WASHINGTON (AP) — In a video address to the World Economic Forum on Thursday, President Donald Trump offered global leaders lower taxes in exchange for bringing manufacturing to the United States, while threatening tariffs as an alternative.
Addressing the forum from the White House on his third day in office, Trump highlighted his executive actions and claimed a strong mandate for change. He proposed a strategy of incentives and penalties to encourage private investment within the U.S.
“Bring your manufacturing to America, and we’ll offer you some of the lowest taxes globally,” Trump stated. “However, if you choose not to manufacture in America, you will face tariffs – varying amounts – diverting hundreds of billions, even trillions, of dollars into our treasury, boosting our economy and reducing our national debt.”
Trump, who spoke with Saudi Arabia’s crown prince on Wednesday, also mentioned Saudi Arabia’s proposed $600 billion investment in the U.S., suggesting an increase to $1 trillion. This remark elicited laughter from the Davos audience.
Introducing Trump, Davos founder Klaus Schwab emphasized the significance of the president’s return and agenda to the summit’s discussions. He invited Trump to attend in person next year.
Trump, who had previously pledged to end the Russia-Ukraine war, reiterated its importance as a priority but provided limited details on his approach.
“It’s crucial that I meet with President Putin soon to resolve this war,” Trump told the Davos audience. “We must stop this devastating conflict.”
Earlier, Trump blamed the OPEC+ alliance for maintaining high oil prices, a key factor in fueling the Russia-Ukraine war. He asserted that lower oil prices would swiftly end the conflict, stating that OPEC+ bears some responsibility for the ongoing situation.
“Lower oil prices would immediately end the Russia-Ukraine war,” Trump said. He added regarding OPEC+, “They are partly responsible for what’s happening.”
Recently, oil prices have declined due to weaker-than-expected Chinese demand and increased production from non-OPEC+ nations like Brazil and Argentina.
___
Keaton reported from Davos, Switzerland. Associated Press Writer Aamer Madhani in Washington contributed to this report.