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Former US President Donald Trump has issued a direct challenge to OPEC and global central banks during his address to the World Economic Forum in Davos. Speaking via video link, Trump urged Saudi Arabia and other oil producers to reduce global oil prices, expressing his surprise at their failure to do so before the recent election.
The dramatic intervention came shortly after Trump’s conversation with Saudi Crown Prince Mohammed bin Salman, during which the Crown Prince pledged investments of up to $600 billion in the US over the next four years. Trump, characteristically ambitious, suggested rounding this figure up to $1 trillion.
Trump’s remarks had an immediate impact on the markets, with Brent crude falling 1 per cent to approximately $78 per barrel. The potential sustained drop in oil prices could present challenges for both Saudi Arabia’s US investment plans and American oil producers’ ability to increase crude supply at Trump’s desired pace.
The former president’s speech also emphasised his vision for American manufacturing dominance, threatening tariffs on companies that do not produce their goods in the US. He promoted what he termed a “revolution of common sense,” incorporating radical deregulation and plans for substantial tax cuts.
In a surprising turn, Trump spoke positively about his relationship with Chinese President Xi Jinping, attributing current US-China tensions to the Biden administration. He expressed optimism about China’s potential role in ending the Ukraine conflict, whilst maintaining his stance on seeking “fairness” in trade relations.
The speech also included criticism of the European Union’s treatment of US tech companies, with Trump describing Brussels’ competition-related fines as an unfair form of taxation. His comments align with earlier reports of his plans to double tax rates for foreign entities operating in the US, positioning these measures as a response to what he perceives as discriminatory levies on American multinationals.
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