President Donald Trump spoke virtually Thursday at Klaus Schwab's World Economic Forum (WEF) in Switzerland, pledging to impose tariffs on all products made outside the United States.
President Trump detailed plans to encourage companies to manufacture products in the United States, cut taxes and impose tariffs on imported goods in a show of America-first populism in a globalized climate.
“My message to all businesses around the world is very simple: Make your products in America and we will give you the lowest taxes of any country on earth,” Trump promised. “This is a significant reduction even from the original Trump tax cuts.”
“But if you don't make the product in America, which is your prerogative, then, quite simply, you have to pay tariffs of varying amounts, but hundreds of billions or even trillions of dollars. “It will pump dollars into our treasury to strengthen our economy and pay down our debts,” he added.
President Trump has vowed that America will be the best place on earth to start and grow businesses.
“Under the Trump administration, there will be no better place on earth to create jobs, build factories and grow businesses than right here in the good old United States,” he said.
President Trump's message came days after he announced the creation of the Foreign Revenue Service (ERS), not to be confused with the Internal Revenue Service (IRS). He said the ERS “collects all customs duties, customs duties, and foreign revenues.”
President Trump's policies to encourage investment in the United States are already bearing fruit. He announced Tuesday night that OpenAI, Oracle and SoftBank are partnering to invest $5 trillion in U.S. AI infrastructure with a new company called Stargate.
Oracle Borad Chairman Larry Ellison, SoftBank CEO Masayoshi Son, and OpenAI CEO Sam Altman said the deal would not have happened without Trump.
