Trump's second presidency dominated proceedings at the World Economic Forum amid ominous warnings over the looming threat of trade tariffs and his decision to pull the United States out of the Paris climate agreement.

The Trump administration has shut down processing centers in Central and South American countries that allowed migrants to apply to come to the United States legally.

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EU, German and Chinese leaders took turns defending global cooperation in Davos on Tuesday as the spectre of new trade wars looms following Donald Trump's return to the White House.

Von der Leyen insisted that the United States remains an important partner, taking a conciliatory tone in a speech to the annual meeting of global elites in Davos, Switzerland. The EU's "first priority will be to engage early, discuss common interests, and be ready to negotiate" with Trump, she said.

U.S. President Donald Trump will speak remotely at the World Economic Forum on Wednesday in Davos, Switzerland, delivering his first major speech to global business and political leaders. Read more at straitstimes.

A speech by the U.N. chief, economic growth potential in places like China and Russia, the challenges of artificial intelligence and leaders from Spain to Malaysia are set to headline the agenda at the World Economic Forum’s annual event in Davos.

Speaking virtually to the World Economic Forum in Davos, Switzerland, Trump also said he will press NATO members to increase their defence spending target to five per cent of GDP.

CUMESH MOODLIAR: Absolutely. I think, Jeremy, that the age of SA exceptionalism is over, the world is not just going to support us because it’s a good thing to do. There’s got to be a clear commercial rationale and there has to be a sound governance framework for that to take place.

Donald Trump vowed on the campaign trail to slap tariffs as high as 20 percent on everything from cars to food when he took the White House. Four days into office, Trump hasn’t immediately followed through on an issue that has consumed him for decades, including some levies that he promised to implement on Day One.

ET, Dow E-minis were down 78 points, or 0.17%, S&P 500 E-minis were down 12 points, or 0.20% and Nasdaq 100 E-minis were down 46.5 points, or 0.21%. Tariffs are high on investors' minds after Trump referred to the policies multiple times at separate events this week but did little to lay out entire details of the surcharges he plans to impose on trade partners of the United States.

Wall Street's main indexes struggled for direction on Friday, as investors avoided big bets and assessed fresh data to gauge the health of the economy, while Boeing dipped after warning of a bigger-than-expected quarterly loss.