Official announcements from the U.S. government and trade policy documents

Trump Promises Largest Tax Cut, Warns of Tariffs on Imports at Davos

Jan 23, 2025, 04:30 PM

President Donald Trump, speaking via video to the World Economic Forum in Davos on Thursday, urged businesses worldwide to manufacture their products in the United States. He promised some of the lowest taxes of any nation, noting that Congress would pass the largest tax cut and that taxes would be reduced significantly beyond the original Trump tax cut. Trump warned that companies choosing not to produce in America would face tariffs of differing amounts, which would help pay down the national debt. He stated, "Come make your product in America, and we will give you among the lowest taxes of any nation on Earth... but if you don't make your product in America, then very simply, you will have to pay a tariff." He emphasized that under his administration, there would be no better place on Earth to create jobs, build factories, or grow a company than the U.S.