In a virtual address to the Davos community just four days into his new term, President Trump declared a "Golden Age of America," highlighting his administration's rapid actions to reverse what he described as the "disasters" inherited from the previous administration, particularly concerning the economy and border security.
Trump began by asserting his victory was won by millions of votes, mentioning all seven swing states and claiming his victory was the most consequential in 129 years. He portrayed his administration as ushering in a revolution of common sense, promising a stronger, wealthier, and more united America, which would contribute to global peace and prosperity.
The president's focus was immediately on confronting the economic challenges, which he attributed to the "failed policies" of the last administration. He criticized the $8 trillion in deficit spending, energy restrictions, regulations, and "hidden taxes" that he believed led to a modern inflation crisis and high-interest rates. He accused President Biden of losing control of the economy and the border. Trump claimed that government spending was $1.5 trillion higher than projected when he left office and the cost of servicing the debt was over 230% higher than in 2020.
To combat these issues, Trump outlined several executive orders and policy changes implemented on day one. These included directing cabinet members to defeat inflation and reduce the cost of living, imposing a federal hiring and regulation freeze, and creating a Department of Government Efficiency. He emphasized terminating the Green New Deal, withdrawing from the Paris Climate Accord, and ending the electric vehicle mandate, emphasizing Americans should be free to buy the car they want.
He announced a national energy emergency to unlock the liquid gold under US feet, promising rapid approvals for new energy infrastructure to make the U.S. a manufacturing superpower and the world capital of AI and crypto. His administration also initiated the largest deregulation campaign in history, aiming to eliminate ten old regulations for every new one, which he claims would put thousands of dollars back into American families' pockets.
Trump announced plans for the largest tax cut in American history, which will include significant tax cuts for workers, families, domestic producers, and manufacturers. He also expressed hopes of working with Democrats to extend the original Trump tax cuts. He stated his message to businesses: come to America to make your products and you will be rewarded with some of the lowest taxes on Earth. On the other hand, if you don't make your products in America, you'll have to pay a tariff that will funnel hundreds of billions or even trillions of dollars into the US Treasury, strengthening its economy and paying down debt.
Trump also highlighted the soaring economic confidence following his election, reporting a small business optimism jump of 41 points and announcing massive investments from companies like SoftBank and Oracle, as well as reported investments from Saudi Arabia. He indicated his intention to ask Saudi Arabia and OPEC to lower oil prices, believing it would end the Russia-Ukraine war and enable interest rates to drop.
Turning to border security, Trump declared a national emergency at the southern border, halting illegal border crossings and deploying the military to repel the "invasion." He also highlighted his administration's commitment to free speech, ending government censorship and the weaponization of law enforcement, while abolishing discriminatory diversity, equity, and inclusion programs. He highlighted the Supreme Court ruling as a move to create a merit-based country and reaffirmed the official US policy that there are only two genders.
In foreign policy, Trump indicated plans to increase NATO defense spending, secure a peace settlement between Russia and Ukraine, and work towards denuclearization. He also touched on upcoming events like the 250th anniversary of America's founding, the World Cup, and the Olympics, which he claimed to have played a crucial role in securing for the US.
During a Q&A session with business leaders, he addressed concerns about the EU's regulatory environment, advocating for faster approval processes and criticizing what he views as unfair treatment of the U.S. in terms of trade. He also responded to concerns about LNG exports potentially inflating domestic gas prices, reaffirming commitment to securing gas supplies to Europe and disagreeing with those who recommend pausing projects. Finally, he also touched on the US relationship with China, saying the relationship would be good and he liked President Xi.