United States President Donald Trump has vowed to bring down oil and gas prices, eliminate regulations, introduce U.S. domestic tax cuts and bring in tariffs on foreign goods in a video address to the Davos 2025 World Economic Forum in Switzerland.
Trump said he would be implementing the “largest tax cut in American history” and laid out plans for a major intervention to lower oil prices and interest rates.
There will also be “massive tax cuts” for American workers and will slash corporate tax from 21% to 15% which will benefit foreign companies that manufacture goods in the U.S., while tariffs will be slapped on those that don’t.
He also laid out plans to increase investment in U.S. energy by speeding up the permit process for new projects.
“The United States has the largest amount of oil and gas of any country on Earth, and we're going to use it,” Trump said, adding that this would benefit the country’s AI and cryptocurrency industries.
“America is back and open for business.”
WATCH: President Trump thanks the 2025 class in front of 3,000 world leaders at Davos
The former and now 47th U.S. President has also promised to tackle government spending, “economic chaos” and increased public borrowing.
He also said that a key step towards ending the war between Russia and Ukraine would be lowering the cost of oil, urging its ally Saudi Arabia and OPEC nations to reduce prices.
"You've got to bring down the oil price… right now, the price is high enough that that war will continue."
Trump says he would like to meet with Russian President Vladimir Putin “soon” and “get the war ended”, referring to the heavy human cost of war, insinuating that Ukraine was open to making a deal and Russia needed to come to the negotiating table.
Argentina an economic blueprint
Argentinian President Javier Milei has urged leaders at the forum to look for new approaches towards economic policy.
With just over a year in office, Milei had succeeded in significantly reducing the inflation rate by implementing tough austerity measures after inheriting hyperinflation of 211% by the end of 2023 - the highest in the world at the time.
“The script of the last 40 years has run out” and the time had come to “break free and be bold", Milei said, pointing to his country as an example for other nations to follow.
“The world has embraced Argentina. Argentina has become a global example of fiscal responsibility, of commitment to honouring our obligations, and obviously a commitment to solving the inflation problem.”
Catholic head wants AI used for good
Meanwhile, Pope Francis has called for a collective effort from global leaders to ensure that AI serves the global good in a public letter to World Economic Forum founder Klaus Schwab.
The Pope said the theme of this year’s forum “Collaboration for the Intelligent Age”, offers an opportunity to reflect on artificial intelligence as a powerful tool for both cooperation and unity, yet came with a warning.
“The Catholic Church has long been a champion of advancing science, technology and the arts, seeing them as vital areas of collaboration and growth for humanity,” he wrote.
“The potential of AI to produce outputs indistinguishable from human creations raises profound ethical concerns, particularly regarding its impact on the growing crisis of truth in public discourse.
“…a collective effort among corporations, institutions, governments and international organisations [is needed] to ensure AI serves the good of all … [and] by fostering a culture of ethical accountability, AI can contribute to a more united and just global society.”
Nobel-winning Yunus on student power
Nobel Prize-winner and Bangladeshi government chief adviser Muhammad Yunus lauded the student protests that brought down a 15-year dictatorship in his country last year and urged world leaders to embrace millennials.
“This is the most powerful generation in human history,” Yunus addressed the Forum.
“Are you allowing your young people to move up? You have to understand this generation and prepare.
“Technology has changed them – they are not Bangladeshi young people anymore, they are global young people.”
He cautioned those in power who sought to keep young people down: “That explosion will come - you cannot stop it.”
Yunus described the reforms he is undertaking to prepare Bangladesh's 171 million people for free and fair elections - which could take place as soon as the end of this year.
