Weekend Edition: the strategy behind Trump’s territorial intent
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Friday 23rd January 2026
Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.
Tom Holland, deputy global research director at Gavekal, argues that Donald Trump’s flurry of geopolitical moves — from abducting Nicolás Maduro to threatening Iran and making claims on Greenland — is best read as strategic signalling aimed at China rather than random headline chasing. By disrupting Venezuelan and potentially Iranian oil flows, Washington is reminding Beijing how exposed it is to imported energy, while the sudden fixation on Greenland reflects US fears of China and Russia expanding into an increasingly accessible Arctic. Layered on top is a deep contradiction in Trump’s promise of “energy dominance”: US drillers need high prices to invest, while Trump promises voters cheap fuel. Markets, meanwhile, have largely tuned out of the geopolitical noise. The result, Tom says, is a mix of genuine strategic messaging and Trump’s trademark “flood the zone” chaos — a pattern that will shape, and probably destabilise, the months ahead.
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