Trump Davos remarks target big banks, oil prices, European regulators

WASHINGTON — President Donald Trump addressed the World Economic Forum in Davos, Switzerland, virtually on Thursday, his first major appearance at an international event since he returned to the White House earlier this week.

Over the course of 45 minutes, Trump took aim at European regulators he said were too tough on U.S. tech companies, oil producers he said were keeping prices too high and big banks he said were refusing service to conservatives.

He also called on nations around the world to invest in the United States, promising low tax rates and a looser regulatory structure.

On the domestic front, Trump said put pressure on the Federal Reserve over interest rates.

“I’ll demand that interest rates drop immediately,” Trump said. “And likewise, they should be dropping all over the world. Interest rates should follow us all over.”

The remark was widely viewed as the opening salvo in a lobbying campaign that Trump is expected to launch, targeting Fed Chairman Jerome Powell.

“The United States has the largest amount of oil and gas of any country on Earth, and we’re going to use it,” said Trump.

“Not only will this reduce the cost of virtually all goods and services, it will make the United States a manufacturing superpower, and the world capital of artificial intelligence and crypto,” Trump said.

Trump also said he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to lower the price of oil. Immediately following Trump’s remarks, crude oil prices turned lower.

Following his remarks, Trump engaged in a question-and-answer session with Blackstone chairman Steve Schwarzman, Bank of America chairman and CEO Brian Moynihan, Banco Santander executive chair Ana Botin, and Patrick Pouyanné, the chairman and CEO of TotalEnergies. They were joined by WEF founder Klaus Schwab and CEO Børge Brende.

Trump’s appearance comes days after he signed executive orders to withdraw the United States from the World Health Organization and the Paris climate agreement.

He has also demanded that the United States assert control over the Panama Canal, and renewed his offer to “buy” Greenland, an autonomous territory of Denmark.

Since taking office, Trump has said he is considering 25% tariffs on products from Mexico and Canada, and floated 10% tariffs on imports from China.

He also touted controversial actions he has taken this week to require U.S. agencies to rescind decades worth of efforts to diversify the federal workforce.

“My administration has taken action to abolish all discriminatory Diversity Equity and Inclusion nonsense … policies that were absolute nonsense throughout the government and the private sector.”

“America will once again become a merit based country,” said Trump.