Trump Davos Remarks Target Big Banks, Oil Prices, European Regulators
President Donald Trump addressed the World Economic Forum in Davos, Switzerland, virtually on Thursday. This marked his first significant appearance at an international event since his return to the White House earlier this week.
During a 45-minute speech, Trump made several direct criticisms aimed at European regulators, whom he accused of being too harsh on U.S. tech companies. He also took aim at oil producers, claiming they were maintaining excessively high prices, and made remarks about big banks that he suggested were denying services to conservative entities.
Trump called upon countries around the globe to invest in the United States, emphasizing the appeal of low tax rates and a more relaxed regulatory environment. “The United States has the largest amount of oil and gas of any country on Earth, and we’re going to use it,” he stated.
He continued, saying, “Not only will this reduce the cost of virtually all goods and services, it will make the United States a manufacturing superpower, and the world capital of artificial intelligence and crypto.” These statements underscore his administration’s focus on fostering a business-friendly atmosphere in the U.S.
Additionally, Trump signaled his intention to reach out to Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC), urging them to lower oil prices. Following his remarks, crude oil prices saw a decline.
After his address, Trump participated in a question-and-answer session alongside prominent figures including Blackstone chairman Steve Schwarzman, Bank of America chairman and CEO Brian Moynihan, Banco Santander’s executive chair Ana Botin, and Patrick Pouyanné, the CEO of TotalEnergies. They were joined by Klaus Schwab, founder of the World Economic Forum, and CEO Børge Brende.
This appearance follows the recent signing of executive orders by Trump to rescind U.S. participation in the World Health Organization and the Paris climate agreement. Additionally, he made headlines with controversial decisions aimed at rolling back efforts within federal agencies to diversify their workforce.
Trump declared, “My administration has taken action to abolish all discriminatory Diversity Equity and Inclusion nonsense … policies that were absolute nonsense throughout the government and the private sector.” He reaffirmed his commitment to a merit-based system in the U.S., iterating, “America will once again become a merit based country.”
