Timothy L. O'Brien, Columnist

Dimon Now Has a $5 Billion Reason to Stand Up to Trump

January 23, 2026 at 10:00 AM UTC

Timothy L. O'Brien is senior executive editor of Bloomberg Opinion. A former editor and reporter for the New York Times, he is author of “TrumpNation: The Art of Being the Donald.”

Lesson in courage.
Photographer: Chip Somodevilla/Getty Images

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President Donald Trump, confronted with European pushback and a mini-meltdown in financial markets, abandoned plans this week to launch a Greenland takeover and suffocate allies who didn’t support him with hefty tariffs. Europe has few tools at its disposal to exercise direct sway over Trump, but the continent may have finally abandoned the notion that it could use gentle courting and bargaining to avoid becoming a punching bag.

The US business community may be on the verge of learning a similar lesson.