US President Donald Trump issued a blunt warning to global elites in a video message to the World Economic Forum on Thursday: Make your products in the United States or face tariffs.
Broadcast on a giant screen in the Swiss Alpine village of Davos, Trump received a loud round of applause from political and business A-listers who had eagerly awaited his appearance all week.
Speaking from the White House, Trump touted his plans to cut taxes, deregulate industries, and crack down on illegal immigration. But he also delivered a tough message.
"Come make your product in America, and we will give you among the lowest taxes of any nation on Earth," Trump said. "But if you don’t make your product in America—which is your prerogative—then very simply, you will have to pay a tariff."
In his wide-ranging speech, Trump linked the war in Ukraine to rising oil prices, claiming that he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to reduce crude prices.
"If the price came down, the Russia-Ukraine war would end immediately," he said.
Trump then fielded questions from top executives, including those from Bank of America, Blackstone, Banco Santander, and French oil and gas giant TotalEnergies.
Trump at Davos: A Draw for Global Leaders
Trump remains a major draw in Davos, having made waves during his two previous in-person appearances in 2018 and 2020. However, attending this year’s forum was more challenging, as it coincided with his inauguration in Washington on Monday.
A sizable crowd stood in line to hear him speak, including notable figures like European Central Bank President Christine Lagarde, Polish President Andrzej Duda, and Croatian Prime Minister Andrej Plenkovic.
Trump Fans and Allies
One of Trump's biggest international cheerleaders, Argentina’s libertarian President Javier Milei, took the stage hours before Trump, delivering a fiery speech against "the mental virus of woke ideology."
Milei declared that Argentina was "re-embracing the idea of freedom" and expressed hope that Trump would do the same for America.
He praised like-minded leaders such as Trump, Italian Prime Minister Giorgia Meloni, Israeli Prime Minister Benjamin Netanyahu, Hungarian Prime Minister Viktor Orban, and El Salvador’s President Nayib Bukele.
"An international alliance of free nations is slowly taking shape," he said.
Milei also defended his "dear friend" Elon Musk, the US billionaire and Trump ally, who caused a stir this week after making hand gestures at an inauguration event that drew comparisons to a Nazi salute.
Milei insisted that Musk had been "unfairly vilified" by "wokeism" for what he called "an innocent gesture that only means... his gratitude to the people."
A Sneak Peek of What's to Come
Trump gave Davos a taste of what is to come after his inauguration, which coincided with the first day of the WEF. He has already threatened tariffs on China, the European Union, Mexico, and Canada, pulled the United States out of the Paris climate agreement, and renewed his claim over the Panama Canal, among other bold moves.
His plans to cut taxes, reduce the size of the federal government, and deregulate industries likely resonated with many business leaders. However, economists warn that such policies could rekindle inflation.
US trade partners and rivals had an opportunity to react to his policies earlier in Davos, bracing for a second round of his "America First" approach.
Global Reactions
Without directly naming Trump, Chinese Vice Premier Ding Xuexiang warned: "There are no winners in a trade war."
European Commission President Ursula von der Leyen signaled that Brussels was ready to negotiate with the US, though she reiterated the EU’s commitment to the Paris climate accord, in contrast to Trump’s stance.
World Trade Organization (WTO) Chief Ngozi Okonjo-Iweala cautioned against escalating trade tensions, urging cooler heads to prevail during a WEF panel discussion on tariffs. "Please, let’s not hyperventilate," she quipped. "I know we’re here to discuss tariffs, but I’ve been telling everyone: Could we chill?"
Laurent Thomet and Raziye Akkoc with AFP
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