President Donald Trump, speaking at the World Economic Forum in Davos, emphasized his “Make in America” initiative by offering lower taxes to companies manufacturing in the US and threatening high tariffs on imports.
He proposed cutting corporate taxes to 15% to attract global manufacturers and suggested tariffs on imports could range from 10% to 20%, with specific levies on goods from China, Mexico, and Canada starting at 25%.
“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,” Trump said during his virtual appearance at the conference. “We’re bringing them down very substantially, even from the original Trump tax cuts.”
“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,” he added.
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. But if you don't make your product in America, you will have to pay a tariff. pic.twitter.com/wDDsurmXb7
— President Donald J. Trump (@POTUS) January 23, 2025
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Trump aims to boost the US economy and reduce debt by directing tariff revenues into the US Treasury.
His administration also plans to extend tax cuts from his previous term while focusing on deregulation, artificial intelligence, and cryptocurrencies.
Despite the potential for inflation, Trump insists that tariffs will not raise prices but rather create jobs and lower inflation.
He also highlighted the need for fair trade practices, utilizing anti-dumping and countervailing duties to protect domestic industries.
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