Trump asks Davos elite to invest in the United States or face tariffs

WASHINGTON — President Donald Trump used a speech Thursday at the World Economic Forum to promise global elites would cut taxes if they brought manufacturing to the United States and threatened to impose tariffs if they didn’t do it.

Speaking by video from the White House at the annual summit in Davos, Switzerland, on his third full day in office, Trump discussed his entire series of executive actions since his inauguration and asserted that he had a “massive mandate” from the United States. people to bring about change. He presented a carrot-and-stick approach to private investment in the United States.

“Come make your product in America and we will give you some of the lowest taxes of any country on the planet,” Trump said. “But if you don’t make your product in America, which is your prerogative, then very simply, you will have to pay tariffs – different amounts – but tariffs, which will run hundreds of billions of dollars, if not billions of dollars into our treasury to strengthen our economy and pay down the debt under the Trump administration.

Trump, who spoke with Saudi Arabia’s crown prince on Wednesday, also said Thursday that the kingdom wants to invest $600 billion in the United States, but would ask Crown Prince Mohammed bin Salman to increase it to 1,000 billion dollars. This remark sparked some laughter in the room at Davos.

Introducing Trump, Davos founder Klaus Schwab told the new president that his return and his agenda had “been the focus of our discussions this week.” He invited Trump to speak in person at next year’s summit.

Trump, who promised to end the war between Russia and Ukraine before taking office, has said that remains a top priority, but he has given few clues about how he would get there.

“One very important thing: I would really like to be able to meet with President Putin soon and end this war,” Trump told the Davos audience. “We really need to stop this war. This war is horrible. »

Earlier in his speech at the forum, Trump placed blame on the OPEC+ alliance of oil-exporting countries for keeping the price of oil too high for much of the nearly three-year war. Oil sales are Moscow’s economic engine.

“If the price fell, the war between Russia and Ukraine would end immediately,” Trump said. He added of OPEC+: “They are, to a certain extent, very responsible for what is happening. »

Oil prices have fallen recently due to weaker-than-expected Chinese demand as well as increased production from countries like Brazil and Argentina that are not part of OPEC+.

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Keaton reported from Davos, Switzerland. Associated Press writer Aamer Madhani in Washington contributed to this report.