Donald Trump stated that he will request that the Organization of the Petroleum Exporting Countries and Saudi Arabia lower the price of crude oil.
In a video address at the World Economic Forum in Davos on Thursday, US President Donald Trump delivered a direct warning to world leaders: Produce your goods in the US or face tariffs.
A-listers in politics and business who had been anticipating Trump’s arrival all week cheered him on as he appeared on enormous screens in the Swiss Alpine resort.
The newly elected president bragged about his plans to reduce taxes, de-regulate companies, and combat illegal immigration while speaking from the White House.
He had a harsh message, though.
“We will give you some of the lowest taxes of any country in the world if you come and manufacture your product in America,” 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.”
During his extensive speech, Trump connected oil prices to the conflict in Ukraine.
Trump stated that he would request a reduction in petroleum prices from the Organization of the Petroleum Exporting Countries and Saudi Arabia.
“If the price came down, the Russia-Ukraine war would end immediately,” he stated.
Additionally, he sent a message to central banks, stating that he would “demand that interest rates drop immediately”—a hint that he would put pressure on the US Federal Reserve, which is an autonomous institution.
Four senior banking and energy executives then questioned the US leader.
“Well, Mr. president, I’m sure the crown prince of Saudi Arabia will be really glad you gave this speech today,” said Stephen Schwarzman, CEO of the investment firm Blackstone, who put the first query.
Trump responded to each member of the group individually, combining admonition, promises, and praise.
“We will make a deal if we do. After Patrick Pouyanne, the CEO of the French energy firm TotalEnergies, asked Trump if he would agree to guarantee supplies of liquefied natural gas to Europe, Trump responded, “You’ll get it.”
He lavished admiration on Ana Botin, the president of the Spanish financial firm Banco Santander.
“You’ve done an excellent job, and I am well-versed in your bank. “Congratulations,” he said.
Trump was more critical of Brian Moynihan, the CEO of Bank of America, saying that the company and others were not willing to work with conservatives.
“You’ve done a fantastic job,” Trump stated, before adding: “I hope you’re going to open your banks to conservatives because what you’re doing is wrong.”
Milei praise
Trump has made waves at two prior in-person appearances during his first term in 2018 and 2020, making him a perennial favorite at Davos.
However, it was more difficult to attend this year because the forum began on Monday, the day of his inauguration in Washington.
People lined up to listen to him talk.
Among those in attendance were World Trade Organization head Ngozi Okonjo-Iweala, Polish President Andrzej Duda, European Central Bank leader Christine Lagarde, and IMF managing director Kristalina Georgieva.
Javier Milei, the libertarian president of Argentina, was one of Trump’s most vocal supporters on the international scene. He spoke out against “the mental virus of woke ideology” just hours before Trump did.
According to Milei, “that is what I trust President Trump will do in this new America” and Argentina was “re-embracing the idea of freedom.”
Additionally, he spoke up for his “dear friend” Elon Musk.
At a Trump loyalist and US billionaire’s inaugural ceremony this week, the billionaire made hand movements that were compared to the Nazi salute, causing a stir.
In recent hours, Musk, the CEO of SpaceX and Tesla, has been “unfairly vilified by wokeism for an innocent gesture that only means… his gratitude to the people,” according to Milei.
Let’s not hyperventilate’
Since his inauguration on Monday, which also happened to be the first day of the WEF, Trump has already offered Davos a preview of what lies ahead.
Among other things, he has withdrawn the United States from the Paris Climate Accord, slapped tariffs on China, the European Union, Mexico, and Canada, and reaffirmed his claim to the Panama Canal.
During a WEF panel discussion on tariffs on Thursday, WTO president Okonjo-Iweala urged cooler heads to prevail, cautioning that tit-for-tat levies would be “catastrophic” for the global economy.
“Please, let’s not hyperventilate,” she joked. “I am aware that the topic of our meeting is tariffs. I’ve been asking everyone whether they’d want to relax as well.
Not everyone seemed to be calmed by Trump’s arrival. One individual said, “God help us,” following his speech.
