January 23, 2025 Remarks By President Trump at the World Economic Forum (via Teleconference)
- Fact Seeker
- Feb 19
- 6 min read
Updated: Feb 20
Key Points:
Historic Week and Election Victory:
President Trump emphasized that his recent election victory was a significant mandate, noting he won all seven swing states and received the largest voter turnout in decades.
Policy Agenda:
Trump's administration began efforts to address economic issues, reversing previous policies that he viewed as wasteful and damaging to the economy.
Focused on economic recovery, including reducing inflation and tackling regulations.
Economic Actions:
Imposed a federal hiring freeze, froze regulations, and introduced the Department of Government Efficiency.
Terminated the Green New Deal and withdrew from the Paris Climate Accord.
Prioritized increasing U.S. energy production, noting that the U.S. has the largest reserves of oil and gas.
Regulation and Tax Policy:
Trump announced plans to eliminate regulations, targeting $50,000 in regulatory costs imposed by the previous administration.
Promised major tax cuts for workers, families, and manufacturers.
Encouraged global businesses to invest in the U.S. by offering lower tax rates.
Economic Growth:
Noted a surge in small business optimism and investments, including significant commitments from companies like SoftBank, Oracle, and OpenAI.
Highlighted a planned $600 billion investment from Saudi Arabia, which he hoped would grow to $1 trillion.
Immigration and Border Security:
Implemented a national emergency declaration to halt illegal immigration and deployed military and National Guard troops to the border.
Free Speech and Law Enforcement:
Reaffirmed his commitment to protecting free speech and limiting government censorship.
Issued orders to stop the weaponization of law enforcement and restore impartiality in the justice system.
International Relations and Defense:
Stressed the importance of increasing NATO defense spending and pushed for more equitable contributions from other member nations.
Cited efforts to negotiate peace in the Middle East and to address the ongoing Russia-Ukraine conflict.
Upcoming Events:
Highlighted upcoming significant events in the U.S., including the 250th anniversary of the country, the World Cup, and the Olympics.
Achievements and Optimism:
Trump emphasized that in just four days, his administration had accomplished more than previous administrations, signaling optimism for continued progress.
He expressed his commitment to restoring America’s strength, sovereignty, and global leadership.
The President was asked about his approach to regulatory reform, particularly in comparison to Europe. He shared a personal experience where a project in Ireland was approved quickly, but the EU approval process would have taken five to six years, highlighting frustrations with slow regulatory processes in the EU.
He pointed out that many EU nations, while having competent leadership, struggle with lengthy approval processes that hinder business growth and investment.
On the trade front, the President emphasized that the EU has unfair trade practices, such as the imposition of a VAT tax, tariffs on American goods, and barriers to American agricultural products and cars. Meanwhile, European goods, such as cars, are sold extensively in the U.S., contributing to significant trade deficits.
The President also mentioned complaints from major American businesses, like airlines, who face high fees when landing in Europe, even compared to China.
He criticized the EU for its actions against American tech companies, referencing cases against Apple, Google, and Facebook, which he considers unfair taxation practices.
Overall, the President suggested that the EU needs to speed up its regulatory processes and address trade imbalances and unfair practices.
Patrick Pouyanné, CEO of TotalEnergies, asked the President about his views on U.S. LNG projects, the potential inflationary impact of these projects on domestic gas prices, and the guarantee of LNG supplies to Europe. The President confirmed his commitment to ensuring the supply of U.S. LNG to Europe, emphasizing the importance of securing energy supplies despite challenges like global conflicts.
The President shared an example from his first term when he expedited permits for two major LNG plants in Louisiana, which had been delayed for over 10 years. He stressed the importance of fast approvals for such critical energy projects to ensure global energy security.
On the topic of energy policy, the President advocated for rapid approvals of energy projects in the U.S., including for electric generation facilities tied to AI development. He emphasized the need for doubling energy production, especially for AI advancements, and discussed using emergency declarations to fast-track energy project approvals.
He also highlighted the role of coal as a backup energy source for these plants, ensuring that energy production can continue smoothly even if gas or oil pipelines face disruptions. The President emphasized the abundance of U.S. resources like coal, oil, and gas, and his plan to streamline energy project development by having facilities self-sufficient in power generation.
Following this, Brian Moynihan, CEO of Bank of America, asked about the President's recent executive orders on issues like immigration, trade, and other matters. He inquired how the President plans to balance these actions with his focus on continuing economic growth, lowering inflation, and ensuring stock market stability.
The President acknowledged the challenges of managing executive actions while prioritizing economic growth and prosperity. He was asked how these orders would align with the broader goals of sustained GDP growth, lower inflation, and stock market gains.
Corporate Tax Rate: The President discussed plans to reduce the corporate tax rate in the U.S. from 21% to 15% for companies that manufacture products within the U.S. He emphasized that this would make the U.S. one of the most competitive nations in terms of tax rates for large, wealthy countries.
Tax Deductions: He also mentioned the possibility of reinstating the one-year tax deduction, which would have a significant positive impact, and highlighted the need to work with Democrats to ensure its approval.
Conservative Business Access to Banks: The President called out banks, including Bank of America, for not accommodating conservative clients and expressed concern that this was harming businesses. He urged for a change, stating that conservative businesses were being unfairly excluded.
Deregulation and Reducing Bureaucracy: The President outlined his focus on deregulation, emphasizing the speed at which his administration was implementing changes to reduce bureaucracy and wasteful spending. He criticized the Green New Deal, labeling it as a costly failure, and stated that under his administration, the U.S. had achieved cleaner air and water while also having the most productive economy in history until the COVID-19 pandemic hit.
Foreign Relations and Trade: The President discussed the need for fairer trade deals, particularly with Canada and Mexico. He expressed frustration with the trade deficit with Canada and its unfairness, suggesting that Canada could become a U.S. state to eliminate trade barriers. He also highlighted his administration’s desire for fairer relations with other nations, as he believed the U.S. had been taken advantage of for too long.
Debt and Economic Strategy: The President acknowledged the national debt but emphasized that it was small compared to the value of U.S. assets. He suggested that debt reduction would be achieved quickly, leading to positive outcomes for the U.S. and its allies.
End of War in Ukraine: The President expressed a desire to meet with Russian President Putin to end the ongoing war in Ukraine. He described the war as a senseless tragedy, causing the deaths of young people on both sides, and emphasized that efforts should be made to stop the bloodshed.
Progress in the Middle East: Finally, the President mentioned progress in the Middle East and expressed optimism about the region's future.
U.S.-China Relations: The President emphasized his desire for a fair relationship with China, focusing on reducing the massive trade deficit with China, which he criticized as unfair. He also noted that China holds significant influence in the global economy and in resolving international issues, such as the war in Ukraine. He mentioned that he and President Xi had a good conversation and expressed hope for collaboration with China in various areas, including nuclear disarmament.
Nuclear Disarmament: The President talked about the possibility of denuclearization between the U.S., Russia, and China, highlighting that he and President Putin had discussed cutting nuclear arms before the election. He emphasized the destructive potential of nuclear weapons and expressed hope that China would join efforts toward reducing nuclear arsenals.
Ukraine War: The President expressed strong views on the Russia-Ukraine war, stating that it should never have happened and that it wasn’t a conflict during his administration. He criticized the situation, calling the war a tragedy with far more casualties than reported. He described the destruction of Ukrainian cities as devastating and expressed his belief that Ukraine is open to peace negotiations. However, he said that Russia would ultimately have to be the one to seek peace, and he expressed his sadness over the ongoing loss of life.
Closing Remarks: The President thanked the event organizers and participants in Davos, acknowledging the importance of their discussions. He expressed hope for future cooperation and peace, and ended his remarks with appreciation for the opportunity to speak at the event.
Writer's Note: Summary made with the use of AI tools for editing and quick processing, facts checked against the order before publishing.
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