A peaceful working dinner among global financial giants, on the sidelines of the World Economic Forum in Davos, turned into a heated exchange of views among the participants.
The host was Larry Fink, co-chair of the Economic Forum and CEO of Black Rock, the world's largest fund manager with total assets exceeding $11.5 trillion.
The guest was US Secretary of Commerce and tariff theorist, Howard Lutnick.
European Central Bank President Christine Lagarde was there but left during a Eurosceptic speech by US Commerce Secretary Howard Lutnick.
According to Reuters, the Frenchwoman walked out during a segment in which Lutnick harshly criticized Europe, sparking a backlash. Organizers then closed the event before dessert on Tuesday evening, according to sources familiar with the matter.
According to the Financial Times, Lutnick caused concern among his audience with statements such as the world focusing more on coal and less on renewable energy sources. He also reportedly made disparaging comments about Europe. One attendee told the newspaper that the atmosphere in the room was "tense", while another described it as "noisy and spicy".
Among those reportedly interrupted was former US Vice President Al Gore. The US Department of Commerce stated: "Only one person blew the whistle, and that was Al Gore."
Lutnick, the final speaker of the evening, lashed out at European energy policies, calling the continent “less and less competitive” on the global stage. “We are not here to defend the status quo, but to change it,” Lutnick wrote in an op-ed in the Financial Times that day, predicting the aggressive tone he would take at Davos. According to the source, Lutnick’s criticism was seen as a direct response to statements made by Lagarde and other European leaders, who had defended the cohesion and financial strength of the continental bloc during the Forum.
While some in the audience applauded, highlighting the strength of the United States under President Trump, another faction reportedly responded with boos and disapproval. Lagarde, visibly annoyed, stood up and walked out of the room during the most heated part of the speech.
A spokesman for Lutnick downplayed the incident, saying that "only one person blew the whistle" and that "no one rushed out of the room."
Howard Williams Lutnick is an American entrepreneur and business executive, and has served as the United States Secretary of Commerce in the second Trump administration since February 21, 2025. Previously, Lutnick was CEO and chairman of Cantor Fitzgerald and BGC Group.
He was a major contributor to Donald Trump's 2020 and 2024 presidential campaigns. In November 2024, President-elect Trump nominated him to be Secretary of Commerce, and his nomination was subsequently confirmed by the Senate by a vote of 51–45 on February 18, 2025, taking office three days later. He is considered Trump's tariff theorist.
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