Trump plans to reduce oil costs and bring manufacturing back to America By Investing.com

Investing.com — President Donald Trump recently addressed world leaders in Davos and outlined his plans to bring manufacturing back to the U.S. by reducing oil costs. He has expressed his intention to ask Saudi Arabia and other OPEC countries to lower oil prices, and has reiterated that he will use tariffs to bring production back to the United States.

Trump has expressed his desire to cut interest rates quickly, following the economic woes under former President Joe Biden. Of these economic issues, $8 trillion is tied to wasteful deficit spending and restrictive energy policies.

Trump said in his speech that his second term would focus on using tariffs to encourage manufacturing in the United States. They warned that tariffs would be imposed on products not made in the United States, which would lead to billions and possibly trillions of dollars to the American treasury.

Trump praised companies’ pledges to invest in the U.S., such as SoftBank (Tio: ) Group Corp.’s plan to build artificial intelligence infrastructure, and Saudi Arabia’s Crown Prince Mohammed bin Salman’s pledge to expand investments and $600 billion in trade with the U.S. . Trump said he would push the crown prince to raise that figure to $1 trillion.

The president predicted that lower oil prices would lower inflation and lower interest rates. He pointed out that this could put pressure on Russia to end the war in Ukraine.

Following his opening remarks, Trump answered questions from WEF President Borge Brende and select executives, including Blackstone (NYSE:) Inc.’s Stephen Schwarzman, Bank of America Corp (NYSE:) Brian Moynihan.

During his current term in office, Trump has pledged to crack down on undocumented immigration and has reiterated plans to impose tariffs on Mexico and Canada. He also indicated that tariffs on China and the EU would remain on the table.

Trump has moved to reverse Biden’s policies on climate change, increasing U.S. fossil fuel production and replenishing depleted oil reserves. It plans to increase domestic energy production as European industries grapple with high energy costs.

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