India, Jan. 23 -- German Chancellor Friedrich Merz on Thursday warned European allies to urgently adjust as the existing world order is "unravelling at a breathtaking pace."

Merz addressed the World Economic Forum in Davos, Switzerland, only hours after a major U-turn on Greenland by US President Donald Trump, who walked back his threats of using force to acquire the Arctic island that is part of NATO ally Denmark.

Trump also said that he would refrain from imposing additional tariffs on a group of European NATO allies that have opposed his takeover bid, which would have included Germany.

Russia's invasion of Ukraine marked the beginning of "a new era, but change runs much deeper," the German leader said.

"China, with strategic foresi...