The first day of the world leaders' meeting on Monday coincided with the inauguration of Trump and the organizers were bracing for the president's policies and their influence on the global economy. That includes threats to impose major tariffs on China, Mexico and Canada, reevaluating military alliances and asking member countries of NATO to pay up more, and the implications of pulling out of international environmental treaties such as the Obama-era Paris Agreement, which Trump announced on his first day in office.
Speaking by video from the White House to the annual summit in Davos, Switzerland, on his third full day in office, Trump ran through his flurry of executive actions since his swearing-in and claimed that he had a “massive mandate” from the American people to bring change. He laid out a carrot-and-stick approach for private investment in the U.S. “Come make your product in America and we will give you among the lowest taxes as 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 — differing amounts — but a tariff, which will direct hundreds of billions of dollars and even trillions of dollars into our treasury to strengthen our economy and pay down debt under the Trump administration.”
President Donald Trump on Thursday delivered remarks virtually to the World Economic Forum in Davos, Switzerland, in which he discussed how his tax plans will look to incentivize companies to make products in America or face tariffs. "To further unleash our economy, our majorities in the House and Senate, which we also took along with the presidency, are going to pass the largest tax cut in American history, including massive tax cuts for workers and families and big tax cuts for domestic producers and manufacturers," Trump said. Portions of the original Trump tax cuts – including the lower tax rates for individuals as well as the expanded standard deduction and child tax credit – are due to expire at the end of 2025 if they're not extended.
