Germany's Chancellor Friedrich Merz gestures as he speaks 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 (C) speaks with World Trade Organization's Director-General Ngozi Okonjo-Iweala (R) next to Switzerland's director of the State Secretariat for Economic Affairs (SECO) Helene Budliger Artieda during a World Trade Organization (WTO) Informal ministerial gathering 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)

Switzerland's President Guy Parmelin (L) speaks next to World Trade Organization's Director-General Ngozi Okonjo-Iweala during a World Trade Organization (WTO) Informal ministerial gathering 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)

Switzerland's President Guy Parmelin (R) gestures as he speaks with World Trade Organization's Director-General Ngozi Okonjo-Iweala prior to a World Trade Organization (WTO) Informal ministerial gathering 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)

Switzerland's President Guy Parmelin (C) greets Saudi Minister of Commerce Majid al-Qasabi during a World Trade Organization (WTO) Informal ministerial gathering 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)

Switzerland's President Guy Parmelin (L) speaks next to World Trade Organization's Director-General Ngozi Okonjo-Iweala during a World Trade Organization (WTO) Informal ministerial gathering 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)

Representatives attend the World Trade Organization (WTO) Informal ministerial gathering 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)

World Trade Organization's Director-General Ngozi Okonjo-Iweala (R) looks at Switzerland's President Guy Parmelin during a World Trade Organization (WTO) Informal ministerial gathering 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)