President Trump arrived in the Swiss Alps last night to address the World Economic Forum, as the first US President, in 18 years, to attend this high profile gathering of business and political leaders.
His speech at the forum focused on new regulations to attract businesses into the United States, highlighting his recent decision of massive tax cuts from 35% down to 21%. He mentioned his major economic achievements since his election as a president pointing mainly to the economic growth in the United States shown by the rise of stock market adding more than $7 Trillion of new wealth, creating more than 2.4 million jobs and decreasing unemployment.
As a result of tax cuts, the President revealed the intention of Apple to bring back some overseas investment of more than $240 billion back into the United States which will raise their US investment to more than $350 billion over the next five years.
President Trump emphasised the need to invest in human capital not only in the infrastructure, and his new talent immigration policies. He stated that “America 1st does not mean America alone” pointing towards the global impact of the US economy in technology and scientific discoveries which led to economic benefits all around the World. He emphasised his new regulations reform to attract businesses and the need to reform the global trade system. The President mentioned the need for free and open trade, one that must be reciprocal with regulations preventing intellectual property theft, and free of industrial subsidy.
In terms of energy, swift actions were taken in lifting restrictions on energy produces to enable more companies to produce more affordable energy for houses and businesses, leading to enhanced energy security through diversity of supply.
His speech was followed by a conversation with Professor Klaus Schwab, in which two important issues were discussed; the tax reform, and his previous experience as a businessman. He highlighted the importance of the tax reform for the US industry while highlighting his experience as a businessman in better understanding businesses which led to 50% increase in the stock market, and reducing regulations and bureaucracy more than any previous administration.