The Latest: Egyptian president says Palestinian cause remains a priority

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DAVOS, Switzerland (AP) — U.S. President Donald Trump will appear Wednesday with other high-profile government and business leaders at the World Economic Forum in Davos, Switzerland, a day after the elite event produced contentious statements and economic threats arising from tensions between the U.S. and Europe.

Nearly 3,000 high-level participants from 130 countries, plus an untold number of activists and observers, are expected to converge on the annual event scheduled to last through Friday for dialogue, debate and deal-making in the Alpine resort.

Trump’s third visit as president comes as U.S. allies worry about his ambition to take over Greenland, while Latin America grapples with his efforts to seize Venezuela’s oil.

European Commission President Ursula von der Leyen on Tuesday called Trump’s planned new tariffs on eight of its countries over Greenland a “mistake” and questioned Trump’s trustworthiness. French President Emmanuel Macron said the EU could retaliate by deploying one of its most powerful economic tools, known colloquially as a trade “bazooka.”

Here is the latest:

Egyptian President Abdel-Fattah el-Sissi on Wednesday said the Palestinian cause is still “at the forefront of priorities” in the Middle East.

He told a panel at Davos that resolving Palestinian cause “is the core of regional stability, and a cornerstone to achieve a just and comprehensive peace.”

The Egyptian leader lauded Trump’s efforts to help reach a ceasefire that stropped the Israel-Hamas war in Gaza in October.

Bessent said Trump is expected to land in Switzerland about three hours after he was originally scheduled to arrive.

Trump is scheduled to speak at Davos on Wednesday in a highly anticipated address.

The Associated Press asked Bessent about the Wall Street slump on Tuesday after Trump threatened to hit eight European countries with new tariffs as tensions escalate over his attempts to assert American control over Greenland.

The losses were widespread, with nearly every sector losing ground. Major indexes in the U.S. extended losses from last week in what has been a wobbly start to the year.

The S&P 500 fell 143.15 points, or 2.1%, to 6,796.86. It is the steepest drop for the benchmark index since October.

Bessent said he is not concerned.

U.S. Secretary Treasury Scott Bessent on Wednesday decried Europe’s “anger” and “bitterness” over Trump’s tariff threat.

Bessent urged the European Union to wait for Trump to arrive in Davos. He said he believes Europeans will be persuaded to support Trump’s concerns about Greenland once they hear his argument.

Bessent also said he is frustrated with the U.S. Federal Reserve.

The Supreme Court is hearing arguments Wednesday over Trump’s effort to oust Federal Reserve governor Lisa Cook based on allegations she committed mortgage fraud, which she denies.

No president has fired a sitting Fed governor in the agency’s 112-year history.

Trump's arrival in Switzerland has been delayed by mechancial trouble.

There was a minor electrical problem late Monday on Air Force One, the aircraft that transports the president, leading the crew to turn around the plane about 30 minutes into the flight out of an abundance of caution.

Trump boarded another aircraft, an Air Force C-32, a modified Boeing 757 normally used by the president for domestic trips to smaller airports, and continued his trip to Davos shortly after midnight.

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AP World Economic Forum: https://apnews.com/hub/world-economic-forum