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The full text of Trump's Davos 2025 speech and Q&A with financial giants
Source: YouTube, CNBC; Compiled by Deng Tong, Golden Finance
President Donald Trump delivered a speech on Thursday at the Davos World Economic Forum in Switzerland, marking his first appearance at an international event since returning to the White House earlier this week.
In a 45-minute speech, Trump criticized European regulators for being too harsh on American technology companies, oil producers for keeping oil prices at excessive levels, and large banks for refusing to serve conservatives.
He also called on countries around the world to invest in the United States and promised to provide low tax rates and a more relaxed regulatory structure.
In terms of domestic affairs, Trump has expressed pressure on the Federal Reserve in terms of interest rates.
"I will ask for an immediate reduction in interest rates," Trump said. "Similarly, interest rates around the world should also drop. Interest rates should follow our decline."
It is widely believed that Trump's remarks are the prelude to his upcoming lobbying campaign against Federal Reserve Chairman Powell.
Jinse Finance has compiled the full text of Trump's speech as follows:
Founder of the World Economic Forum, Klaus Schwab(Klaus schwab):
Mr. President, hello, it is a great honor and pleasure to welcome you back to the Davos family. It has only been four days since you took office, and we greatly appreciate your presence today. We wish you all the best in your future key work. The global challenges we face today are enormous, and the leadership of the United States and your personal leadership in this regard are crucial. We are here to listen to your vision and policies for revitalizing the economy and addressing global challenges. As expected, Mr. President, as you return to office, the policies you are about to announce have been the focus of our discussions this week. Therefore, 3,000 political and business leaders from over 130 countries gather in Davos, and we look forward to hearing your speech first.
World Economic Forum founder Klaus Schwab(Klaus schwab)
Trump:
Thank you very much Claus, beautiful Davos!
Hello everyone, this is a week of great historical significance for the United States. Three days ago, after I was sworn in, we ushered in America's golden age. In the recent presidential election, we won by millions of votes and won all seven states. This is a large-scale authorization from the American people that has not been seen in many years. Some political commentators, even some of my so-called enemies, have said that this is the most important election victory in 129 years.
What the world has witnessed in the last 72 hours is nothing more than a revolution of common sense, and our country will soon be stronger, richer, and more united than ever before, and the entire planet will be more peaceful and prosperous, the result of this incredible momentum.
My government is taking action at an unprecedented pace to address the disaster inherited from a group of completely incompetent people, and to tackle every crisis our country faces. First, we must face the economic chaos caused by the failed policies of the previous government over the past four years. Our government has wasted $8 trillion in deficit spending, and implemented destructive energy restrictions, strict regulations, and implicit taxes, resulting in the worst inflation crisis in modern history. Citizens of our country and even the world have been hit hard by high interest rates, skyrocketing food prices, and almost everything else known to mankind. President Biden has completely lost control of what is happening in our country, especially in our high-inflation economy and border issues.
Due to these disruptive policies, this year's total government spending is more than $1.5 trillion higher than what I estimated when I left office four years ago. Similarly, the cost of debt repayment is more than 230% higher than the 2020 forecast. The inflation rate we inherited is still 50% higher than the historical target, which may be the highest inflation rate in our country's history. That's why from the moment I took office, I took swift action to reverse every radical left-wing policy that caused this disaster, especially immigration crime and inflation. On day one, I signed an executive order directing every member of my cabinet to mobilize all the power they have to defeat inflation and reduce the cost of living. I implemented a federal hiring freeze, a federal regulation freeze, and a freeze on foreign aid. I created a new department for government efficiency, and I terminated absurd and incredible waste.
The Green New Deal, which I call the Green New Hoax, exits the one-sided Paris Climate Agreement and ends the crazy and expensive EV mandates, where we're going to get people to buy the cars they want. I declare a national energy emergency, which is very important, the national energy emergency is to release the liquid gold under our feet, to pave the way for the rapid approval of new energy infrastructure, the United States has the most oil and gas on the planet, and we will take advantage of it, which will not only reduce the cost of almost all goods and services, but also make the United States a manufacturing superpower and the world capital of artificial intelligence and cryptocurrencies.
My administration has also launched the largest-ever effort to reduce regulations in our history, far larger than any previous administration, by far. In the previous four years, the Biden Administration added an extra $50,000 in regulatory costs to the average American household. I pledged to eliminate two old regulations for every one new regulation adopted. We have succeeded beyond our highest expectations. Instead of adding costs, we have reduced them very substantially. This will lead to newfound prosperity and growth for the American people.
We will pass the largest tax cut in American history, including massive tax cuts for workers and their families, as well as substantial tax cuts for domestic producers and manufacturers. We are working with the Democrats to extend the initial tax reduction policy. You may only need to read any newspaper to know the simple message I am conveying to every company in the world: come to America to produce your products, and we will give you the lowest tax rate among all countries in the world. We are significantly reducing tax rates, even lower than the initial tax reduction policy. However, if you do not produce your products in America, it's your privilege, then it's simple, you will have to pay different amounts of tariffs, but tariffs will guide hundreds of billions or even trillions of dollars into our treasury to strengthen our economy and repay debts.
Under the leadership of the Trump administration, there is no better place on earth than the United States to create job opportunities, build factories, or develop companies. The American economy can already see this, and American economic confidence is soaring. It was just announced that small business optimism has surged 41 percentage points in a month, the highest ever in history. SoftBank announced a $100-200 billion investment in the U.S. economy, and just two days ago, Oracle SoftBank and Open AI announced a $500 billion investment in AI infrastructure. Other companies have also announced investments in the tens of billions, adding up to trillions of dollars of investment in the United States.
Today's newspaper also reported that Saudi Arabia will invest at least $600 billion in the United States, but I will ask the Crown Prince to round the number to around $1 trillion. He's a great guy, and I think they will do that because we treat them well. I will also ask Saudi Arabia and OPEC to lower oil costs. You must bring the price down. If the oil price drops, the Russia-Ukraine war will end immediately. Now the oil price is high enough, and the war will continue. You must lower the oil price, and you must end the war. They actually have a great responsibility for what's happening. I will ask for an immediate reduction in interest rates, and interest rates around the world should also be lowered.
All that you see is because we have recently achieved a historic victory in the presidential election, a victory that is well known throughout the world. I believe that many countries have experienced many things. They say that since the election, the whole world has been shining, and even those countries that are not particularly friendly are very happy because they understand what the future holds. Under our leadership, the future will be so beautiful. America is back and open for business.
This week, I took swift action to stop illegal immigration at the southern border. I have decided to declare a national emergency at our border and immediately stop all illegal border crossers from entering our country. We will begin rapidly returning illegal border crossers to their place of origin. You may have already seen that this action has begun, with active-duty U.S. military and National Guard deployed to the border to assist in repelling the invasion. This is a true invasion, and we will not allow our territory to be violated after four long years. America is a strong, sovereign, and beautiful country, and it will once again be a strong, sovereign nation.
In addition, I am pleased to announce that the United States is also a free nation. On the first day, I signed an executive order to stop all government censorship, and our government will no longer label the speech of our own citizens as misinformation or disinformation, a favorite word of sensors and those who wish to prevent the free exchange of ideas and frank progress, and we saved free speech in the United States, which we forcefully saved this week with another historic executive order.
I have also ended the weaponization of law enforcement against the American people and frankly against politicians, restored the rule of law that is fair, equal, and just, and my administration has taken action to repeal all discriminatory diversity, equity, and inclusion nonsense. These policies are absolute nonsense across the government and the private sector, and with the recent but somewhat unexpected Supreme Court ruling just made, the United States will once again be a merit-based nation, and you have to hear the term "merit-based nation."
I have officially announced the official policy of the United States, that there are only two genders, male and female, that we will not have men in women's sports, and that transgender action that was once all the rage will be very rare. **
In the end, as we restore America's sanity, we will act quickly to restore foreign strength, peace, and stability. I will also ask all NATO countries to increase defense spending to 5% of GDP, which should have been done several years ago when it was only 2%. Most countries had not paid these military fees before I took office, and I insisted that they pay, and they did pay because the United States did pay the difference at that time. This is unfair to the United States, but many things have been unfair to the United States for many years. Even before I took office, my team was negotiating a ceasefire agreement in the Middle East, and this agreement would not have been reached without us. Earlier this week, hostages began to return to their families, and they are coming back, which is a beautiful thing, and they will come back more and more.
Our efforts to ensure a peaceful settlement between Russia and Ukraine are now hopefully underway, and it is important to get this done. It's an absolute killing field, millions of soldiers killed, no one has seen anything like this since WWII, their bodies are lying across a flat field, it's a flat farmland where there are millions of Russians and millions of Ukrainians, no one has seen anything like this since WWII, it's time to end it.
In the United States, we have a major event next year, the 250th anniversary of our country's founding, and I am honored to be serving as President, which is a major event they've been talking about for 10 years. We also have the World Cup, and then we'll be hosting the Olympics, which is also a key role that I will play in my first term, who knows, maybe I'll skip a term and get the Olympics. I will be serving as President during the World Cup, Olympics, and 250th anniversary, so these will be three major events, and we have accomplished more in less than four days, we've actually worked four days, which is more than other governments do in four years.
We have just begun and seen the amazing spirit and brilliance of our country. Under the leadership of the previous government, our country suffered tremendous losses, but we will recover and make it stronger and better than ever before. I heard that the audience is great, many of my friends are in the audience, and I will now answer questions from some outstanding people. Thank you very much, thank you very much.
Q&A Section:
Stephen Schwartzman, CEO of Blackstone, (StephenSchwarzman):
Stephen Schwarzman, CEO of Blackstone(StephenSchwarzman): Mr. President, thank you for your very powerful speech. From Davos to the White House, you can hear the applause. So we welcome you to join us again next year, thank you very much. My question is, regarding some of the things I observed in Davos: many European business people have expressed great dissatisfaction with the regulatory system of the European Union. They believe that the economic slowdown here is due to many reasons, but mainly because of regulation. You have taken a completely different approach in this field. If you could explain the theory behind what you are doing, I would greatly appreciate it. Thank you very much.
Trump: I would like to talk about the European Union because you mentioned it specifically. I have many friends and leaders of countries, and I have gotten to know them during my first term. In these four years, I have come to understand them very well and I really like them, but they are very frustrated. It seems that everything needs to go through the process of obtaining an environmental impact statement, which shouldn't be necessary. Because there are many other ways to replace the statement. Let me give you a simple example. In my personal life, I live a simple and beautiful life. But when I was living that simple life, I did a project. I had a big project in Ireland, and it needed approval to make it better. I got approval from Ireland within a week, which was a very, very efficient approval. They told me the biggest problem is that you have to get approval from the European Union, which we thought would take five to six years. I said you must be joking, I don't want to spend five to six years. But this would be a big investment and it would be great, it would benefit the project. I sent people to the European Union to see if they could speed up the process. That was when I realized that it was my first real involvement in European Union affairs, but I realized then that it was a problem, and I was even too lazy to apply.
If I did this, I would withdraw very quickly because you can't wait five or six years for approval. So many people, from a very big business perspective, claim that this is America's problem. The EU is very unfair to us, very bad. They have a hugely tax system that we know about, and they impose value-added tax, which is a very substantial tax. They don't accept our agricultural products, they don't accept our cars, but they send us millions of cars. They impose tariffs on what we want to do. They want to sell their products in the United States, so we have a deficit of billions of dollars with the EU, and no one is satisfied with it. What will we do about it?
I think the EU must speed up their approval process, some of my friends in some EU countries are great people, they want to compete better. If you can't go through the approval process quickly, you can't compete. They're taxing us tremendously on tariffs and all of the things they do. Extremely unfair. We have a big complaint against the EU.
(TotalEnergies) CEO of TotalEnergies, Patrick Puwani, (Patrick Pouyanne)
Patrick Pouyanne, CEO of TotalEnergies (: It is an honor for me to represent the energy industry in this panel discussion. TotalEnergies is indeed the world's fourth largest natural gas and electricity company. I won't ask you about oil prices. We are a US liquefied natural gas exporter and a strong contributor to the Mamu Energy Project in Texas. We invested $20 billion, which is far below $220 billion, but it's still $20 billion. Through these investments, we have contributed to the security of supply in Europe, as we export these energy sources to Europe. Some experts are concerned that if the US develops too many liquefied natural gas projects, it may have an inflationary impact on domestic natural gas prices, and they suggest taking a stance on this project. I would like to ask you the following questions: what is your view on this stance on US energy investment, and what would happen if you found that exports led to an increase in domestic natural gas prices? The last question is important for Europe: do you agree to ensure the security of supply of US energy to Europe?
Trump: To your last question, yes, I'll make sure it's safe, we'll make an agreement. LNG is very interesting because when I took my first term in office, the first thing I thought about was two, and there are two very large plants in Louisiana, which is very beneficial to me. I'm actually very grateful for it, they say there are two factories that have been on environmental considerations for more than 10 years, and their cost is like you said, you know how expensive these plants are, but their cost is about $12 billion, I think $14 billion or $15 billion, but they can't get a license, they've been scrutinized for many years, maybe a decade or more. I say it's ridiculous. You're talking about a total investment of $25 billion to $30 billion, and it looks like it's coming to an end, and they can't get a license, and I got it done in less than a week.
What I'd like to see is that we're going to approve these reviews quickly in the U.S., just like the AI program, a lot of people want to build them, it's going to be a big deal, we're going to build power generation facilities, and I'm going to get approval for them under an emergency declaration. I can get the approval myself without having to wait years, the big question is, we need to double the current energy in the United States, can you imagine that AI is really as great as we want it to be, because it's so competitive, it's going to compete with China and other countries.
If an emergency occurs, coal as a backup force is very strong, having the facility is a good backup, it won't cost too much, our coal is more than anyone else, our oil and natural gas are also more than anyone else, so we will make these power plants have their own power generation facilities, directly connected to their power plants, they don't have to worry about utilities, they don't have to worry about anything, we will approve very quickly.
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(Brian Moynihan, CEO of Bank of America ) Brian BAC Moynihan ()
**Brian BAC Moynihan, CEO of Bank of America ): Good afternoon, Mr. President. Congratulations, obviously it's been a busy week for you and your family. If you remember, five years ago when you came here, we had a conversation with 50 CEOs from around the world and you talked to them about your policies and procedures. As you mentioned earlier, a series of orders on immigration, trade and many other issues have come in rapid succession, so as representatives of the United States, we have received many questions. The focus of the President is on growth, prosperity, market growth, stock market growth, good bond market and lower prices. So how do you view the impact of these orders? How fast are they being issued? How do you balance them while maintaining sustained GDP growth, reducing inflation rates, maintaining good stock prices, and reducing corporate taxes to 21%?
Trump: In fact, if you look at states and cities, in many cases, corporate taxes are far higher than 40%. I reduced it to 21%, and now we will reduce it to 15%. If you produce products in the United States, you will have the lowest tax rate, almost the lowest tax rate, and the lowest among major countries. You know, a wealthy and powerful country, so far, has not even competed, so we will reduce it to 15%.
We are actually cutting taxes for businesses and small businesses, bringing it down to 15%. This is really amazing. By the way, speaking of you, you are doing very well, but I hope you start opening up your bank to conservatives, because many conservatives complain that banks do not allow them to conduct business inside, including a place called Bank of America.
(Ana Botín, Executive Chairman of Santander)
Ana Botin, Executive Chairman of Santander Bank: Mr. President, congratulations on our historic victory. I believe you may not know me as well as my colleagues do, so let me introduce myself. Santander Bank is one of the largest banks in the world, with 170 million customers, which is more than my friends Brian or Jamie have. They are dealing with upcoming regulations, which is tricky. We are major investors in the United States, with millions of customers and 12,000 employees. We are one of the largest auto loan institutions and have recently launched a fully digital bank called Open Bank. We firmly believe that banks play a crucial role in the economy, and we can accelerate growth and assist more customers, which is what we are doing in the United States. So, as Brian pointed out, we greatly welcome your focus on deregulation and reducing bureaucracy. My question is, what are your priorities in this regard? How quickly will this happen?
Trump: Thank you very much! I am very familiar with your bank and you have done a great job. We will take action quickly. We are very quick. In the past three days, we have done something that no one thought possible for many years and everything is taking effect. This will have a huge impact on the economy and have a huge positive impact. Money is being wasted on crazy things, and I mean the Green New Deal is a complete and utter disgrace. I have to add that they have never even taken an energy or environmental course, this is just a game.
You know, in my four years of governing, our air is the cleanest, our water is the cleanest, but our economy is the highest in productivity in history. In fact, you can look all over the world, we beat every country. One thing we have to do is demand respect from other countries. For example, Canada, we have a tremendous deficit with Canada, we're not going to put up with that any longer. Canada has been very tough on our country for many years, we have a deficit of $200 billion or $250 billion with Canada, that's not fair. We don't need them to make our cars, we don't need their timber, we don't need their oil and gas.
We are dealing with Mexico, and I think it's good. We just want to be treated fairly with other countries. Politicians are allowing other countries to take advantage of us, and we can no longer allow this to happen. You know we have debts, it's a small debt. We just want to eliminate the debt, and we will be able to do it fairly quickly. A lot of good things will happen, to be honest, the world will be a better place, and people who deal with us will also be in good shape.
I really want to meet with President Putin as soon as possible to end this war. This is not from an economic or any other perspective, but from the perspective of the millions of lives that have been wasted. Young people are being shot on the battlefield. You know that bullets, as I said, are not hidden on very flat ground. The only thing that can stop bullets is the human body. You must see that this is a massacre. We really must stop this war. This does not include the people who died from the buildings being destroyed one by one in the city, so we really should stop this situation.
It's the same in the Middle East, and I think we've made a lot of progress in the Middle East, and I think it's going to be good progress.
World Economic Forum CEO Borge Brende(Borge Brende)
**CEO of World Economic Forum Borge Brende (: **Thank you, Mr. President. We know that the most important relationship in the world is between the United States and China, which account for 28% and nearly 20% of the global economy, respectively, and almost half of the global GDP. How do you see the relationship between the United States and China in the next four years under your leadership?
I believe we will have a very good relationship, and what we want is fairness. We only want a fair competitive environment and do not want to take advantage. Biden's $1.1 trillion deficit is absurd; it is just an unfair relationship. We must make it fair.
In fact, in many Asian countries, our deficit is very large, and we cannot continue to do that. We have always had a good relationship with China, and we look forward to maintaining a good relationship with China, hoping that China will help us stop the war with Russia and Ukraine. They have a lot of influence on the situation and we will work with them. We hope to achieve denuclearization with President Putin before the election results are announced.
World Economic Forum CEO Borge Brende)Borge Brende(: Mr. President, will Ukraine and Russia reach a peace agreement?
Trump: If I were the President of Ukraine, this war should not have started. There was no war during my tenure, I never even talked about it. But when I stepped down, bad things happened. The final result is these bombed-out cities we see now, they look like demolition sites, many people have died, I think you will see far more deaths in Ukraine than are reported. I have seen it, when you see a city turned into a demolition site, buildings destroyed by missiles, many people killed, I am surprised how that relates to me. I think you will find that the number of deaths in the war in Ukraine is far greater than anyone imagines, but if you look now, many of those killed are soldiers, they have guns, rifles, and drones, a new form of warfare... It is a very sad thing.