President Donald Trump offered economic world leaders a choice during his speech at the World Economic Forum today; manufacture your products in America, or face tariffs.
Appearing via video from the White House to the annual summit in Davos, Switzerland, Trump highlighted his series of executive actions since his inauguration and asserted that he had a "massive mandate" from the American people to enact change. That included the introduction of tariffs.
"Come make your product in America and we will give you among the lowest taxes as any nation on earth," Trump said. "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 under the Trump administration."
Trump has previously suggested a universal tariff of around 20 percent, because he claims that "essentially countries take advantage of the U.S.," even as he acknowledged the country was "not ready for that yet."
He has also suggested higher, selective tariffs: 25 percent tariffs on Canada and Mexico in order to pressure them to take action against fentanyl and illegal immigration; and a 60 percent tariff on Chinese products.
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