Donald Trump delivered remarks to the World Economic Forum, virtually, on Thursday in Davos. He discussed his plans to encourage companies to manufacture products in America, or else face tariffs.

Trump stated that “to further unleash our economy our majorities in both the House and Senate – which we also gained along with the Presidency – will pass the largest tax reduction in American history. This includes massive tax cuts to workers and their families, as well as big tax reductions for domestic producers, manufacturers, and even for the most wealthy Americans.”

If they are not extended, portions of the original Trump’s tax cuts will expire in 2025. This includes the lower tax rates and expanded standard deduction for individuals. It also includes the child tax credit. Trump stated, “We are working with Democrats to get an extension of the Trump tax cuts. As you know if you read any newspaper.”

“My message to all businesses is simple: Come make your product in America, and we’ll give you some of the lowest taxes in the world. The president stated that we’re bringing down the taxes very significantly, even compared to the original Trump tax cut.

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He said: “But, if you do not make your product in America – which is your right – then you will be paying a tariff.” “Differing amounts but a tariff that will direct hundreds, billions, and even trillions, of dollars to our treasury in order to strengthen our economy, and pay off debt.”

Trump ran his campaign on a 10%-20% tariff across the board on all imports, as well as a 60% tax on Chinese goods.

He has said that he plans to begin with a 10% tariff against China and a 25% tariff against Canada and Mexico, which could start as early as February 1.

The president said to the Davos audience that “under the Trump administration there is no better place in the world to create jobs, build factories or grow a business than here, right here, in the USA.”

Trump went on, citing several recent announcements of investment as signs that business confidence in the U.S. is growing. This included several investment deals he assisted with.

He said that SoftBank announced an investment of between $100 and $200 billion in the U.S. Economy due to the election results. Just two days earlier, Oracle, SoftBank, and OpenAI announced $500 billion in AI infrastructure.

Trump added, “Other firms have also announced billions, billions, and billions in investment in America.” DAMAC of the UAE, which plans to build data centres in the Sun Belt region and Midwest, is one of those deals.

The president stated that “Saudi Arabia is reported to be investing $600 billion into America today, but I will ask the crown prince who’s an amazing guy to round up to about $1 trillion.” “I believe they will do that, because we have been very good to us.”