Davos [Switzerland], January 24 : US President Donald Trump, called on companies globally to manufacture their products in the United States, while also issuing a stern warning to those doing otherwise that they will have to pay tariffs worth 'billions and trillions' of dollars.
Virtually addressing the World Economic Forum (WEF) in Davos, Switzerland on Thursday, Trump promised substantial tax cuts to businesses that choose to produce in the US.
"My message to every business in the world is very simple. Come make your product in America, and we will give you among the lowest taxes of any nation on Earth. We're bringing them down very substantially, even from the original Trump tax cuts," he said.
For businesses choosing not to manufacture in the US, Trump warned, "But if you don't make your product in America, which is your prerogative, then very simply, you will have to pay a tariff differing amounts, but a tariff which will direct hundreds of billions of dollars and even trillions of dollars into our treasury to strengthen our economy and pay down debt."
He further asserted that there is "no better place" than the "good old USA" to create jobs, build factories under the Trump administration.
"Under the Trump administration, there will be no better place on earth to create jobs, build factories, or grow a company than right here in the good old USA," he added.
Referring to the relations with Canada, the US President, he noted that the US has been at a deficit of approximately USD 200 billion or USD 250 billion with Canada, which he argued was unfair.
He again reiterated his point to make Canada the 51st US state, adding that in that case, there would be no need to impose a tariff on it.
"Canada, we have a tremendous deficit with Canada. We're not going to have that anymore. We can't do it. It's, I don't know if it's good for them. As you probably know, I say you can always become a state. Then if you're a state, we won't have a deficit. We won't have to tariff you," he said.
"But Canada has been very tough to deal with over the years, and it's not fair that we should have a 200 billion or 250 billion deficit," he added.
Trump also highlighted that the US no longer relies on Canada for products like cars, lumber, and oil. "We don't need them to make our cars and they make a lot of them. We don't need their lumber because we have our own forests... We don't need their oil and gas. We have more than anybody," he stated.
Recently, Trump announced that his administration is planning to impose 25 per cent tariffs on imports from Mexico and Canada.
The US President, for some time, has been saying that Canada should be made the 51st US State to avoid facing these tariffs. He even referred to outgoing Canadian Prime Minister Justin Trudeau as "Governor of state of Canada".
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