On Thursday, President Donald Trump declared that the “Golden Age” of America had begun, announcing that the country was “back and open for business” in his address to business and political leaders at the annual World Economic Forum in Davos, Switzerland.
Joining the event remotely from the White House, Trump discussed his decision to declare a national energy emergency early in his presidency, emphasizing his commitment to “unlock the liquid gold under our feet” and expedite the approval process for new energy infrastructure projects.
“The United States has the largest reserves of oil and gas of any country on Earth, and we’re going to use it,” he affirmed.
Trump also expressed his intention to urge Saudi Arabia and OPEC to reduce oil prices, highlighting the impact of high oil prices on global conflicts.
“If the price came down, the Russia-Ukraine war would end immediately,” he stated. “Right now, the price is high enough that the war will continue. You’ve got to bring down the oil price. You’ve got to end that war.”
The first day of the World Economic Forum coincided with Trump’s inauguration, and organizers were preparing for the potential impact of his policies on the global economy. These included threats to impose significant tariffs on China, Mexico, and Canada, reassessing military alliances, and demanding that NATO member countries contribute more.
Trump’s decision to pull out of international environmental agreements, such as the Obama-era Paris Agreement, was also a key issue on the table, having been announced on his first day in office.
Trump also signaled that he wanted to see interest rates lowered, which could put him at odds with the Federal Reserve, the independent body responsible for setting monetary policy, including interest rates.
“I’ll demand that interest rates drop immediately,” he said. “And likewise, they should be dropping all over the world. Interest rates should follow us everywhere.”
The Federal Reserve had implemented a zero interest-rate policy between March 2020 and March 2022 to help the country navigate the economic fallout from the COVID-19 pandemic.
Afterward, the Fed raised rates 11 times to address inflation, and, as inflation began to ease, the Fed cut rates three times last year. Trump also suggested offering “the lowest taxes” to international businesses that invest in the U.S.
“Come make your product in America and we will give you among the lowest taxes of any nation on earth,” he said. “But if you don’t make your product in America, you’ll have to pay a tariff.”
Trump began his second term just after a ceasefire was announced in Gaza, while Russia’s invasion of Ukraine is expected to enter its third year next month.
The World Economic Forum organizers noted the event’s potential to “reshape norms and institutions related to international cooperation.” The five-day event, attended by more than 50 heads of state, over 3,000 leaders from the public and private sectors, and hundreds of top government officials, was set to be a major occasion for global dialogue.
On Wednesday, Trump addressed Russian President Vladimir Putin, urging him to “stop this ridiculous” war with Ukraine or face consequences.
In a post on Truth Social, Trump announced that he would be forced to “put high levels of taxes, tariffs, and sanctions on anything being sold by Russia” to the United States.
“I’m not looking to hurt Russia. I love the Russian people, and I’ve always had a very good relationship with President Putin,” Trump clarified. He framed the warning as a “favor” to Russia, whose economy, he stated, was “failing.”
“Let’s get this war, which never would have started if I were President, over with,” he added.
On Thursday, Trump reiterated to world leaders that he had taken “each and every step” to reverse the “radical left” policies of the previous administration.
“Under our leadership, America is back and open for business,” he declared.