DAVOS, SWITZERLAND:
During a video address at the World Economic Forum in Davos, US President Donald Trump issued a direct message to global elites: produce goods in the United States or face tariffs. His appearance, broadcasted on large screens in the Swiss Alps, drew applause from the political and business leaders who had eagerly anticipated his speech.
Speaking from the White House, Trump emphasized his administration’s focus on cutting taxes, reducing regulations, and addressing illegal immigration. He also offered a strong stance on economic policy: “Make your product in America and we will offer you some of the lowest taxes in the world,” he said. “But if you choose not to, you will face tariffs.”
Trump linked the ongoing war in Ukraine to oil prices, suggesting that a decrease in crude prices could quickly end the conflict. He also announced plans to urge Saudi Arabia and OPEC to reduce oil prices.
Furthermore, Trump expressed his desire for interest rates to be lowered, signaling potential pressure on the US Federal Reserve. He then answered questions from top executives in banking and energy sectors.
Stephen Schwarzman, CEO of Blackstone, humorously remarked that Saudi Arabia’s crown prince would likely appreciate Trump’s speech. Trump responded with a blend of compliments, promises, and critiques. He assured Patrick Pouyanne, CEO of TotalEnergies, that if a deal was made, it would be honored. He also praised Ana Botin, CEO of Banco Santander, for her leadership. However, he took a harsher tone with Bank of America’s CEO, Brian Moynihan, accusing the bank of refusing to work with conservative clients.
