WASHINGTON — In a video address delivered to the World Economic Forum, President Donald Trump promised global leaders reduced taxes if they relocate their manufacturing operations to the United States while also threatening to impose tariffs on those that opt out.
This address took place from the White House on his third day in office, where Trump highlighted a series of executive actions he had initiated since his inauguration, asserting that he has a “massive mandate” from the American populace to implement substantial changes. His message conveyed a dual approach aimed at encouraging private investment domestically.
“Bring your manufacturing to America, and we will offer some of the lowest tax rates found anywhere in the world,” Trump stated. “However, if you decide to produce your goods elsewhere, which is certainly your choice, you will be subject to tariffs of varying amounts. This policy could channel hundreds of billions, if not trillions, of dollars into our treasury, thereby bolstering our economy and reducing the national debt during my administration.”
In his address, Trump also referenced a recent conversation with Saudi Arabia’s crown prince, highlighting that the kingdom has intentions of investing $600 billion in the U.S. but expressed the desire to persuade Crown Prince Mohammed bin Salman to increase that figure to $1 trillion. This comment elicited laughter from the assembled audience in Davos.
Klaus Schwab, the founder of the World Economic Forum, introduced Trump, indicating that the new president’s return and his agenda had been central topics of discussion during the summit. Schwab extended an invitation for Trump to attend the next year’s meeting in person.
While Trump had previously pledged to work towards ending the conflict between Russia and Ukraine, he provided little insight on the methods he intended to employ for this goal. “It’s crucial for me to meet President Putin soon in order to resolve this war,” Trump told attendees. “We must put a stop to this conflict; it is horrific.”
Earlier in his address, Trump attributed the persistent high oil prices, which have been a significant factor throughout the nearly three-year conflict, to the actions of the OPEC+ countries. “If oil prices dropped, the war between Russia and Ukraine would come to a swift conclusion,” he argued, further noting that “OPEC+ bears a degree of responsibility for the ongoing situation.”
Recently, oil prices have declined, influenced by lower demand from China and increased production from non-OPEC+ nations like Brazil and Argentina.
Trump’s speech in the largest hall of the Davos Congress Center, which can accommodate 850 individuals, attracted a near-capacity audience. The attendees included a mix of diplomats, human rights advocates, academics, and business leaders. His return to the White House and rapid succession of executive orders remained a hot topic among attendees this week in the picturesque Swiss town blanketed in snow.
Reactions from the audience varied; some expressed enthusiasm while others were less receptive. Trump received groans when he criticized the “inept” members of the prior Biden administration. Laughter erupted when WEF President Borge Brende mentioned that Trump had called Chinese leader Xi Jinping, prompting Trump to immediately clarify, “No, he called me.”
The responses from the crowd were mixed. Some participants were impressed by Trump’s assertiveness and familiarity with the issues. “I found his conviction and clarity compelling. While I may not agree with him on numerous subjects, it’s evident he prepared well and knew his audience,” remarked Benedict Fontanet, a lawyer from Switzerland.
Conversely, others expressed discontent with Trump’s “America First” policies. Agnes Callamard, secretary general of Amnesty International, stated, “It is an unwavering focus on ‘making America great again’ at the cost of the rest of the globe. It prioritizes American workers while neglecting the plight of workers elsewhere in the world—there is no consideration for global needs.”
