Donald Trump is about to take the stage (remontly) at the World Economic Forum in Davos. His special adress will be followed by a Q&A session with several bussiness leaders, inlcuding Bank of America's CEO.
Below we will summarise key insights delivered by the newly inaugurated president:
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app- Speech opened with a critique of the Biden administration, especially on the grounds of efficiency, $3 trillion deficit, energy regulations, high inflation and record interest rates.
- Via common effort with democrats, Trump is looking forward to delivering taxcuts for workers, families and bussiness, aiming at luring the manufacturers to the USA.
- Trump will pressure OPEC and Saudi Arabia to lower oil prices, additionally underlining the introduction National Energy Emergency as means to intensify oil extraction in the US. OIL contracts fall 1-1.3% in response.
- Trump mentioned the goal of USA becoming the cryptocurrency superpower, albeit without indicating any precise success measures or steps in that direction. Bitcoin reacts by retreating 0.8-1%.
- According to Trump, EU treats USA unfairly when it comes to international trade, imposing tarrifs and not importing US manufactured goods. He also mentioned the case of high charges on the US' airlines and tech giants (Apple, Alphabet, Meta).
- Chinese yuan strengthens around 0.1% against USD as Trump mentions having a good relationship with China's Xi Jinping, ommiting tarrifs compeletely in his outlook for China-US relationship. He also said that 'China can help us stop war in Ukraine'.
