Refunds' fiscal impact and timing

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Germany will take the lead of European nations sending military personnel to Greenland after Denmark said its meeting with top US officials intent on controlling the world’s biggest island revealed that a “fundamental disagreement” remains.

The decision to dispatch reinforcements to the Arctic territory as early as this week highlights the urgency with which European nations seek to respond to US threats over Greenland. A meeting of foreign ministers from Denmark and Greenland with US Vice President JD Vance and Secretary of State Marco Rubio in Washington failed to dispel the specter of a US takeover.
On Thursday, Germany’s “exploration mission” of 13 soldiers will arrive in Nuuk as European nations begin to work out how to ensure security in the region. Their task will be to “explore the framework conditions for possible military contributions to support Denmark in ensuring security in the region, for example, for maritime surveillance capabilities,” according to a statement from the German defense ministry.

France will participate in the joint drills in Greenland this week, according to the defense ministry’s press office, which provided no details.

In addition, Sweden is sending “several officers,” Norway two persons and the UK one officer. The reconnaissance group is visiting the island ahead of the planned “Arctic Endurance” training exercise, UK Defense Minister John Healey told reporters in Sweden. Denmark on Wednesday said the drill with North Atlantic Treaty Organization allies would become a permanent fixture.

Today's show features:

• Ed Price, Senior Non-Resident Fellow at New York University, on Western Europe's response to President Donald Trump's Greenland overtures and why some allies of Russian President Vladimir Putin are concerned that he is abandoning them
• Matt Hornbach, Global Head of Macro Strategy at Morgan Stanley on the market outlook and potential impact of the Supreme Court’s pending tariff ruling
• Karin Kimbrough, Chief Economist at LinkedIn on Wednesday’s retail and PPI reports as well as a new report detailing the impact of AI on the US labor market
• Michael Townsend, Managing Director of Legislative and Regulatory Affairs at Schwab, on expectations for the pending Supreme Court ruling on IEEPA tariffs and renewed legal action against Federal Reserve Chairman Jerome Powell

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