US President Donald Trump has addressed the World Economic Forum at Davos, Switzerland, speaking remotely to the people present.
This marks his first major speech to global business and political leaders.
Trump began his first global address by repeating many of the sentiments that defined his campaign rallies and inaugural speech.
He claimed a “golden age” had begun in the US, hailing a “revolution of common sense.”
He quickly jumped to attacks on the administration of former President Joe Biden and touted his early rollback of Biden-era executive orders.
“ President Biden totally lost control of what was going on in our country, but in particular with our high inflation economy and at our border.”
Donald Trump
Also, Trump called on world business leaders to produce in US.
“My message to every business in the world is very simple: come make your product in America, and we will give you among the lowest taxes of any nation on Earth.
“We’re bringing them down very substantially, even from the original Trump tax cuts. But if you don’t make your product in America, which is your prerogative, then very simply you will have to pay a tariff.”
Donald Trump
He added that those tariffs will be “differing amounts” but they “will direct hundreds of billions of dollars, and even trillions of dollars, into our treasury to strengthen our economy and pay down debt.”
Trump has repeatedly pledged to use tariffs to boost domestic manufacturing despite economists warning that it could backfire, leading to a trade war that may damage the US economy.
Trump turned to international oil prices, connecting them directly to Russia’s invasion of Ukraine.
Trump disclosed that he’s going to ask “Saudi Arabia and OPEC to bring down the cost of oil, which, frankly, I’m surprised they didn’t do before the election.” “That didn’t show a lot of love by them not doing it. I was a little surprised by that,” he said.
“If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that that war will continue. You got to bring down the oil price. You could end that war.”
Donald Trump
Trump also praised reports that Saudi Arabia would invest $600bn in the US.
He said that he would ask the kingdom to round it up to $1 trillion.
Trump Iterates Appeal For NATO Members To Increase Defence Spending
Moreover, Donald Trump asserted that the US is “moving quickly to bring back strength and peace and stability abroad”, while repeating his appeal for NATO members to increase defence spending to 5 percent of their GDP, “which is what it should have been years ago.”
The US President’s appeal for 5 percent is an increase from the previous 2 percent commitment – and it is considered impossible for many members of the alliance to meet.
Trump then vowed to bring an end to Russia’s invasion of Ukraine but offered few details on how he would do so. “Before even taking office, my team negotiated a ceasefire agreement in the Middle East, which wouldn’t have happened without us,” Trump said, referring to the Gaza ceasefire.
Trump again said that his administration is looking at responding to what he characterised as unfair trade relations between the US and the EU.
On Tuesday, Trump had decried “a $350bn deficit” with the bloc, saying they were “in for tariffs.”
During the Q&A portion of his Davos appearance, Trump noted, “From the standpoint of America, the EU treats us very, very unfairly, very badly.”
He accused the EU of making it “very difficult” to sell farm products and vehicles to Europe, adding, “And yet they expect to be selling and they do sell their products in the USA.”
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