In his first major speech since returning to the White House, U.S. President Donald Trump issued a stark warning to global business leaders, urging them to manufacture their products in the United States or face steep tariffs.
Speaking remotely at the World Economic Forum in Davos, Switzerland, on Thursday, Trump reiterated his administration’s commitment to reshaping U.S. trade policies, which include potential tariffs on key trading partners such as Canada, Mexico, and China, starting February 1.
Trump, who was inaugurated earlier this week, emphasized that businesses that set up operations in the U.S. would benefit from some of the lowest tax rates in the world.
However, he made it clear that those who choose not to relocate their manufacturing to America would be subject to tariffs.
“Come make your product in America and we will give you among the lowest taxes of any nation on earth,” Trump stated, adding, “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 addition to his remarks on trade, Trump suggested that lower oil prices could end the ongoing Russia-Ukraine war, calling on Saudi Arabia and OPEC to reduce oil prices.
“If the price came down, the Russia-Ukraine war would end immediately,” he claimed.
Trump also expressed optimism about his future relationship with China, but emphasized that fairness in trade was his primary goal.
His administration’s previous tariff war with China remains a key element of his economic policy.
In a wide-ranging speech, Trump also signaled plans to pressure the Federal Reserve to lower interest rates, stating, “I’ll demand that interest rates drop immediately.”
He added that he expected interest rates to decrease globally as well.
Trump also made controversial statements regarding gender, declaring that the U.S. would adopt an official policy recognizing only two genders, male and female.
He also criticized the participation of men in women’s sports and stated that gender surgeries should be rare.
Since taking office, Trump has prioritized a significant overhaul of U.S. trade policies, with a focus on imposing tariffs and taxes on foreign countries to benefit American citizens.
He has signed an executive order directing government agencies to investigate trade deficits and unfair practices, setting the stage for more tariffs in the future.
