US President Donald Trump called on world business leaders to manufacture their products in the United States or face tariffs, in his first major speech to world leaders since assuming the presidency.
Trump said, in a remote participation at the World Economic Forum in Davos, Switzerland, “Come, make your products in America and we will give you the lowest taxes compared to any other country on earth,” adding, “But if you do not manufacture your products in America, and this is your right, you will simply be forced to.” to pay customs duties.
Customs duties
On Monday, upon assuming his duties in the White House, the US President reiterated his intention to impose customs duties on some of the main trading partners of the United States, including China, as well as Canada and Mexico, which are theoretically protected by the free trade agreement between the three countries located in North America.
Trump also intends to extend and strengthen the tax cuts he approved during his first term, which expire in 2027, relying on customs duties to compensate for the decline in tax revenues.
Oil prices
In his speech, Trump also called on Saudi Arabia and the OPEC countries to “reduce oil prices,” considering that this step should have been taken before as it would have led to ending the war in Ukraine.
He said, “I will ask Saudi Arabia and OPEC to lower oil prices, and I am really surprised that they did not do so before the elections. Not doing so was not a sign of affection. If the price had been lower, the war in Ukraine would have ended immediately.”
Trump pointed out that the United States does not need any Canadian oil, gas, cars or timber, repeating his proposal that Canada become the 51st US state.
He said: “We will demand respect from other countries. Dealing with Canada has been very difficult over the years.”
Interest
In the context of the American economy, Trump said that he would request an immediate reduction in interest rates, calling on other countries to follow suit.
Trump added: “With oil prices falling, I will demand that interest rates be lowered immediately, and they must likewise be lowered around the world.”
