Davos [Switzerland], January 24 : US President Donald J. Trump outlined his strategy to bolster the US economy and "unleash" investment in a wide-ranging speech via live video link to around 3,000 global leaders at the World Economic Forum Annual Meeting in Davos.
The newly inaugurated president pledged "the largest tax cut in American history" including "massive" tax cuts for workers and families. He said he would reduce the US corporate tax rate from 21 per cent to 15 per cent, and that foreign companies manufacturing goods in the US would benefit directly, while warning of placing tariffs on those that didn't.
He also announced plans to increase investment in US 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," said Trump, adding that this would benefit the country's artificial intelligence and cryptocurrency industries. "America is back and open for business" he added.
Trump also indicated that lowering oil prices could be a key step towards ending the Ukraine-Russia war, urging Saudi Arabia and OPEC to reduce the cost of oil. "You've got to bring down the oil price." (...) "Right now, the price is high enough that that war will continue."
President Trump remarked that he would "like to meet with President Putin soon" and "get the war ended," highlighting the heavy human cost of the war where "millions of lives are being lost."
He suggested that Ukraine is open to making a deal and that the onus remains on Russia to come to the table.
In a special address, Argentinian President Javier Milei expressed strong views on a range of issues. On economic policy, he urged leaders to look for new approaches, saying that "the script of the last 40 years has run out" and the time had come to "break free and be bold".
He pointed to Argentina as an example 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."
Nobel Prize-winner and chief adviser to the Bangladesh government, Muhammad Yunus, spoke of the student protests that brought down a 15-year dictatorship in his country last July.
"This is the most powerful generation in human history," he announced, before addressing politicians around the world:
"Are you allowing your young people to move up? You have to understand this generation and prepare."
Yunus described the reforms he is undertaking to prepare the country of 171 million people for free and fair elections, possibly as soon as the end of 2025. Reflecting on the role of the students, he said: "Technology has changed them - they are not Bangladeshi young people anymore, they are global young people."
He cautioned any political leader who seeks to keep young people down: "That explosion will come - you cannot stop it."
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