During the World Economic Forum in Davos, Switzerland, US President Donald Trump informed business executives that he wants to reduce global energy costs, interest rates, and taxes. He also threatened to impose tariffs on companies who manufacture their goods elsewhere.
“I’ll insist on an instant reduction in interest rates. Similarly, they ought to be plummeting everywhere,” Trump stated at a video conference on Thursday. “I will also request that Saudi Arabia and OPEC lower the price of oil.”
At a time when markets are tense over Trump’s intentions for significant taxes on imported products, the comments were the first made by the four-day-old president to international business and political leaders.
As Trump spoke, oil prices fell, the euro fell, and the US currency fluctuated between gains and losses vs a basket of other currencies.
Some of his most severe criticism was directed at longstanding US allies Canada and the European Union, which he blamed for the US’s trade goods imbalance with them and threatened with additional tariffs once more.
“We will be expecting respect from other countries, which is one of our demands. Canada. Our imbalance with Canada is enormous. That won’t exist anyplace,” he declared.
He also harshly criticized Joe Biden, his predecessor, and the ideas that have dominated Davos for years, including diversity and climate change programs. Biden’s predecessor, former US Secretary of State John Kerry, was clearly uncomfortable as he listened.
Along with his crackdown on illegal immigration and his pledge to turn the US into a center for fossil fuels, cryptocurrency, and artificial intelligence, Trump also pledged to lower inflation through a combination of tax cuts, deregulation, and tariffs. He also took issue with the European Union’s taxing policies.
Trump declared, “The United States has the most oil and gas of any nation on Earth, and we’re going to use it.” “This will make the United States a manufacturing superpower and lower the cost of almost all goods and services.”
A few business leaders had the chance to openly challenge the president at the Davos conference about matters that impact their companies or, in some situations, their particular investments, initiatives, and interests.
Trump reiterated many well-known lies, including that the US had the cleanest air and water during his first term, that he won the US by a wide margin, and that the US had a “Green New Deal” that he had revoked.
Among the corporate executives were Stephen Schwarzman, CEO of Blackstone Group, Brian Moynihan, CEO of Bank of America, Patrick Pouyanne, CEO of TotalEnergies, Borge Brende, and Klaus Schwab, founder of WEF.
Polish President Andrzej Duda was among the more than a thousand CEOs, politicians, and other international guests who crowded the convention’s main auditorium to hear Trump’s speech.
Following Trump’s threat of imposing sweeping import charges and his suggestion that they may begin on February 1, business leaders are keen to learn more about his specific tariff proposals.
Trump has acted swiftly to increase American energy output, tighten down on immigration, and threaten to levy high tariffs on China, Mexico, Canada, and the European Union.
Additionally, Trump has pulled the US out of the Paris Climate Accord and the World Health Organization. Although other nations might not follow suit, he claims he will rename the Gulf of Mexico the Gulf of America. In addition, he has vowed to reclaim the Panama Canal.
Legislators and police officers whose lives were in danger were outraged when he pardoned over 1,500 followers who invaded the US Capitol on January 6, 2021, in an unsuccessful attempt to overturn his 2020 election defeat.
Additionally, Trump has pulled the US out of the Paris Climate Accord and the World Health Organization. Although other nations might not follow suit, he claims he will rename the Gulf of Mexico the Gulf of America. In addition, he has vowed to reclaim the Panama Canal.
Legislators and police officers whose lives were in danger were outraged when he pardoned over 1,500 followers who invaded the US Capitol on January 6, 2021, in an unsuccessful attempt to overturn his 2020 election defeat.