Relocate manufacturing operations to United States or face tariff penalties: Trump to business leaders
PTC Web Desk: In a powerful virtual address to the World Economic Forum (WEF) on Thursday, US President Donald Trump sent a resounding message to global businesses, urging them to relocate their manufacturing operations to the United States or face tariff penalties. His speech highlighted his administration’s focus on bolstering the American economy, fostering energy independence, and driving bipartisan economic reforms.
'Make in America or Face Tariffs'
Donald Trump’s remarks carried a clear directive to international companies. "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," he declared.
While emphasising the voluntary nature of manufacturing decisions, Trump warned of financial consequences for businesses that operate outside the United States. "If you don't make your product in America, which is your prerogative, then very simply, you will have to pay a tariff," he said.
Call for Saudi investment and lower oil prices
Addressing the energy sector, Trump urged Saudi Arabia and OPEC to reduce oil prices, asserting that lower costs could bring global stability. He claimed, "If the price of oil came down, the Russia-Ukraine war would end immediately."
Trump also announced plans to increase Saudi investment in the United States, setting an ambitious target of $1 trillion. His comments followed Saudi Crown Prince Mohammed bin Salman’s announcement of a $600 billion investment plan for the US over the next four years.
The President took the opportunity to criticise past environmental policies, notably the Green New Deal, which he called the "Green New Scam." He reaffirmed his commitment to energy independence, stating, "The United States has the largest reserves of oil and gas on Earth, and we’re going to use them."
Massive tax cuts for American industries and workers
Reiterating his pro-business stance, Trump announced plans for what he described as "the largest tax cut in American history." These cuts, he explained, will benefit American workers, families, domestic producers, and manufacturers.
"Our majorities in the House and Senate, which we also took along with the presidency, will pass these tax reforms," Trump said. He also expressed optimism about bipartisan collaboration, adding, "We’re working with the Democrats on extending the original Trump tax cuts to drive growth further."
Bipartisan economic efforts
Trump highlighted his administration’s willingness to work across party lines to ensure economic growth. "We’re collaborating with Democrats to secure prosperity for American workers and their families," he stated.
- With inputs from agencies
