Trump tells Davos he will demand lower interest rates, oil prices

President Donald Trump addressed global business leaders at the World Economic Forum on Thursday, calling for lower oil prices, interest rates, and taxes while warning of tariffs on companies manufacturing abroad.

“I’ll demand that interest rates drop immediately. And likewise, they should be dropping all over the world,” Trump said via video conference. “I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil.”

Markets responded quickly to the speech. Oil prices turned negative, while the euro dipped and the U.S. dollar fluctuated.

Trump reserved harsh criticism for traditional U.S. allies, particularly Canada and the European Union, accusing them of unfair trade practices. He claimed the U.S. trade deficit with Canada was unacceptable.

“One thing we’re going to be demanding is respect from other nations,” Trump said.

Trump, addressing the forum just days after the start of his second term, highlighted rapid policy changes, including proposed tariffs, deregulation, and tax cuts.

He pledged to reduce inflation and transform the U.S. into a hub for artificial intelligence, cryptocurrencies, 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,” he said.

Criticism of climate policies and diversity programs dominated Trump’s speech. He mocked long-standing Davos priorities, drawing visible reactions from attendees such as John Kerry, former Secretary of State under President Joe Biden.

Trump also repeated several disputed claims, including assertions about U.S. environmental standards, his 2020 election victory, and repealing the “Green New Deal.”

Among the audience were prominent business leaders like Blackstone CEO Stephen Schwarzman and TotalEnergies CEO Patrick Pouyanne. Polish President Andrzej Duda also attended.

The forum provided executives an opportunity to question Trump’s plans. Many sought clarity on his threatened tariffs, which he hinted could begin as early as Feb. 1.

Trump reiterated his hardline positions on immigration and international agreements, including his withdrawals from the World Health Organization and the Paris Climate Accord.

He also proposed renaming the Gulf of Mexico as the “Gulf of America” and threatened to reclaim the Panama Canal from Panama.

The president faced backlash for pardoning over 1,500 individuals involved in the Jan. 6, 2021, Capitol attack. Trump defended the move, despite outrage from lawmakers and police who were endangered during the riot.

As Trump dismantles diversity programs in the U.S. government and pressures private companies to follow suit, Davos attendees expressed concern over potential impacts on workplace policies.

Despite mixed reactions, Trump closed his address by emphasizing his commitment to U.S. growth and energy independence. “We’re going to make the United States a manufacturing superpower,” he said.