Davos Forum: Trump Unleashes Promises and Threats on Trade, Tech, and Corporate Taxation
Former US President Donald Trump addressed the World Economic Forum in Davos, Switzerland, virtually, making bold declarations and issuing warnings.
Trade Policy
Trump emphasized the need for businesses to produce goods in America, threatening to impose tariffs of 25% on goods from Canada and Mexico and considering a 10% tariff on Chinese imports. He believes these tariffs will encourage domestic production and reduce the country's debt and inflation.
Trump also offered a tax break of 15% for businesses that move production to the US, claiming it would be the lowest corporate tax rate among major countries.
Tech Regulation
Trump criticized the European Union's antitrust actions against tech giants like Meta and Google, calling them unfair. He expressed support for American businesses, regardless of his personal views on them.
Corporate Tax Rates
Trump pledged to reduce the corporate tax rate from 21% to 15% for companies that produce in the US, promising a "tremendous buzz" and job growth.
Bank of America Accusation
Trump accused Bank of America of discriminating against conservatives, urging CEO Brian Moynihan to open the bank to conservative businesses.
Saudi Investment and Oil Prices
Trump welcomed Saudi Arabia's announced $600 billion investment, but requested an increase to $1 trillion. He also urged Saudi Arabia and OPEC to lower oil prices, believing it would end the Russia-Ukraine war and lead to lower interest rates worldwide.