Trump Davos speech rattles oil markets

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Trump Davos speech rattles oil markets

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WASHINGTON — President Donald Trump addressed the

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in Davos, Switzerland, virtually on Thursday, his first major appearance at an international event since he returned to the White House earlier this week.

“The United States has the largest amount of oil and gas of any country on Earth, and we’re going to use it,” said Trump.

“Not only will this reduce the cost of virtually all goods and services, it will make the United States a manufacturing superpower, and the world capital of artificial intelligence and crypto,” Trump said.

Trump also said he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to lower the price of oil. Immediately following Trump’s remarks, crude oil prices turned lower.

Following his remarks, Trump engaged in a

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session with Blackstone chairman Steve Schwarzman, Bank of America chairman and CEO Brian Moynihan, Banco Santander executive chair Ana Botin, and Patrick Pouyanné, the chairman and CEO of TotalEnergies. They were joined by WEF founder Klaus Schwab and CEO Børge Brende.

A participant takes films with his Ipad as US President Donald Trump is seen on a giant screen during his address by video conference at the World Economic Forum (WEF) annual meeting in Davos on January 23, 2025. 

Fabrice Coffrini | Afp | Getty Images

Trump’s appearance comes days after he signed executive orders to

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from the World Health Organization and the

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.

He has also demanded that the United States assert control over the Panama Canal, and renewed his offer to “buy” Greenland, an autonomous territory of Denmark.

Since taking office, Trump has said he is considering 25% tariffs on products from Mexico and Canada, and floated 10% tariffs on imports from China.

He also touted controversial actions he has taken this week to require U.S. agencies to rescind decades worth of efforts to diversify the federal workforce.

“My administration has taken action to abolish all discriminatory Diversity Equity and Inclusion nonsense … policies that were absolute nonsense throughout the government and the private sector.”

“America will once again become a merit based country,” said Trump.

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