United States President Donald Trump delivered his first international speech of his second term via livestream at the World Economic Forum in Davos, Switzerland. His Thursday remarks adopted a confrontational tone in international diplomacy, renewing threats of tariffs against foreign competitors and allies alike, including the European Union (EU) and Canada.
“My message to every business in the world is very simple: Come make your product in America and we will give you among the lowest taxes of any nation on Earth,” Trump declared. “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.”
Speaking to a largely supportive audience of global business leaders, many of whom he referred to as friends, Trump reiterated key themes from his inaugural address three days earlier, vowing to usher in a “golden age” for the United States. He also criticised his predecessor, Joe Biden and the previous administration, accusing them of enabling other nations to exploit the U.S.
Trump at Davos: Here are the key highlights from Trump’s speech
Carrot and stick approach to business
Trump called on global businesses to relocate to the U.S., highlighting plans to slash corporate taxes and lower interest rates. He also touted his administration’s extensive deregulation efforts. “Under our leadership, America is back and open for business,” he said. However, he warned that companies choosing not to invest in the U.S. would face tariffs. Recent threats have included tariffs of up to 60% on Chinese goods and 25% on imports from Mexico and Canada.
Criticism of the European Union
Trump reserved particular criticism for the EU, accusing it of unfair treatment toward U.S. businesses. He pointed to antitrust actions against tech giants like Apple, Google and Facebook, describing them as unfair and akin to taxation. He also criticized EU trade practices, including barriers to U.S. agricultural products and cars, while noting a significant trade deficit with the bloc.
Canada: ‘Become a state or face tariffs”
Trump reiterated his dissatisfaction with Canada, citing trade deficits and border issues such as drug trafficking and irregular migration. While threatening high tariffs, he floated an alternative: Canada could become the “51st state” to avoid trade penalties. His remarks sparked fresh anger from Canada, a key trading partner that accounted for $356.5 billion in U.S. exports in 2022.
Ukraine and the ‘killing fields’
On the Russia-Ukraine conflict, Trump blamed high oil prices for prolonging the war, suggesting that lower prices could end it. He criticised Biden for enabling the invasion and lamented the loss of life, describing the battlefield as a “killing field.” Trump also hinted at a potential denuclearization deal with Russia, referencing past discussions with Vladimir Putin.
Opposition to climate policies
Trump reiterated his stance against climate-change initiatives, criticising the Paris Agreement and mocking proposals like the Green New Deal. He pledged to expand fossil fuel production and deregulate the energy sector, dismissing climate concerns as alarmist. However, experts warn that the ongoing climate crisis has intensified natural disasters, with 2024 being the hottest year on record and wildfires wreaking havoc in southern California.
Trump’s speech underscored his America-first agenda, emphasizing protectionist policies and a robust push for deregulation while drawing criticism for his approach to diplomacy, climate, and trade.