US President Donald Trump has urged global businesses to manufacture their products in the United States, promising lower taxes and significant benefits. Speaking virtually at the World Economic Forum (WEF) in Davos on Thursday, Trump warned companies that choose to manufacture elsewhere will face hefty tariffs, amounting to “billions and trillions of dollars.”
Trump Promises Lower Taxes For US Manufacturers
Trump assured businesses of substantial tax reductions if they establish manufacturing operations in the US. “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 substantially, even from the original Trump tax cuts,” he said.
He proposed a 15% corporate tax rate for companies producing in the US, pending Congressional approval. Trump emphasized that the US under his administration offers unmatched opportunities for creating jobs and building factories.
Trump issued a direct warning to businesses manufacturing outside the US. “If you don’t make your product in America, you will have to pay a tariff. These tariffs will direct hundreds of billions, even trillions of dollars, into our treasury to strengthen our economy and pay down debt,” he stated.
Addressing trade relations, Trump highlighted deficits with Canada and Mexico. He announced plans for a 25% tariff on imports from both countries, citing illegal immigration and drug shipments as issues. Trump extended a tariff deadline for China to February 1 but maintained his tough stance.
Trump reiterated his commitment to fair trade, particularly with China. He called for a “level playing field” in US-China relations while rejecting unfair trade practices.
He also suggested that making Canada the 51st US state could resolve trade deficits. Trump said, “If you’re a state, we won’t have to tariff you.”
The President urged Saudi Arabia and OPEC to lower oil prices, arguing this could boost the global economy and potentially end the war in Ukraine. Trump concluded by emphasizing the US’s desire to be treated fairly in the global economy.
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