Donald Trump signals all imports to US will face tariffs in Davos address
Share:
President sets out his economic policy and repeats call for Nato countries to increase defence spending to 5%. Business live – latest updates. Donald Trump has signalled that all imports into the US will face tariffs, as he set out more details of his economic policy in an online address to the World Economic Forum in Davos.
In a typically blustering speech, the new president said he intended to cut business taxes to make them “among the lowest taxes of any nation on Earth”, to encourage manufacturers to locate in the US. He continued: “But if you don’t make your product in America, which is your prerogative, then very simply, you will have to pay a tariff – differing amounts, but a tariff – which will direct hundreds of billions of dollars, and even trillions of dollars into our treasury to strengthen our economy and pay down debt.”.
Trump has previously said he intends to levy tariffs, which are import taxes, on goods from Mexico, Canada and China, and is also considering penalising imports from the EU. But he appeared to suggest tariffs would be applied across the board. In response to questions from business leaders in Davos, the US president denied his tariff policy could raise prices and contribute to inflation.
“I think it’s been actually bring down inflation. It’s going to bring up jobs. We’re going to have a lot of jobs. We’re going to have a lot of companies moving in,” he said. Trump also put himself on a collision course with the Federal Reserve by urging it to cut interest rates “immediately” to bolster the US and global economy.
