Trump in Davos: leaders divided over his bold "America First" agenda
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With a mix of bold policy shifts and ambitious goals, Trump’s speech left the Davos audience contemplating the implications of his "America First" vision for the global economy.
The comeback of the great old USA
Yesterday afternoon, Donald Trump delivered a speech to the World Economic Forum in Davos via video link from the White House. His address followed themes he outlined earlier in the week after being sworn in as the 47th President of the United States on Monday, January 20. Speaking to an audience of CEOs from the financial and business sectors, central bank governors, and political officials eager to hear his plans for economic and monetary policy, Trump seized the moment to declare his ambitious mission of launching a "revolution of common sense". This vision, he claimed, aims to bring America into a new golden age beginning with his second term.
The President stated that he is taking charge of a nation battered by "the worst inflation crisis in history," with $8 trillion in waste and spending deficits, and a steep rise in prices. He announced measures to reduce both inflation and costs, to be overseen by the newly created Department of Government Efficiency, co-led by Elon Musk. Trump also signaled a major shift away from the energy restrictions and green policies of the previous Biden administration, vowing a massive return to oil and gas drilling and exports.
“Produce in America or pay tariffs”
The cornerstone of Trump’s speech was trade. He urged global businesses to produce in the United States, promising corporate tax reductions while threatening those manufacturing abroad with tariffs.
Trump sharply criticized European bureaucracy and claimed that Europe treats the U.S. poorly in terms of taxation. He also addressed NATO allies' defense spending, reiterating his call for them to raise their contributions from the current 2% of GDP to 5%.
Energy policy and the Ukraine conflict
Turning to commodities, Trump argued that a drop in oil prices could end the war in Ukraine, as lower revenues would undermine Russia's ability to sustain military operations. To this end, he plans to ask Saudi Crown Prince Mohammed bin Salman and OPEC to lower oil prices, calling this the key to resolving the conflict. On the matter, Trump stated, "I hope to meet with President Putin soon" and assured that "Ukraine is ready for an agreement."
A softer stance on China
Trump adopted a less hawkish tone toward China, reassuring the audience of strong relations with Xi Jinping. He confirmed his intent to save ByteDance's social media app TikTok from the looming U.S. ban.
Ylenia De Riccardis
The comeback of the great old USA
Yesterday afternoon, Donald Trump delivered a speech to the World Economic Forum in Davos via video link from the White House. His address followed themes he outlined earlier in the week after being sworn in as the 47th President of the United States on Monday, January 20. Speaking to an audience of CEOs from the financial and business sectors, central bank governors, and political officials eager to hear his plans for economic and monetary policy, Trump seized the moment to declare his ambitious mission of launching a "revolution of common sense". This vision, he claimed, aims to bring America into a new golden age beginning with his second term.
The President stated that he is taking charge of a nation battered by "the worst inflation crisis in history," with $8 trillion in waste and spending deficits, and a steep rise in prices. He announced measures to reduce both inflation and costs, to be overseen by the newly created Department of Government Efficiency, co-led by Elon Musk. Trump also signaled a major shift away from the energy restrictions and green policies of the previous Biden administration, vowing a massive return to oil and gas drilling and exports.
“Produce in America or pay tariffs”
The cornerstone of Trump’s speech was trade. He urged global businesses to produce in the United States, promising corporate tax reductions while threatening those manufacturing abroad with tariffs.
Trump sharply criticized European bureaucracy and claimed that Europe treats the U.S. poorly in terms of taxation. He also addressed NATO allies' defense spending, reiterating his call for them to raise their contributions from the current 2% of GDP to 5%.
Energy policy and the Ukraine conflict
Turning to commodities, Trump argued that a drop in oil prices could end the war in Ukraine, as lower revenues would undermine Russia's ability to sustain military operations. To this end, he plans to ask Saudi Crown Prince Mohammed bin Salman and OPEC to lower oil prices, calling this the key to resolving the conflict. On the matter, Trump stated, "I hope to meet with President Putin soon" and assured that "Ukraine is ready for an agreement."
A softer stance on China
Trump adopted a less hawkish tone toward China, reassuring the audience of strong relations with Xi Jinping. He confirmed his intent to save ByteDance's social media app TikTok from the looming U.S. ban.
Ylenia De Riccardis