President Donald Trump offered economic world leaders a choice during his speech at the World Economic Forum today; manufacture your products in America, or face tariffs.
Appearing via video from the White House to the annual summit in Davos, Switzerland, Trump highlighted his series of executive actions since his inauguration and asserted that he had a “massive mandate” from the American people to enact change. That included the introduction of tariffs.
“Come make your product in America and we will give you among the lowest taxes as any nation on earth,” Trump said. “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 under the Trump administration.”
Trump has previously suggested a universal tariff of around 20 percent, because he claims that “essentially countries take advantage of the U.S.,” even as he acknowledged the country was “not ready for that yet.”
He has also suggested higher, selective tariffs: 25 percent tariffs on Canada and Mexico in order to pressure them to take action against fentanyl and illegal immigration; and a 60 percent tariff on Chinese products.
Follow Newsweek’s live blog for updates.
02:35 PM EST President Donald Trump touted his rollback of environmental protections during his World Economic Forum appearance, telling the economic leaders he’s pulled out of the Paris Climate Accord and had ended “the insane and costly electric vehicle mandate.”
“We’re going to let people buy the car they want to buy,” he added.
Joe Biden had set a target to have 50% of all new vehicles on sale electric by 2030.
However, the target was not binding.
Trump added he had also, “terminated the ridiculous and incredibly wasteful Green New Deal — I call it the “Green New Scam.”
02:24 PM EST A federal judge on Thursday temporarily blocked President Donald Trump‘s executive order seeking to end birthright citizenship, calling it “blatantly unconstitutional.”
U.S. District Judge John Coughenour issued the ruling in response to a lawsuit filed by Washington, Arizona, Illinois and Oregon.
The lawsuit, filed in the Western District of Washington, argued that Trump’s executive order, which sought to get rid of birthright citizenship for some babies born in the U.S., violated the Fourteenth Amendment.
The lawsuit is one among more than half a dozen cases that have been filed against Trump or his administration since he took office. Eighteen other states and two cities are also suing the president over his executive order in a separate lawsuit alleging that the order is unconstitutional.
Read in full from Gabe Whisnant and Sonam Sheth on Newsweek.
El presidente estadounidense Donald J. Trump al hablar por video al Foro de Davos en Davos, Suiza, el 23 de enero del 2025. (Michael Buholzer/Keystone via AP) El presidente estadounidense Donald J. Trump al hablar por video al Foro de Davos en Davos, Suiza, el 23 de enero del 2025. (Michael Buholzer/Keystone via AP) AP/Michael Buholzer
President Donald Trump announced at the World Economic Forum that he wants a “fair relationship” and a “level playing field” with China.
Speaking via video link to the event in Davos, Switzerland, Trump complained that America has “massive deficits with China” which he blamed on Joe Biden for letting the deficit to “get out of hand.”
“All we want is fairness. We just want a level playing field. We don’t want to take advantage,” Trump said.
Trump added that he has a good relationship with Chinese President Xi Jinping and he looked forward to “doing very well with China and getting along with China” during his presidency.
“I like President Xi very much. I’ve always liked him. We always had a very good relationship,” he said.
Trump has said he is considering an additional 10% tariff on all Chinese goods starting as early as February 1. He has also announced 25% tariffs on goods from Canada and Mexico.
02:09 PM EST President Donald Trump has criticized Bank of America CEO Brian Moynihan and “Jamie,” presumably Jamie Dimon, head of JPMorgan Chase, for allegedly “de-banking” conservatives.
“You’ve done a fantastic job but I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank,” Trump said during his virtual appearance at the World Economic Forum (WEF) in Switzerland.
“What you’re doing is wrong,” he added.
Moynihan did not address Trump’s claim at the event today, instead thanking the president for securing the World Cup for 2026 in the U.S.
But both Bank of America and JPMorgan have strenuosly denied claims that have ever denied or closed accounts of people or organizations on political or religious grounds.
The claims of de-banking came to the fore last summer, when a dozen state auditors and treasurers wrote an open letter to Moynihan, claiming his bank was closing accounts of right-wing or religious organizations.
President Trump to Bank of America CEO Brian Moynihan: “I hope you’re going to open your banks to conservatives because what you’re doing is WRONG.” pic.twitter.com/Ob3pwN9cAm
— Trump War Room (@TrumpWarRoom) January 23, 2025
