(AP) — Corporate chiefs and government leaders, including U.S. President Donald Trump, are in Davos, Switzerland, this week, joining an elite annual meeting that promotes dialogue and economic progress, even as actions from Washington have upended the global order and billionaires have reaped trillions in new wealth as the poor lag behind.

French President Emmanuel Macron said Tuesday that the European Union “should not hesitate” to use the trade bloc’s anti-coercion instrument in face of Trump’s tariff threats over Greenland.

Unofficially known as the “trade bazooka,” the anti-coercion instrument could sanction individuals or institutions found to be putting undue pressure on the EU. In addition, the EU has two other major economic tools it could use to pressure Washington: new tariffs, or a suspension of the U.S.-EU trade deal.