Swamp Notes Trump’s bid to remake the world order
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Jan 23, 2026 
Abigail Hauslohner, FT U.S. foreign affairs correspondent covering diplomacy and on-the-ground reactions. Benn Steil, CFR director of international economics and geopolitics. They discuss Trump's Greenland threat and Davos fallout. They unpack the controversial Board of Peace and its centralization of power. They explore how allies’ trust and the postwar rules-based order may be reshaped.
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Greenland Threat Sparks Davos Backlash
- Trump's Greenland remarks provoked alarm and market volatility ahead of Davos, forcing a partial walkback when markets fell sharply.
- Abigail Hauslohner notes leaders at Davos, including Mark Carney, responded with public indignation and applause against the threats.
Trump Seeks A Personalized World Order
- Donald Trump is actively trying to replace the existing postwar world order with a personalized, transactional system centered on himself.
- Benn Steil argues Trump seeks a new order driven by his dealsmanship and willingness to disregard multilateral rules, reshaping alliances and norms.
Carney Says The Rules-Based Order Was A Mutual Performance
- Mark Carney framed the liberal rules-based order as a fragile fiction sustained by U.S. willingness to shoulder costs like security and financial stability.
- Benn Steil says that fiction is cracking because the U.S. under Trump is no longer keeping its part of the bargain.