In Davos, Switzerland, on January 23 (Reuters) - U.S. President Donald Trump called on OPEC to reduce oil prices and warned global leaders that their products could face tariffs if not produced in the U.S.
Speaking via video at the conference, Trump stated, I'll demand that interest rates drop immediately and should be dropping worldwide. He also urged Saudi Arabia and OPEC to lower oil prices.
During his address, Trump emphasized a departure from established free-market norms domestically and internationally in his upcoming term.
Although Trump expressed intentions to impose tariffs, he refrained from providing precise details, leaving many on edge regarding his plans.
As Trump spoke, oil prices declined, the euro weakened, and the U.S. dollar fluctuated against other currencies. The S&P 500 U.S. stock benchmark neared an all-time high.
Addressing around 3,000 Davos attendees, Trump received cheers as he outlined the rapid changes he had initiated since his inauguration, impacting U.S. policies on diversity, climate change, and immigration.
Engaging in discussions with business executives, including Bank of America CEO Brian Moynihan and Blackstone Group CEO Stephen Schwarzman, Trump alternated between praise and critique. He singled out Moynihan and JPMorgan Chase for actions that he deemed unfavorable without offering evidence.
Trump's discourse featured a mix of criticism and compliments towards attendees, with a special focus on U.S. allies Canada and the European Union whom he threatened with additional tariffs due to trade imbalances.
We're going to be demanding respect from other nations, including Canada...We're not going to tolerate our deficit with Canada anymore, he asserted.
In his speech, Trump vowed to address inflation through a combination of measures including tariffs, deregulation, tax cuts, and strict immigration policies, while positioning the United States as a leader in various sectors including artificial intelligence, cryptocurrencies, and fossil fuels.
Trump also expressed interest in discussions with Russian President Vladimir Putin regarding the conflict in Ukraine and urged cooperation between Russia and China towards nuclear disarmament.
Presenting a series of disputed claims, Trump reiterated his commitment to promoting U.S. interests through a range of policies affecting international relationships, energy production, and government reforms.