President Donald Trump has pledged to bring down interest rates and reiterated his intention to introduce aggressive tariffs during an address at the World Economic Forum in Davos.
Speaking via video link, the speech marks Trump’s first significant address since his re-inauguration.
"I will insist that interest rates decrease without delay," Trump said, alongside urging that other countries should also lower their rates in alignment with this goal.
Trump also said he plans to ask Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to lower oil prices, claiming this would end Russia’s war in Ukraine.
Oil prices moved lower following his remarks, with crude down 1.2% at about $74.50 per barrel.
“If the price came down, the Russia-Ukraine war would end immediately,” Trump said.
Additionally, he called on NATO allies to increase their defense spending to 5% of GDP.
Trump also reiterated his commitment to imposing tariffs on countries that do not manufacture products in the US, stating: "If you don't make your product in America, you will pay a tariff.”
He said he would “obliterate” the national debt through his tariff policy, which he said could bring in “hundreds of billions, possibly trillions: of dollars for the US treasury.
The President promised lower tax rates for companies that relocate manufacturing to the US.
"Establish your production in America, and we will provide you with some of the lowest tax rates in any country worldwide," he said.
He also highlighted the need for economic self-sufficiency and aimed to position the US as a leader in both artificial intelligence and cryptocurrency, declaring intentions for the US to become the "world capital of crypto”.
Wall Steet’s reaction to Trump’s speech was muted, with stocks remaining mixed in the early afternoon.
The Dow Jones was up 0.6%, the S&P 500 added 0.1%, while the Nasdaq had fallen 0.3%.