Trump Pledges to Push for Lower Interest Rates and Oil Prices at Davos

Trump Pledges to Push for Lower Interest Rates and Oil Prices at Davos

DAVOS, Switzerland, Jan 23 (Reuters) DAVOS, Switzerland, Jan 23 (Reuters) U.S. Trump, President Donald Trump demanded OPEC lower oil prices and demanded the world drop the interest rate in a speech addressed to the world’s political and business leaders in which he warned that they would be hit with tariffs if they manufacture their products in other countries than the U.S.

“I’ll demand that interest rates drop immediately. And likewise, they should be dropping all over the world,” Trump declared via video message to attendees of the World Economic Forum in Davos, Switzerland, on Thursday. “I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil.”

The remarks, Trump’s first address to world leaders in his short four-day presidency, reinforce the idea that his second term will be a rejection of free market principles within and outside the U.S.

Despite his strong statements on the tariffs he plans to impose, however, he has not provided details at a time when market prices are tense about the details of his plans.

The price of oil fell after Trump spoke, and the euro sank while the U.S. dollar swung between gains and losses against a variety of currencies from abroad. The S&P 500 (.SPX), the benchmark of U.S. stocks, rose to an all-time peak.

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COMPLIMENTS AND CRITICISM

Trump addressed a crowd of three thousand Davos participants, who booed when Trump’s face was projected on the large screen. Trump, a businessman whose first office included the White House, listed the swift changes he has implemented since he was sworn in on Monday, which have reshaped U.S. government policies on diversity, climate change and immigration.

In a subsequent discussion, I talked to participants at the conference, including Bank of America (BAC.N),

CEO Brian Moynihan and Blackstone Group (BX.N).

President Stephen Schwarzman, the U.S. president’s comments veered between criticism and praise.

At one moment, Trump chided Moynihan and JPMorgan Chase (JPM.N).

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Because banks were not offering services for conservatives and without giving evidence or details about any wrongdoing, the banks rushed to issue a statement declaring that the statement was not true.

Moynihan denied the allegations. He resisted the accusation, instead congratulating Trump on his decision to have the United States host the 2026 FIFA World Cup.

Trump’s speech was an extraordinary moment that gave a small group of business executives the opportunity to confront the U.S. president on issues that impact their business or, in certain cases, their specific projects, investments, and other interests.

The harshest of his criticisms were reserved for his traditional U.S. allies, Canada and the European Union, whom he threatened to punish with tariffs and criticized the latter for allowing trade surpluses to America.

“One thing we’re going to be demanding is we’re going to be demanding respect from other nations. Canada. We have a tremendous deficit with Canada. We’re not going to have that anymore,” he added.

He was adamantly critical of Biden’s predecessor, Joe Biden, and policies that have been the mainstay at Davos for a long time, such as climate change, diversity and more. Former U.S. Secretary of State John Kerry, who served under Biden, was clearly shivering while listening.

Certain Davos attendees were pleased with his style following his remarks, whereas some were hesitant to agree with his statements.

“It’s not particularly strange that you want to foster growth in your own country,” Espen Barth Eide, minister of foreign affairs for Norway, spoke to Reuters following Trump’s speech. “But of course, we believe that we are better off in the world of free trade, where we exchange goods and services openly.”

NUCLEAR ARMS AND PUTIN

Trump announced that he would cut inflation with a combination of taxes, tariffs, and deregulation cuts. He also announced the arrest of illegal immigrants and a determination to transform the United States into a hub of artificial intelligence, cryptocurrency, and fossil fuels.

“The United States has the largest amount of oil and gas of any country on Earth, and we’re going to use it,” Trump declared. “Not only will this lower the price of nearly everything, but it will also make this the United States a manufacturing superpower. “

He said he would like to discuss talks with Russian President Vladimir Putin on the war in Ukraine and also wants Russia and China to work together on dismantling nuclear arsenals.

Trump also confirmed a variety of popular myths, claiming it was true that the U.S. had the cleanest air and water in his first term, as well as the existence of”Green New Deal “Green New Deal” in the United States that he had taken away.

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Since Trump’s decision to run for president, the United States has withdrawn from the World Health Organization and the Paris Climate Agreement. Trump says he’ll alter the designation for the Gulf of Mexico as the Gulf of America, though other countries may not pick this new designation. Trump has also vowed to take back the Panama Canal, which was taken from Panama.

He has taken swift action to tackle immigration and increase energy production in the country. He has also threatened to impose high taxes on China, Mexico, the European Union, China, Mexico and Canada.

The president also granted pardons to more than 1500 of his supporters who gathered at his U.S. Capitol on Jan 6, 2021, in an unsuccessful effort to reverse his defeat in 2020 in the presidential election, drawing protests from both the police and legislators who put their lives at risk.

Trump is set to eliminate diversity initiatives within the U.S. government and is insisting that the business world also take action. This has resulted in many participants in Davos looking for new words to describe workplace practices that they consider essential for their organizations.