Donald Trump invites global elite to invest in the US in his speech at Davos Forum
The president's speech at the World Economic Forum has led to a decline in the price of Brent crude oil.
Donald Trump speaks at the Davos Forum.
"What the world has witnessed in the past 72 hours is nothing less than a revolution of common sense," declared President Donald Trump, who made his first speech to the upper echelon of the international stage Thursday at the World Economic Forum in Davos, Switzerland.
He did so remotely from the United States, where the newly inaugurated president has a busy schedule in the first days of his second term. During his speech, Donald Trump reviewed his measures regarding the national economy and recalled in a nefarious tone the policies of his predecessor in office, Joe Biden.
Alongside this, Trump invited international investors to the United States and promised policies that will curb inflation in the country.
"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," said the president, who also recalled that in his protectionist agenda, tariffs for foreign producers will be applied.
"But if you don't make your product in America, which is your prerogative, then very simply, you will have to pay a tariff," he added.
Cutting interest rates
The Republican leader also intensified pressure on the U.S. Federal Reserve (Fed), by demanding "immediately" a reduction in interest rates.
"I'll demand that interest rates drop immediately," he assured. "Likewise they should be dropping all over the world," he added.
The next Fed meeting will take place next Tuesday and Wednesday and should conclude with rates being held at their current level.
After dropping 1 percentage point since September, Fed interest rates are set at a range between 4.25% and 4.50%.
Lower oil prices
Joe Biden did not succeed in this objective during a term of office heavily marked by the war in Ukraine and rising costs in the energy sector. During the Biden administration, OPEC production only grew by 1%, slower than in previous years.
"I'm going to ask Saudi Arabia and OPEC to bring down the cost of oil. You gotta bring it down. Which frankly I'm surprised they didn't do before the election," Trump said. The energy policy of the president, who intends to promote the use of domestic resources, could provoke a reaction from OPEC in their production to compete with the United States as external competition.
"That didn’t show a lot of love by them not doing it. I was a little surprised. ... If the price came down, the Russia-Ukraine war would end immediately," he insisted.
Trump's statements affected barrel prices, which fell into the red after starting the day higher.
The price of a barrel of Brent North Sea crude for March delivery fell 0.91% to $78.30 around 4:45 p.m. GMT. Its U.S. equivalent, West Texas Intermediate barrel, for delivery the same month, dropped 1.07% to $74.65.
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