Donald Trump pitches ‘Make in US’ initiative at Davos, Urges Opec countries to slash oil prices
Donald Trump delivered a significant address at the World Economic Forum in Davos on January 23, 2025, marking his first major speech since returning to the presidency. His remarks focused on two main initiatives: the ‘Make in US’ initiative and urging OPEC to reduce oil prices.
‘Make in US’ Initiative
In his speech, Trump emphasized the need for global companies to manufacture their products in the United States, promising among the lowest tax rates globally as an incentive. He stated, “Come make your product in America and we will give you among the lowest taxes of any nation on Earth,” while warning that those who choose not to comply would face tariffs on imports. Trump further pledged to implement substantial tax cuts, even more significant than those from his previous administration, and proposed eliminating ten regulations for every new one introduced to foster a pro-business environment.
Trump’s address was characterized by a confrontational tone towards international business practices, suggesting that tariffs would apply broadly, including to allies such as Canada and the European Union. He aimed to position the U.S. as an attractive hub for manufacturing and investment by promising economic reforms that would enhance job creation and corporate growth.
Urging OPEC to Slash Oil Prices
In addition to his manufacturing initiative, Trump called on OPEC countries, particularly Saudi Arabia, to lower oil prices. He argued that reducing these prices could help end the ongoing conflict in Ukraine by diminishing financial support for Russia’s military efforts. Trump stated, “If the price came down, the Russia-Ukraine war would end immediately,” highlighting his view that high oil prices were prolonging the war. His comments came after discussions with Saudi Crown Prince Mohammed bin Salman, where he expressed surprise that OPEC had not already acted to lower prices before the elections.
Trump’s address also included a demand for immediate interest rate cuts from the Federal Reserve to bolster both the U.S. and global economies, asserting that current rates contributed to economic instability.
Trump’s speech at Davos reflects his administration’s focus on revitalizing American manufacturing through aggressive economic policies and addressing global energy dynamics as part of his broader strategy for economic recovery.