Trump tells Davos elite to invest in US or face tariffs
Jan 23, 2025, 9:40 AM
US President Donald J. Trump is shown on screens as he addresses via remote connection a plenary session in the Congress Hall, during the 55th annual meeting of the World Economic Forum (WEF), in Davos, Switzerland, Thursday, Jan. 23, 2025. (Michael Buholzer/Keystone via AP)
Credit: ASSOCIATED PRESS
(Michael Buholzer/Keystone via AP)
WASHINGTON (AP) — President Donald Trump used an address Thursday to the World Economic Forum to promise global elites lower taxes if they bring manufacturing to the U.S. and threatened to impose tariffs if they don’t.
Speaking by video from the White House to the annual summit in Davos, Switzerland, on his third full day in office, Trump ran through his flurry of executive actions since his swearing-in and claimed that he had a “massive mandate” from the American people to bring change. He laid out a carrot-and-stick approach for private investment in the U.S.
“Come make your product in America and we will give you among the lowest taxes as 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 — differing amounts — but a tariff, which will direct hundreds of billions of dollars and even trillions of dollars into our treasury to strengthen our economy and pay down debt under the Trump administration.”
Trump, who spoke Wednesday to Saudi Arabia’s crown prince, also said Thursday that the kingdom wants to invest $600 billion in the U.S. but that he would ask Crown Prince Mohammed bin Salman to increase it to $1 trillion. The remark drew some laughter from the crowd in the hall in Davos.
Introducing Trump, Davos founder Klaus Schwab told the new president that his return and his agenda have “been at the focus of our discussions this week.” He invited Trump to speak at the summit in person next year.
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Keaton reported from Davos, Switzerland.
