Former US President Donald Trump urged global businesses to manufacture their products in the United States during his virtual address to the World Economic Forum (WEF) in Davos, Switzerland, on Thursday. Trump warned that companies choosing to produce outside the US would face tariffs worth “billions and trillions of dollars.”
Trump promised significant tax reductions for businesses that relocate their production to the United States.
“My message to every business in the world is very simple: Come make your product in America, and we will give you among the lowest taxes of any nation on Earth. We’re bringing them down very substantially, even from the original Trump tax cuts,” he said.
For companies opting not to manufacture in the US, Trump issued a stern warning:
“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,” he said.
Trump emphasized that under his administration, the US is the best place to create jobs, build factories, and grow businesses.
“There will be no better place on earth to create jobs, build factories, or grow a company than right here in the good old USA,” he added.
Trump also turned his attention to US-Canada trade relations, highlighting what he described as an unfair trade deficit of approximately $200 billion to $250 billion with Canada. He suggested that making Canada the 51st US state would eliminate the need for tariffs.
“Canada, we have a tremendous deficit with them. We’re not going to have that anymore. I say, you can always become a state. Then if you’re a state, we won’t have a deficit. We won’t have to tariff you,” Trump remarked.
The former president criticized Canada for being “tough to deal with” and argued that the US no longer relies on Canadian imports.
“We don’t need them to make our cars—they make a lot of them. We don’t need their lumber because we have our own forests. We don’t need their oil and gas. We have more than anybody,” he stated.
Trump reiterated his administration’s plans to impose 25% tariffs on imports from Canada and Mexico, a move aimed at reducing trade deficits and encouraging domestic manufacturing.
He even made a lighthearted jab at outgoing Canadian Prime Minister Justin Trudeau, referring to him as the “Governor of the State of Canada.”
Trump’s remarks continue to reflect his “America First” trade philosophy, prioritizing domestic production while targeting trade imbalances with tariffs and aggressive negotiation tactics.