Trump Calls for Lower Oil Prices, Tariffs and Interest Rate Cuts in WEF Address

US President Donald Trump addressed world leaders and business executives at the World Economic Forum (WEF) in Davos, Switzerland, calling for Saudi Arabia and OPEC nations to lower oil prices.

Trump criticized the economic policies of the Biden administration, attributing recent challenges, including high deficits, to regulatory and fiscal decisions made during Joe Biden's term as president.

“Over the past four years, our government racked up $8 trillion in wasteful deficit spending and inflicted nation wrecking energy restrictions, crippling regulations and hidden taxes like never before,” Bloomberg quotes Trump as saying.

The newly inaugurated president emphasized the need to confront what he termed "economic chaos," explaining that the overall goal is to re-centralize the US as the premier hub for manufacturing.

Further, Trump announced plans to press Saudi Arabia and OPEC to reduce the cost of oil, which he suggested will alleviate inflation and prompt central banks to lower interest rates.

“You gotta bring down the oil price, that will end that war. You could end that war,” he added, referring to the Russia-Ukraine war and claiming that lower prices could pressure Russia to end the conflict.

A significant part of Trump’s address was devoted to advocating for tariffs as a tool to bolster US manufacturing.

He reiterated his administration’s stance that companies manufacturing outside the US will face tariffs. Trump argued that this policy will drive significant revenue for the US, while encouraging companies to invest domestically.

“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,” he maintained to WEF attendees.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.