Ray Wang, founder of Constellation Research, previews President Donald Trump's special speech at the World Economic Forum on “Varney & Company.”
the president Donald Trump On Thursday, he gave a virtual speech to the World Economic Forum in Davos, Switzerland, where he discussed how his tax plans would encourage companies to make products in America or face tariffs.
To further liberalize our economy, our majorities in the House and Senate, which we also undertook with the President, the largest tax cuts in American history, including massive tax cuts for workers and families and large tax cuts for domestic We will approve Trump said producers and producers.
Parts of the original trump Tax reduction — including lower tax rates for individuals as well as the expanded standard deduction and child tax credit — expire at the end of 2025 if not extended. “We are working with the Democrats to extend the original Trump tax cuts, as you probably know by reading every article,” Trump said.
My message to every business in the world is simple: come make your product in America and we'll give you one of the lowest taxes of any country on earth. ” said the president.
Since winning the election, Trump has made huge investments in America
In his speech at the World Economic Forum on Thursday, US President Donald Trump outlined his tax plans and urged companies to manufacture their products in the US to avoid tariffs. (Scott Olson/Getty Images/Getty Images)
But if you don't produce your product in America, which is your right, it should be very simple Pay the tariff“Different amounts, but a tariff that would direct hundreds of billions, even trillions of dollars into our coffers to boost the economy and pay down the debt,” he said.
Trump campaigned for comprehensive tariffs on all imported goods in the range of 10 to 20 percent, along with a 60 percent tax on Chinese goods.
Since taking office, Trump has announced plans to start with 10 percent tariffs on China, in addition to 25 percent tariffs on Canada and Mexico starting February 1.
Tariffs can be good for national security, even if inflationary: 'Get over it', says Jimmy Dimon
President-elect Donald Trump speaks alongside SoftBank Chairman and CEO Masayoshi Son at Mar-a-Lago in Palm Beach, Florida on December 16, 2024. (Reuters/Brian Snyder/Reuters)
“Under the Trump administration, there will be no better place on earth to create a job, build a factory or grow a company than here in the good old USA,” the US president told the Davos audience.
Trump went on to point to several recent investment announcements as signs of growing business optimism about the U.S. economy, including several investment deals he helped facilitate.
Report: Saudi prince to invest $600 billion in the United States in the next 4 years
Saudi Arabia's Crown Prince Mohammed bin Salman shakes hands with President Donald Trump during the Group of 20 summit in Osaka, Japan on June 29, 2019. (Bander al-Gloud / Courtesy of the Royal Court of Saudi Arabia / Handout via Reuters / File photo / Reuters photo)
Due to the election results, Softbank has announced an investment between 100 and 200 billion dollars in the American economy, and just two days ago, Oracle, SoftBank and OpenAI He said: 500 billion dollars have been invested in artificial intelligence infrastructure.
Trump continued: Other companies have also announced billions and billions and billions of investments in America. Among these other contracts is a $20 billion investment by UAE-based DAMAC, which plans to Construction of data centers In the Sun Belt and Midwest.
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“And it's also been reported in the papers today that Saudi Arabia will invest at least $600 billion in America, but I'm asking the crown prince — who's a wonderful person — to increase that to about $1 trillion,” the president said. deliver it”. . “I think they will because we've been so good to them.”