US President Donald Trump gave a speech on Wednesday at the World Economic Forum (WEF) in Davos, Switzerland. As the leader of the most powerful Western superpower, he was given special privilege, with no other panel discussions taking place alongside his.
As part of his "special address," he was joined on stage by the chairman and vice-chairman of the WEF, former Norwegian Foreign Minister Børge Brende and Larry Fink, CEO of BlackRock, the world's largest investment fund.
The White House chief's speech was also the most watched event of the entire forum, and previous panel discussions focused on the effects of his decisions and statements, particularly in relation to the threat of occupying Greenland, the establishment of a "parallel UN" for the Gaza Strip, and the Russian-Ukrainian war.
Fink: Capitalism must undergo evolution
However, the opening remarks were made by BlackRock CEO Fink. He pointed out that over the past quarter-century, the US president has attended the Davos forum only twice. "It was always Donald Trump," he added. In his opening remarks, he credited the president with a "willingness to act," noting that he has known the White House chief and longtime real estate mogul since the beginning of the COVID pandemic.
He also mentioned his recent statement that "capitalism must undergo an evolution," which the US president is also subject to. According to him, the limits of economic growth and the direction of the "global human community" are issues that the "leaders" in Davos are currently addressing.
He addressed both friends and enemies
"It's nice to speak to so many industry leaders, many friends, a few enemies," Trump began, to general laughter. From the outset, he praised his administration for growing investment, falling inflation, rising wages, and a "basically impenetrable and secure" southern border of the US.
Core inflation in the US economy remains at 1.6 percent, while economic growth is expected to reach 5.6 percent, "which no one except me and a few of my friends predicted," he added.
"Just a year ago, we were a dead country under the rule of radical left-wing Democrats. Now we are the hottest country with prospects for further growth," he said, adding that the US economy has allegedly become an "engine."
In his own words, he wanted to show how he had achieved an "economic miracle" and wage growth "unprecedented in our history," and how other countries could be inspired, since, according to him, "many countries are unrecognizable" compared to the recent past. "I have friends who are coming back from European and other countries and they tell me, 'It's unrecognizable there,'"
He criticized the "Green New Scam"
He immediately criticized efforts toward a green transition, which he called the "Green New Scam," which, in addition to his predecessor, "sleepy" Joe Biden, several European governments have also embraced—to their own detriment.
The White House has cut federal government spending by $100 billion in just one year, said Trump, who avoided the topic of increasing the budget for the Department of War to $1 trillion. "We didn't close power plants and heavy industry, we opened them instead," he explained.
Companies that return their production to the US are entitled to immediate tax write-offs based on the relief he enacted in 2018, he continued, adding that "they no longer have to wait 38 or 41 years as they did before."
US exports rose by $150 billion in just one year, he boasted, adding that it was his tariffs that caused the return of production. "We have concluded exceptional trade agreements covering 40 percent of US trade relations," he noted, naming the European Union, Japan, and South Korea.
US oil production reached 730,000 barrels per day, to which he added Venezuelan oil. According to his words, he will "share" the profits from this oil with Caracas, which will "earn more than in the last 20 years." Understandably, he also mentioned the attack on Venezuela and the kidnapping of leader Nicolás Maduro, after which Chavismo representatives allegedly "wanted to reach an agreement."
Trump also approved the construction of several nuclear power plants, which he initially rejected due to the "risk," which he no longer perceives today. According to him, the safety of nuclear reactors has increased tremendously. He also approved the construction of power plants under the auspices of data center owners, "who at first thought I was making fun of them." "However, most of them lean towards oil and gas," he added.
Britain reportedly does not allow oil companies to drill exploratory wells in the North Sea. "They take 92 percent of the revenue, and the oil companies say, 'We couldn't handle that,'" he said. He also criticized the efforts of London and other powers to build wind farms. "Whenever I see windmills, I think to myself that this country has little energy for a lot of money," he added, saying that the turbines "kill birds."
"I want Europe to do well," he continued, noting that he himself comes from Europe. His mother was 100% Scottish, while his father was 100% German. "I believe in the deep cultural connection we have with Europe," he added.
A topic he wanted to skip
"Would you like me to say a few words about Greenland?" he asked to general amusement. "I originally wanted to skip this topic, but here goes: I have deep respect for the people of Greenland, as well as the people of Denmark," he began.
"But every NATO country has a treaty obligation to ensure its own national security, and no one would protect Greenland like America," he clarified. He recalled that during World War II, the US military occupied and "secured" the world's largest island in the process of fighting Nazi Germany.
"If it weren't for us, they would be speaking German here, and maybe a little Japanese," he continued. "And after the war, we returned Greenland to Denmark. How stupid we were back then!" he added, noting that Washington is still willing to defend "its" hemisphere today.
He described Greenland not as a country, but as a "big piece of ice" that is "very sparsely populated" and "undeveloped." He drew particular attention to rare earth minerals. "There are no rare earths, it's the processing that's rare," he noted.
In connection with the growing strategic threat from Russia and China, he pointed out that Greenland geographically belongs to North America and therefore its defense is in the interests of the United States.
That is why he repeated his offer to "buy" Greenland at the WEF. "I am calling for immediate negotiations to discuss the acquisition of Greenland by the United States," he said.
"However, this would not be a threat to NATO. On the contrary, it would strengthen our common security," he noted, adding that his criticism of the Alliance had "strengthened" its defense capabilities, which "can be seen in the example of the war in Ukraine."
We want Greenland for our NATO spending
He also reiterated that if he were president, Russia would not have invaded Ukraine, and that the 2020 elections were "rigged." "We now know that they were rigged, and we will soon prosecute the people who were involved," he announced.
He also praised himself again for ending the wars between India and Pakistan and between Armenia and Azerbaijan. Allegedly, after signing the peace agreement at the White House, Russian President Vladimir Putin called him and asked, "How did you manage to do it when he couldn't end it in ten years?" "I told him, 'Vladimir, focus on the war you can resolve,'" he said.
At the forum, he loudly rejected the "use of force" against Greenland or Denmark. "I would not like to use force, I do not want to use force, and I will not use force," he assured, addressing NATO chief Mark Rutte, who was sitting in the audience.
He went on to explain why the United States needs to "own" Greenland. "Until recently, we paid 100 percent of NATO's expenses because other countries did not pay their bills. And all we want in return is Greenland," he said, adding that he needs "the right, the claim, and the ownership" because "no one would defend a lease agreement."
Canada exists only because of the US
He also criticized Canada, whose airspace and sovereignty are defended by the US. "They've gotten a little out of hand lately," he said, criticizing Prime Minister Mark Carney. The planned Golden Dome air defense system is also intended to protect Canada's northern neighbor. "Canada only exists because of us. Remember that for your next speech, Mark."
He also praised the defense of Israel and efforts to end the war in Gaza. However, he told Prime Minister Benjamin Netanyahu that Golden Dome is a parallel, not a copy, of Iron Dome. "It's our technology, okay?" he added.
"The problem with NATO is that we come to their aid 100 percent. But I'm not sure they'll come to our aid if I call them," he explained his de facto shift to open imperialism.
He also noted that he had legally prohibited the heads of arms giants from paying dividends on shares until they began to increase production of missiles and other ammunition. "I told them they would not receive dividends, and that they would go towards the construction of additional factories," he added, saying that it was "unimaginable that shareholders would pay out $50 million while we had to wait three years for a single Patriot missile."
Biden was the worst
He later returned to criticizing his predecessor. "It's not clear yet, but I think Biden was the worst president in a very long time," he said, labeling the Democratic leader the "Autopen president" — some of his orders were signed by an automatic pen.
He also boasted about capping drug prices for American consumers. He also recounted an anecdote about how he negotiated with pharmaceutical companies, whose representatives allegedly told him that they sell prescription drugs to Europeans at fixed prices, while in the US they keep raising prices.
"Yesterday, French President Emmanuel Macron was here wearing beautiful sunglasses – what the hell happened? – and he was tough. But the truth is that he pays ten dollars a pill, while Americans pay 30 or 40 dollars for the same pill," Trump continued.
If Macron refused to lift the cap on prescription drug prices, Trump threatened him with an additional 100 percent tariff on all wines exported to the US. "Does that mean I have to double the price of drugs? I'm not going to do that," the Elysée Palace chief was supposed to have said.
He also addressed large investors, whom he described as his friends. "I'm sorry I have to do this to you," he continued, banning them from buying family homes. "A family with its own home is a sign of a healthy society," he said, adding that the decree he signed two weeks ago is just one of a series of pro-social measures.
He introduced a fixed interest rate of ten percent on credit cards for a period of one year. "Don't we remember what usury is?" he asked, adding that ordinary citizens often do not know that they are paying as much as 28 percent. He thus banned credit companies from their main "shark" practice.
He also allowed government-backed companies to buy up nearly $200 billion in mortgage principal to artificially lower interest rates.
He praised Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, who are "doing a fantastic job." According to him, both are working on making it possible to buy a home without "knocking the real estate market to the floor — which could be done so quickly," he concluded dreamily. However, this would affect "millions and millions" of people who already own homes.
The Swiss made money off the Americans
Trump continued with further praise for tariffs and moved on to the country where he was speaking – Switzerland. "Switzerland made a lot of money off us. They paid nothing here, and every time they took $41 billion," he said, citing the trade deficit. When he announced the tariffs, the then-head of the Federal Council, Karin Sutter-Keller, called him and repeatedly asked him not to impose them.
"So I said to her, 'Okay, ma'am, thank you, goodbye. And I imposed 39 percent on them. And then everything broke out," he continued, saying that he was visited by representatives of companies such as Rolex, who eventually convinced him to lower the rate.
According to Trump, investment and economic growth can "combat" inflation. He added that he had attracted $18 trillion in foreign investment over the past year. "That's the most ever, with China coming in second with some five trillion many years ago," he boasted, although he did not mention that roughly a third of that amount comes from Islamic monarchies in the Middle East.
Migrants were not missing either
He again criticized Biden's approach to migration, which has resulted in ten million migrants "from prisons and drug gangs" entering the US. "Washington, D.C., used to be a dangerous city, and now it's one of the safest cities in the United States," he added, saying that the deployment of the military was responsible for restoring order.
He also "helped" California, which is now doing well, he continued, turning to Governor Gavin Newsom, who was also on stage. "Gavin is great, I love Gavin, and I don't want to hurt the people there," he said.
Millions of dollars in food aid "were stolen, imagine that, by Somali bandits," he said, referring to the discovery of widespread fraud. "So they do have high IQs after all — I've been saying for a long time that they have low IQs, but only intelligent people can do something like that," he said.
He similarly praised America's response to drug dealers who use submarines as well as ships for smuggling. "And we heard that we destroyed someone's livelihood, that they were fishermen — come on, a submarine is not for fishing," he remarked ironically.
He continued with controversial statements, criticizing Minnesota Congresswoman Ilhan Omar, "who comes from a completely destroyed (...) – it's not even a country, Somalia, they don't have a government, they don't have a police force, they don't have an army, what is it?" he said.
"Some of the best leaders are here, some of the brightest minds are here. The future is limitless, and that's largely thanks to you," he concluded, adding that they can turn to him and America anytime.