as the “Spirit of Dialogue”, but the organization itself warned in its latest Global Risk Report that “the rules and institutions that have long supported stability are under siege in a new era where trade, finance and technology are used as weapons of influence.”
What’s at stake?
We will hear from many other world leaders on the first full day of the Forum ahead of Trump’s speech.
These include European Commission President Ursula von der Leyen, French President Emmanuel Macron and Canadian Prime Minister Mark Carney. All three are likely to underscore the importance of NATO’s role as it faces its most significant challenge since its founding.
President Trump’s threat of military force against Greenland has put the previously unthinkable on the table: the end of the NATO alliance. Reports suggest the G7 may meet outside the event, ostensibly to push forward a peace deal between Russia and Ukraine, but tensions with NATO will inevitably be discussed.
Tuesday will also see the speech of Chinese Vice Premier He Lifeng; A temporary trade truce with Washington DC appears to remain in place despite recent data showing China recording its largest ever trade surplus for 2025, surpassing $1 trillion. Corporate leaders with significant interests in China, such as Nvidia boss Jensen Huang, will also speak at the Forum as they try to navigate the increasingly politicized business world.
Declaration of Independence
Apart from geopolitical issues, debates over the independence of central banks will heat up the icy summits of Davos. Central bankers around the world were outraged when the Justice Department announced it would launch a criminal investigation into Federal Reserve Bank Chairman Jerome Powell.
Powell said in a statement that the investigation “is about whether the Fed can continue to set interest rates… or whether monetary policy will be guided through political pressure or intimidation.”
My opinion, for what it’s worth
If I had told my 20-something self in 2009 that these would be the big debates for Davos in 2026, I’m sure I wouldn’t have believed it.
Today, the influence of the G20 and G7 has been tested, making the World Economic Forum an even rarer opportunity for face-to-face diplomacy. As someone who values diplomacy in every aspect of my life—at work, at home, in the content I consume, and in the people I influence—I hope cooler heads prevail in the Alps.
Swiss mountain town Davos
Leonie Kidd | CNBC
This week’s important conversations:
Tuesday: European Commission President Ursula von der Leyen; Chinese Vice Premier He Lifeng, French President Emmanuel Macron
Wednesday: US President Donald Trump
Thursday: Israeli President Isaac Herzog; German Chancellor Friedrich Merz
