Trump pushes "America First" agenda at Davos: Invest or face tariffs

Elsewhere

In his first address to a global audience following his return to the White House, President Trump called on companies worldwide to make their products in America or face hefty tariffs.

Moon Hye-ryeon explains.

"Come make your product in America and we will give you among the lowest taxes of any nation on earth."

U.S. President Donald Trump emphasized his stance on tariffs once again in front of the global elite at the annual World Economic Forum in Davos, Switzerland, as he followed up his push to bring manufacturing into the U.S. with a threat to impose levies for foreign goods.

"But if you don't make your product in America, which is your prerogative, then very simply you will have to pay a tariff."

Speaking in a video call on Thursday at his first major appearance since his inauguration earlier this week, Trump went on to describe how these tariffs will add up to "trillions of dollars" to strengthen the U.S. economy.

This follows an earlier announcement that he plans to impose tariffs of 25 percent on Mexico and Canada starting February – alongside a 10 percent tariff for China.

During the rest of his 45-minute speech, he went on to lay out more of his vision for the U.S. economy, which includes lowering the corporate tax to 15 percent from the current 21 percent, lowering energy costs by pressuring OPEC and lowering interest rates in turn.

And in a panel discussion following his speech, he addressed the European Union for its substantial trade imbalance with the United States and condemned their regulatory actions against American tech giants such as Apple, Google, and Facebook.

His comments spurred a chain of reactions – oil prices fell, the greenback showed fluctuations, and U.S. stocks rose.

It also inspired commentary from attendees, who called for a measured response to Trump's tariff policies – cautioning against hasty retaliatory actions.

The Director-General of the World Trade Organization called for careful analysis to examine the economic impact to gauge whether they are excessive and warned that retaliatory tariffs can have disastrous effects on the global economy.

The European Union's economic commissioner echoed this sentiment, while some attendees showed a more nuanced understanding of Trump's approach to tariffs by viewing it as a bargaining tool.

Trump also advocated for a reduction in nuclear arms and urged for global cooperation at the forum, stating that he had discussed the matter with Russian President Vladimir Putin prior to the 2020 U.S. presidential election.

He revealed that Putin had been receptive to the idea of nuclear disarmament and that China would have joined the initiative – warning that Beijing is rapidly expanding its nuclear arsenal and could catch up with the U.S. in a few years.

Moon Hye-ryeon, Arirang News.