Trump Threatens Tariffs on Companies Not Producing in US
At the World Economic Forum on Thursday, President Donald Trump urged companies to manufacture their products in the United States. During a video conference with business leaders at the annual conference in Davos, Switzerland, Trump stated that companies should establish factories in the United States.
"My message to all companies around the world is very simple: come make your product in the United States, and we will give you one of the lowest tax rates of any country in the world," Trump said. "But if you don't make your product in the United States, which is your choice, then you're just going to have to pay a tariff."
"Different numbers, but a tariff that will bring in hundreds of billions of dollars, even trillions of dollars, into our treasury to strengthen our economy and pay down debt," Trump added.
Trump began his presidency on Monday without immediately imposing the tariffs he had promised voters, including a 10% tariff on global products and 60% on Chinese goods. However, he said Canada and Mexico faced a 25% tariff on February 1 for goods they send to the United States due to illegal immigration and illicit drug shipments across U.S. borders. On Tuesday, Trump extended the February 1 deadline on China, threatening a 10% tariff, and said the European Union would also face tariffs.
"We are going to demand respect for our nation by other nations," he added.