WASHINGTON (AP) – President Donald Trump used a speech Thursday at the World Economic Forum to promise the world’s largest economies lower tariffs if they bring manufacturing to the US and threatened to impose tariffs if they don’t.
Speaking via video from the White House to the annual conference in Davos, Switzerland, on his third full day in office, Trump went on record about his executive actions since taking the oath of office and said he has “great authority” for America. people to bring about change. He laid out the carrot-and-stick approach to private equity investment in the US
“Come make your product in America and we’ll give you one of the lowest tariffs of any nation in the world,” Trump said. “But if you don’t make your product in America, which is your right, then quite simply, you will have to pay taxes – different amounts – but taxes, which will direct hundreds of billions of dollars and even billions of dollars. in our budget to strengthen our economy and pay off the debt under the Trump administration. “
Read more: The Greatest Moments from the 2025 TIME100 Dinner in Davos
Trump, who spoke on Wednesday with the crown prince of Saudi Arabia, also said on Thursday that the kingdom wants to invest $600 billion in the US but will ask Crown Prince Mohammed bin Salman to increase it to $1 trillion. This speech caused laughter from the crowd in the hall in Davos.
Introducing Trump, Davos founder Klaus Schwab told the new president that his return and his agenda “were central to our discussions this week.” He invited Trump to speak at the summit in person next year.
Trump, who promised to end Russia’s war with Ukraine before taking office, said it remains a priority, but offered few clues as to how he would do it.
“One very important thing: I would really like to be able to meet with President Putin soon and end that war,” Trump told the Davos audience. “We really have to stop that war. That war is bad”
Read more: Business Leaders Discuss How Collaboration Is Key to Innovation and Growth
Earlier in his speech at the forum, Trump blamed the OPEC+ alliance of oil exporting countries for keeping the price of oil so high during most of the nearly three-year war. Oil sales are the economic engine that drives Moscow’s economy.
“If the price goes down, the Russia-Ukraine war will end quickly,” Trump said. He added of OPEC+, “They are responsible to some extent for what is happening.”
Oil prices have recently fallen due to weaker-than-expected demand from China and increased production from non-OPEC+ countries such as Brazil and Argentina.
_____
Keaton reported from Davos, Switzerland. Associate Correspondent Aamer Madhani in Washington contributed to this report.
Source link
