WASHINGTON – During a video address at the World Economic Forum, President Donald Trump made a pledge to international investors, promising reduced taxes if they relocate manufacturing to the United States while warning of potential tariffs if they choose not to. This speech marked one of Trump’s earliest communications to the global economic community following his inauguration.
In his address, which was delivered from the White House on the third full day of his presidency, Trump highlighted a series of executive actions he had initiated and asserted that he held a strong mandate from the American populace to enact significant changes. He promoted a dual strategy aimed at encouraging private investment within the U.S. economy.
“Come make your product in America and we will give you among the lowest taxes of any nation on earth,” Trump stated. “But if you don’t make your product in America, which is your prerogative, then very simply, you will have to pay a tariff — differing amounts — but a tariff, which will direct hundreds of billions and even trillions of dollars into our treasury to strengthen our economy and pay down debt during the Trump administration.”
In addition to encouraging American manufacturing, Trump communicated with Saudi Arabia’s crown prince, expressing that the kingdom intends to invest $600 billion in the U.S. He expressed a desire for Crown Prince Mohammed bin Salman to elevate this investment to $1 trillion, which earned him laughter from the audience in Davos.
Klaus Schwab, the founder of the World Economic Forum, introduced Trump and noted that his administration’s agenda had been a significant topic of discussion throughout the summit. Schwab extended an invitation for Trump to attend in person the following year.
While reiterating his objective to conclude the conflict between Russia and Ukraine, Trump offered few specifics on how he planned to achieve peace. “One thing very important: I really would like to be able to meet with President Putin soon and get that war ended,” he remarked. “We really have to stop that war. That war is horrible.”
Earlier in his speech, Trump criticized the OPEC+ coalition for maintaining elevated oil prices throughout the ongoing conflict. He outlined that the revenue from oil sales significantly supports the Russian economy. “If the price came down, the Russia-Ukraine war would end immediately,” he declared, stating that OPEC+ shares some responsibility for the situation.
At the conference, oil prices have recently fluctuated downward due to lower-than-expected demand from China and a boost in production from nations outside the OPEC+ alliance, such as Brazil and Argentina.
Trump’s address attracted a nearly full house in the main hall of the Davos Congress Center, which seats 850 people. The audience comprised diplomats, human rights activists, academics, and business leaders. His recent return to the White House and the series of executive orders he has issued have been central topics of discussion in the wintery Swiss town.
While some remarks were met with groans, particularly when Trump criticized members of the outgoing Biden administration as “inept,” he did spark laughter when WEF President Borge Brende misattributed a recent phone call involving Chinese President Xi Jinping, leading Trump to clarify, “He called me.”
