I’m working hard to end Ukraine war, Trump tells global leaders in Davos

Demands OPEC lower oil prices and the world drop interest rates

United States President Donald Trump has vowed to bring an end to the Russia-Ukraine war as he delivers his first major speech to world leaders remotely at the World Economic Forum in Davos, Switzerland.

Trump’s address has also touched on his call for more defence spending from NATO allies, as well as the threat of steep US tariffs and wars in the Middle East.

His first global address has been laden with pledges to impose tariffs on the top US trading partners: Canada, Mexico, China and the European Union.

Demands OPEC lower oil prices and the world drop interest rates

Trump demanded OPEC lower oil prices and the world drop interest rates in the speech to global business and political leaders and warned them they will face tariffs if they make their products anywhere but the U.S.

“I’ll demand that interest rates drop immediately. And likewise, they should be dropping all over the world,” Trump said via video to 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 speech comes amid a slew of executive action from Trump, who signalled plans to withdraw from the World Health Organization and the Paris climate agreement on his first day in office this week.

While hardly new, Trump’s statements to world financial leaders sent a clear message: The threats will not be disappearing any time soon.

But economists have long warned that tariffs will likely lead to higher prices of numerous goods in the US. Those could increase more if they lead to an escalating tit-for-tat trade war.

The remarks to global leaders in his four-day-old presidency, bolster the message that his second term will eschew free market norms inside the U.S. and out.

Despite robust comments on the tariffs he wants to put in place, he did not provide specifics at a time when markets are on edge over his plans.
Oil prices turned negative as Trump spoke, while the euro dipped and the U.S. dollar swung between gains and losses against a basket of foreign currencies. The S&P 500 (.SPX), opens new tab benchmark of U.S. stocks rose to a near all-time high.

Domestically, the newly inaugurated president has moved quickly to crack down on immigration, expand energy production, and pardon more than 1,500 supporters who attacked the US Capitol on January 6, 2021.

Related Articles

Back to top button