In a highly anticipated video address at the World Economic Forum (WEF) in Davos, U.S. President President Donald Trump delivered a bold ultimatum to global business leaders: manufacture products in the United States or face tariffs.
Speaking from the White House, Trump promoted his economic agenda, emphasizing tax cuts, deregulation, and stricter immigration policies. However, his message to corporations stood out. “Come make your product in America, and we will give you among the lowest taxes of any nation on earth,” he declared. “But if you don’t, then very simply, you will have to pay a tariff.”
The speech, broadcast on giant screens in the Swiss Alpine village, received mixed reactions from the audience, which included political and business heavyweights. Trump also linked the ongoing Russia-Ukraine war to global oil prices, suggesting that lower crude prices could help end the conflict. “If the price came down, the Russia-Ukraine war would end immediately,” he claimed.
Trump’s remarks extended to monetary policy, where he called for central banks to lower interest rates, signaling his intention to influence the independent Federal Reserve.
Fielding Questions from Industry Leaders
During the address, Trump engaged with top executives from banking and energy sectors. Stephen Schwarzman, CEO of Blackstone, humorously remarked, “I’m sure the crown prince of Saudi Arabia will be really glad you gave this speech today.” Trump responded with a mix of commendation and critique, as he addressed the leaders individually.
Patrick Pouyanne, head of French energy giant TotalEnergies, inquired about guarantees for liquefied natural gas (LNG) supplies to Europe. Trump replied, “If we make a deal, we make a deal. You’ll get it.”
He praised Ana Botin, CEO of Spanish banking group Banco Santander, for her leadership, calling her work “fantastic.” However, Trump had stern words for Bank of America CEO Brian Moynihan, accusing the institution of discriminating against conservatives. “I hope you’re going to open your banks to conservatives because what you’re doing is wrong,” Trump said pointedly.
Trump and Milei: Ideological Allies
Trump’s virtual presence was not the only highlight of the day. Hours earlier, Argentina’s libertarian President Javier Milei delivered a fiery speech at the forum, denouncing “the mental virus of woke ideology.” Milei praised Trump, expressing hope that he would lead America back to freedom, and defended Tesla and SpaceX CEO Elon Musk, calling him a victim of “wokeism” following controversial hand gestures that stirred backlash.
Divisive Reception
Trump’s address, coinciding with his recent inauguration, attracted significant attention but also sparked criticism. Some attendees, including World Trade Organization (WTO) chief Ngozi Okonjo-Iweala, cautioned against escalating global tensions through tariffs. “Let’s not hyperventilate,” Okonjo-Iweala quipped during a panel discussion, warning that retaliatory tariffs could have devastating effects on the global economy.
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