You would be forgiven for assuming that there are few places less hospitable to President Donald Trump than Davos, Switzerland—home to the World Economic Forum’s annual meeting, the subject of this issue. The President gained popularity based on his ability to present himself as a foil to those who frequent Davos: for his antagonism toward expertise and the global elite, his distaste for norms and consensus-building, his pillorying of those who privilege causes like climate and international cooperation over economic self-interest. Yet Trump, whose Inauguration took place during last year’s meeting, is scheduled to appear in person this January at the conference for the first time since 2020. (If for some reason he does not attend, he will still undoubtedly be Topic A.)
[time-brightcove not-tgx=”true”]It has been a very active year for Trump beyond America’s borders, and the annual meeting provides us an opportunity to assess Year One of the second Trump Administration. As Brian Bennett and Nik Popli write, though the President campaigned on America First, his actions abroad may have caused the biggest waves. American Presidents regularly turn to foreign policy in their second term. Unburdened by a future reckoning with voters and perhaps wary of the domestic forces that can grind down a leader’s ambitions, they seek out the chance to leave a legacy outside of the U.S. The American record in the past 12 months is mixed, but the results are being felt everywhere. To measure one consequence, Charlie Campbell traveled to Zambia to explore how Africa is balancing mineral markets and the drawdown of U.S. foreign aid.
To the surprise of some, Trump has been an energetic actor on the world stage. The latest example: he began the New Year by arresting the President of Venezuela and promising to “run” the Latin American country. Elsewhere, in 2025, he helped to weaken an Iranian regime that threatened its neighbors. In one of the two major conflicts that have dominated the world stage this decade, he architected a cease-fire, with an eye toward ending major hostilities between Israel and Hamas. At the time of writing, he is trying to copy this approach to solve another intractable conflict, Russia’s invasion of Ukraine. Ironically, some of the very sort of behaviors that rub the traditional Davos crowd the wrong way made these achievements possible.
Trump shows no signs of getting up from the global chessboard. One place he has been particularly involved is trade. In this issue, economist Robert Lawrence writes about why the President’s tariffs haven’t yet tanked trade, and Neale Mahoney, former special policy adviser in the White House National Economic Council, and Adam Shaw, an adviser at the Stanford Institute for Economic Policy Research, write about why people around the world are facing an affordability squeeze. IMF managing director Kristalina Georgieva spoke to Justin Worland, and Goldman Sachs CEO David Solomon spoke to Ayesha Javed about the economic outlook for the year ahead—one that cannot be considered without understanding the intentions of the White House. While we’ve witnessed in the past year a new kind of international consensus emerging, which carries Trump’s imprint, Ian Bremmer warns that 2026 will test it. “This will be the year the bubble bursts on the President’s vision of a Trump-dictated global trade and security order,” he writes.
This year’s meeting takes place under new leadership, and two of the forum’s new leaders, Borge Brende and André Hoffmann, discuss here how their organization is adapting to an era in which global consensus-forming is out and nationalism and populism are in. A key theme for them and everyone at Davos will be AI. (Coming off our Person of the Year selection, it will be front and center for TIME in 2026 too.) Contributors to the issue, including TIME owner and Salesforce CEO Marc Benioff, attorney Amal Clooney, and investor Robert F. Smith, write about how and what they believe AI can deliver in 2026.
Elsewhere, former Chilean President Michelle Bachelet, Dell Technologies founder Michael Dell, Rockefeller Foundation president Rajiv J. Shah, McKinsey global managing partner Bob Sternfels, and WEF Young Global Leaders Angela Oduor Lungati and Hou Yifan share solutions to problems that they are focused on addressing.
Since 2018, we have partnered with the World Economic Forum to create our Davos special issue. This year’s was edited by Ayesha Javed. Our hope is that it proves not only a useful guide for those in attendance but also a frame for seeing what will come in 2026.
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