'If you don't make your product in America, you'll have to pay tariff': Donald Trump at WEF
US President Donald Trump addressed the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, urging global companies to manufacture their products in the United States. He promised significant tax cuts to businesses that choose to produce in the US, offering some of the lowest tax rates in the world.
Trump warned companies that opt not to manufacture in the US would face hefty tariffs, which he said would generate "hundreds of billions" and even "trillions" of dollars for the US economy, strengthening the nation’s finances and helping reduce debt.
He stressed that under his administration, the US would be the best place for job creation, factory development, and business growth, declaring, "There is no better place on earth" for companies to thrive.
Turning to US-Canada relations, Trump expressed frustration with the US trade deficit with Canada, which he estimated at between USD 200 billion and USD 250 billion. He jokingly suggested Canada could become the 51st US state to resolve the issue and eliminate tariffs, further criticising Canada for being difficult to negotiate with.
Trump also noted that the US no longer relies on Canada for key resources like cars, lumber, or oil, as the country has ample domestic supply. He reiterated plans to impose 25 per cent tariffs on imports from Mexico and Canada.