Produce in US or pay tariffs: Trump

Issues blunt warning to global elites at Davos

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DAVOS/ DAVOS, SWITZERLAND:

US President Donald Trump issued a blunt warning to global elites in a video appearance at the World Economic Forum in Davos on Thursday: Make your products in the United States or pay tariffs.

Beamed on giant screens in the Swiss Alpine village, Trump received a loud round of applause from political and business A-listers who had eagerly awaited his appearance all week.

Speaking from the White House, the recently-inaugurated president touted his plans to cut taxes, deregulate industries and crack down on illegal immigration. But he also had a tough message. "Come make your product in America and we will give you among the lowest taxes of any nation on earth," Trump said.

"But if you don't make your product in America, which is your prerogative, then very simply you will have to pay a tariff." In his wide-ranging speech, Trump made a link between the war in Ukraine and oil prices.

Trump said he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries to bring down crude prices. "If the price came down, the Russia-Ukraine war would end immediately," he said.

He also had a message for central banks, saying he would "demand that interest rates drop immediately" -- in a signal that he might pressure the independent US Federal Reserve on the matter. The US leader then fielded questions from four top banking and energy executives.

"Well, Mr. president, I'm sure the crown prince of Saudi Arabia will be really glad you gave this speech today," quipped Stephen Schwarzman, the chief executive of Blackstone investment firm, who had the first question.

Trump answered the group one by one with a mix of praise, promises and reprimand.

"If we make a deal, we make a deal. You'll get it," Trump said after the head of French energy giant TotalEnergies Patrick Pouyanne asked if he would agree to guarantee supplies of liquefied natural gas to Europe.

He showered the head of Spanish banking group Banco Santander, Ana Botin, with praise. "I know very much about your bank, and you've done a fantastic job. Congratulations," he said.

Trump had harsher words for Bank of America chief executive Brian Moynihan, accusing the firm and others of refusing to do business with conservatives.