Investing.com – President Donald Trump recently spoke to world leaders in Davos and outlined his plans to reduce oil costs and restore production in the United States. He announced his intention to ask Saudi Arabia and other OPEC nations to lower oil prices, and reiterated his threat to use tariffs to drive up US production.
Trump has also expressed his desire for an immediate reduction in interest rates, blaming the high rates of economic hardship under the administration of his predecessor, Joe Biden. He attributed these economic issues to $8 trillion in wasteful spending and restrictive energy policies.
In his speech, Trump said his second term would focus on using tariffs to promote US manufacturing. He warned that products not made in the US would be subject to tariffs, which he said would lead to billions, and potentially trillions, of dollars in the US Treasury.
Trump also praised the commitments of companies investing in the US, such as SoftBank ( TYO: ) Group Corp plans. to build intelligence structures and the Prince of Saudi Arabia, Prince Mohammed Bin Salman to increase investment and trade with the US by 600 billion dollars. . Trump said he would push the crown prince to increase that number to $1 trillion.
The president predicted that lower oil prices could reduce inflation and allow interest rates to fall. He also suggested that this would pressure Russia to end the war in Ukraine.
Following his opening remarks, Trump answered questions from WEF President Borge Brende and a select group of executives, including Blackstone (NYSE:) Stephen Schwarzman, Bank of America Corp (NYSE:) Brian Moynihan.
In his current term, Trump has promised to end undocumented immigration and has reiterated plans to impose tariffs on Mexico and Canada. He also indicated that tariffs on China and the European Union are on the table.
Trump has moved to reverse Biden-era policies on climate change, while increasing US oil production and replenishing oil reserves. His plans to boost domestic energy production come as European industry grapples with rising energy costs.
This article is powered by AI and updated by an editor. For more information see our T&C.