President Donald Trump used his first appearance to the World Economic Forum (WEF) on Thursday to warn businesses to either manufacture in America or prepare for tariffs.
Delivering his remarks virtually, Trump also promised to demand that interest rates drop “immediately” and that “interest rates should follow us all over” the world.
Trump spoke just days after taking office on Monday.
He declared that the United States would become the global leader in artificial intelligence and cryptocurrency, and he renewed his pledge to bring jobs home by slapping tariffs on goods manufactured outside the U.S.
Trump slammed the European Union’s unfair treatment of the U.S. and criticized former president Joe Biden’s “ruinous policies,” saying he would address what he described as growing “economic chaos.”
Trump suggested Canada could become another U.S. state if Ottawa and Washington fail to agree on a trade agreement.
“We love Canada, but they might be better off as part of the United States,” said Trump.
During his address to the WEF, Trump said that the U.S. is capable of meeting its own energy needs and does not require Canadian oil.
Trump also said that American lumber producers could meet the U.S. demands without relying on imports from Canada.
Trump also told the WEF that the U.S. will ask all NATO member countries to boost defence spending to 5% of GDP. Canada has said it will get to 1.76% by end of 2029-30
Trump also announced he would ask Saudi Arabia and OPEC to cut oil prices, arguing that a lower cost of crude would help end the Russia Ukraine war.
Shortly after his remarks, oil prices dropped.
In a wide-ranging speech, Trump stated he would push NATO allies to increase their defence spending to five percent of GDP.
“They need to do their fair share,” said Trump.
Trump hinted at further partnerships with Saudi Arabia, suggesting he would ask Crown Prince Mohammed bin Salman to boost an existing $600 billion USD investment pledge in the U.S. to $1 trillion USD.
Trump fielded questions from a panel of executives, including Blackstone’s Stephen Schwarzman and Bank of America’s Brian Moynihan.