Germany's Chancellor Friedrich Merz delivers a special address during the World Economic Forum (WEF) annual meeting in Davos on January 22, 2026. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by Fabrice COFFRINI / AFP via Getty Images)

A photograph taken on January 22, 2026 shows a message reading "No Imperialism" written in the snow in the Alpine resort of Davos during the World Economic Forum (WEF) annual meeting. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by INA FASSBENDER / AFP via Getty Images)

Germany's Chancellor Friedrich Merz delivers a special address during the World Economic Forum (WEF) annual meeting in Davos on January 22, 2026. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by Fabrice COFFRINI / AFP via Getty Images)

Switzerland's President Guy Parmelin (L) shakes hands with US Trade Representative Jamieson Greer during a bilateral meeting on the sidelines of the World Economic Forum (WEF) annual meeting in Davos on January 22, 2026. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by LAURENT GILLIERON / POOL / AFP via Getty Images)

Germany's Chancellor Friedrich Merz delivers a special address during the World Economic Forum (WEF) annual meeting in Davos on January 22, 2026. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by Fabrice COFFRINI / AFP via Getty Images)

Germany's Chancellor Friedrich Merz delivers a special address during the World Economic Forum (WEF) annual meeting in Davos on January 22, 2026. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by Fabrice COFFRINI / AFP via Getty Images)

Germany's Chancellor Friedrich Merz delivers a special address during the World Economic Forum (WEF) annual meeting in Davos on January 22, 2026. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by Fabrice COFFRINI / AFP via Getty Images)

Switzerland's President Guy Parmelin (L) shakes hands with US Trade Representative Jamieson Greer during a bilateral meeting on the sidelines of the World Economic Forum (WEF) annual meeting in Davos on January 22, 2026. The World Economic Forum takes place in Davos from January 19 to January 23, 2026. (Photo by LAURENT GILLIERON / POOL / AFP via Getty Images)