Trump has a message to CEOs: Build in America or pay up
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President Donald Trump is making sure the whole world knows it: "America is back and open for business."
Trump appeared via videolink to speak at the World Economic Forum in Davos on Thursday, where he addressed some of the world's most powerful leaders. BI's Spriha Srivastava was in the room to witness the audience go from laughter to silence in seconds.
"My message to every business in the world is very simple: Come make your product in America," Trump said.
"If you don't make your product in America, which is your prerogative, then, very simply, you will have to pay a tariff," he added.
Trump has previously threatened to impose a 25% tariff on goods from Canada and Mexico, which he said could begin as early as February 1.
He also proposed a 60% tariff on China during his presidential campaign, but he said earlier this week he was considering a 10% tariff on goods from the country next month.
When Blackstone CEO Steve Schwarzman asked about Europe, Trump didn't hold back, voicing his frustration with European regulatory enforcement actions against tech giants like Apple, Google, and Meta (who were major donors to his inauguration and whose CEOs were prominent guests).
"Whether you like them or not, they're American companies, and they shouldn't be doing that," Trump said.
Anna Moneymaker/Getty Images
Trump has plans for the corporate tax rate.
Brian Moynihan, Bank of America's CEO, asked how the Trump administration would prioritize GDP growth and reducing inflation amid his dozens of executive orders.
Trump said he would work to bring the corporate tax rate down to 15% from 21%, provided companies manufacture their products in the US.
The president also called out big banks, accusing them of discriminating against conservatives.
"Many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America," he said.
Bank of America responded publicly, saying it welcomes conservatives among its 70 million clients.
The president also thanked Saudi Arabia after it announced it would invest $600 billion in the US, but Trump added that he would be asking the crown prince "who's a fantastic guy, to round it out to around $1 trillion."
When Trump finished, Schwarzman remarked: "I'm sure the crown prince of Saudi Arabia will be really glad you gave this speech today."
Trump's speech reminded Spriha of how different his style is from the measured, diplomatic tone that usually defines Davos. Whether his message landed the way he intended, however, is another question.
BI's Katie Balevic, Dominick Reuter, Noah Sheidlower, and Allie Kelly have the full rundown of Trump's address.
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