In his first address to global business leaders since taking office, U.S. President Donald Trump called for significant reductions in oil prices, interest rates, and taxes. Speaking remotely at the World Economic Forum (WEF) in Davos, Switzerland, on January 23, 2025, Trump urged international cooperation in these areas and made it clear that tariffs would be imposed on countries that choose to produce goods abroad.
“I will demand immediate reductions in interest rates, and I expect this to happen globally,” Trump declared. He also called on Saudi Arabia and OPEC to lower oil prices to ease global economic pressure.
Markets reacted to Trump’s comments with volatility, as oil prices dipped, and both the euro and U.S. dollar fluctuated. The President also reserved sharp criticism for traditional U.S. allies, including Canada and the European Union, repeating threats of new tariffs while blaming these regions for the U.S.’s trade imbalances.
“We demand respect from other nations. We won’t tolerate a huge deficit with Canada or anyone else,” Trump said. His comments were met with applause from the audience at Davos.
Trump’s speech focused on his rapid actions since taking office, including critiques of his predecessor Joe Biden’s policies on climate change and diversity. He emphasized his commitment to reducing inflation through a blend of tariffs, deregulation, tax cuts, and a crackdown on illegal immigration. Trump also reaffirmed his dedication to positioning the United States as a leader in artificial intelligence, cryptocurrencies, and fossil fuels. He criticized the high taxation levels within the European Union and stressed that the U.S. holds the world’s largest reserves of oil and gas, promising to capitalize on them to reduce the cost of goods and services.
The address also included more familiar remarks from Trump, such as claims that the U.S. had the cleanest air and water during his first term and that he had won the 2020 election with a large mandate. Business leaders in attendance, including Bank of America CEO Brian Moynihan and Blackstone Group CEO Stephen Schwarzman, expressed interest in hearing more concrete plans from the President, particularly regarding the proposed tariffs.
Trump has already started implementing aggressive policies, including a rapid crackdown on immigration, an expansion of domestic energy production, and threats to impose tariffs on key trading partners like the EU, China, Mexico, and Canada. He has also withdrawn the U.S. from global agreements such as the Paris climate pact and the World Health Organization, and he continues to pursue a policy agenda that emphasizes national interests over international cooperation.
At the WEF, Trump’s speech drew mixed reactions. While some business executives cheered his plans, others expressed concern over the unpredictability of his trade policies and their potential impact on global markets.
