Close X
Tuesday, February 11, 2025
ADVT 
International

Trump tells Davos elite to invest in US or face tariffs

Darpan News Desk The Canadian Press, 23 Jan, 2025 11:43 AM
  • Trump tells Davos elite to invest in US or face tariffs

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.

Trump, who promised to end the Russia-Ukraine war before taking office, said it remained a top priority, but he offered few clues for how he would do so.

“One thing very important: I really would like to be able to meet with President Putin soon and get that war ended,” Trump told the Davos audience. “We really have to stop that war. That war is horrible”

Earlier in his address to the forum, Trump laid blame on the OPEC+ alliance of oil exporting countries for keeping the price of oil too high for much of the nearly three-year war. Oil sales are the economic engine driving Moscow’s economy.

“If the price came down, the Russia-Ukraine war would end immediately,” Trump said. He added about OPEC+, “They are very responsible to a certain extent for what’s taking place.”

Oil prices have more recently slumped due to weaker-than-expected demand from China as well as increased production from countries such as Brazil and Argentina that aren’t in OPEC+.

In the largest hall in the Davos Congress Center — seating capacity 850 — Trump’s appearance drew nearly standing-room-only turnout. The crowd included diplomats, human rights advocates, academics and business leaders. His return to the White House and his barrage of executive orders have been the talk of the town this week in the snowbound Swiss town.

At times, Trump drew a few groans, like when he derided “inept” members of the outgoing Biden administration. The loudest laughter came when WEF President Borge Brende said Trump had called Chinese President Xi Jinping over the weekend, and the U.S. leader quickly corrected him: “He called me.”

MORE International ARTICLES

Death toll in deadly flooding and landslides in Indonesia rises to 21

Death toll in deadly flooding and landslides in Indonesia rises to 21
Waters from flooded rivers tore through nine villages in Pekalongan regency of Central Java province and landslides tumbled onto mountainside hamlets after the torrential rains Monday.

Death toll in deadly flooding and landslides in Indonesia rises to 21

Teen fatally shoots a female student and himself at Antioch High School in Nashville, police say

Teen fatally shoots a female student and himself at Antioch High School in Nashville, police say
A female student was killed and another student was wounded Wednesday in shooting in a Nashville high school cafeteria, police said. The 17-year-old shooter, who was also a student at Antioch High School, later shot and killed himself with a handgun, Metro Nashville Police spokesperson Don Aaron said during a news conference.

Teen fatally shoots a female student and himself at Antioch High School in Nashville, police say

At least 76 have been killed in a hotel fire at a ski resort in northwestern Turkey

At least 76 have been killed in a hotel fire at a ski resort in northwestern Turkey
The death toll from a fire that raged through a hotel at a ski resort in northwestern Turkey on Tuesday has risen to 76, Interior Minister Ali Yerlikaya said. Yerlikaya said 45 of the dead have been identified while efforts to identify the other victims were continuing.

At least 76 have been killed in a hotel fire at a ski resort in northwestern Turkey

Student from Hyderabad shot dead in Washington

Student from Hyderabad shot dead in Washington
A 26-year-old student from Hyderabad was killed when unidentified assailants opened fire on him in Washington DC. K. Ravi Teja’s family members received the shocking news on Monday. The student died on the spot when he was shot at a gas station.

Student from Hyderabad shot dead in Washington

10 Pakistanis dead, 36 rescued in boat capsize tragedy near Morocco

10 Pakistanis dead, 36 rescued in boat capsize tragedy near Morocco
As per details, at least 50 illegal migrants including Pakistani nationals have already drowned in the incident. Reports suggest that the boat was carrying people illegally into Spain’s Canary Islands through West Africa.

10 Pakistanis dead, 36 rescued in boat capsize tragedy near Morocco

What to know about the devastation from the Los Angeles-area fires

What to know about the devastation from the Los Angeles-area fires
The blazes that began Jan. 7 have destroyed thousands of homes and killed at least 25 people, with nearly 30 missing. The conflagrations fueled by dry Santa Ana winds have scorched a total of at least 63 square miles (163 square kilometers) of land, forcing thousands of people to flee their homes, stretching firefighting efforts thin, knocking out power to tens of thousands and making the water unsafe to drink in some areas.

What to know about the devastation from the Los Angeles-area fires

PrevNext