Global Economic Forum: Trump Issues Warning to Elites
US President Donald Trump issued a blunt warning to global elites during a video appearance at the World Economic Forum in Davos on Thursday: Make your products in the United States or pay tariffs.
The Warning
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, the recently-inaugurated president touted his plans to cut taxes, deregulate industries, and crack down on illegal immigration. However, he also had 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."
The Link to Ukraine and Oil Prices
In his wide-ranging speech, Trump made a link between the war in Ukraine and oil prices. Trump said he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries to bring down crude prices.
"If the price came down, the Russia-Ukraine war would end immediately," he said.
Central Banks and Interest Rates
He also had a message for central banks, saying he would "demand that interest rates drop immediately" — in a signal that he might pressure the independent US Federal Reserve on the matter.
Q&A Session
The US leader then fielded questions from four top banking and energy executives. Trump answered the group one by one with a mix of praise, promises, and reprimand.
"If we make a deal, we make a deal. You’ll get it," Trump said after the head of French energy giant TotalEnergies Patrick Pouyanne asked if he would agree to guarantee supplies of liquefied natural gas to Europe.
He showered the head of Spanish banking group Banco Santander, Ana Botin, with praise.
"I know very much about your bank, and you’ve done a fantastic job. Congratulations," he said.
Trump had harsher words for Bank of America chief executive Brian Moynihan, accusing the firm and others of refusing to do business with conservatives.
"You’ve done a fantastic job," Trump said, before adding: "I hope you’re going to open your banks to conservatives because what you’re doing is wrong."
Milei’s Praise
Trump is always a top draw in Davos, making waves at two previous in-person appearances during his first term in 2018 and 2020. But showing up this year was tougher as the forum happened to start on the day of his inauguration in Washington on Monday. Scores stood in line to hear him speak.
One of Trump’s biggest cheerleaders on the world stage, Argentina’s libertarian President Javier Milei, took the stage hours before Trump, delivering a fiery speech against "the mental virus of woke ideology."
Milei said Argentina was "re-embracing the idea of freedom" and "that is what I trust President Trump will do in this new America."
He also defended his "dear friend" Elon Musk.
"Let’s Not Hyperventilate"
Trump had already given Davos a taste of what is to come since his inauguration on Monday, which coincided with the WEF’s first day. He has threatened tariffs on China, the European Union, Mexico, and Canada, pulled the United States from the Paris climate pact, and renewed his claim to the Panama Canal, just to name a few.
Okonjo-Iweala, the WTO chief, called on cooler heads to prevail during a WEF panel discussion on tariffs on Thursday, warning that tit-for-tat levies would be "catastrophic" for the world economy.
"Please let’s not hyperventilate," she quipped. "I know we are here to discuss tariffs. I’ve been saying to everybody: could we chill, also?"
Trump’s appearance did not seem to calm everyone. "God help us," one person said after his speech.
Conclusion
Trump’s warning to global elites at the World Economic Forum in Davos sent a clear message: make your products in the United States or face tariffs. The US president’s tough message was met with applause from some, but criticism from others who fear the consequences of his actions.
FAQs
Q: What did Trump say about tariffs?
A: Trump said that if companies don’t make their products in the United States, they will have to pay tariffs.
Q: What did Trump say about oil prices and the war in Ukraine?
A: Trump said that if oil prices come down, the Russia-Ukraine war would end immediately.
Q: What did Trump say about central banks and interest rates?
A: Trump said he would "demand that interest rates drop immediately."
Q: Who did Trump praise during the Q&A session?
A: Trump praised the head of Spanish banking group Banco Santander, Ana Botin, and the head of French energy giant TotalEnergies, Patrick Pouyanne.
Q: Who did Trump criticize during the Q&A session?
A: Trump criticized Bank of America chief executive Brian Moynihan, accusing the firm and others of refusing to do business with conservatives.