Trump demands global rate cuts, lower oil prices at Davos
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The news: US President Donald Trump reignited his “America First” agenda during a virtual address to the World Economic Forum (WEF) in Davos, pushing for immediate global interest rate cuts and lower oil prices to tackle inflation and geopolitical tensions.
Speaking via video-link, Trump repeated his threat to impose tariffs on companies manufacturing outside the US, promising to slash corporate taxes to 15% for those who produced domestically.
He urged Saudi Arabia to lower oil prices and hailed Crown Prince Mohammed Bin Salman’s USD600 billion investment pledge, which Trump said he would pressure him to increase to USD1 trillion.
Trump also delivered strong criticism to the EU for what he said was targeting American tech firms with billion-dollar fines he characterised as “unfair taxation.”
On NATO, Trump criticised allies for failing to meet the 2% GDP defence-spending target and said he would ask all members to increase their defence spending to 5% of GDP.
On Ukraine, Trump said Kyiv was open to peace talks, that Russia must take the first step towards peace, and that high oil prices were prolonging the war.
After his address, the US president took questions from WEF President Borge Brende and a panel of executives, including Bank of America CEO Brian Moynihan, Blackstone Chairman and CEO Stephen Schwarzman, TotalEnergies Chairman and CEO Patrick Pouyanne and Banco Santander Executive Chairman Ana Botin.
When it was Moynihan’s turn, Trump took the opportunity to accuse the bank, JPMorgan and other major banks of discriminating against conservatives.
“I hope you open your banks to conservatives because what you’re doing is wrong,” he told Moynihan, who did not respond.
Trump referenced complaints from conservatives who claim financial institutions have denied them services due to their religious or political affiliations.
What they said: Some of Trump’s most noted comments included:
On interest rates and oil prices: “I’ll demand that interest rates drop immediately. And likewise, they should be dropping all over the world,” he said.
"I'm also going to ask Saudi Arabia and OPEC to bring down the cost of oil."
“If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that the war will continue.”
On Ukraine: “Well, you’re going to have to ask Russia. Ukraine is ready to make a deal.”
On the EU: “From the standpoint of America, the EU treats us very, very unfairly, very badly.”
On tariffs: “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.”
The sources: CNBC Television, Bloomberg
