Table of contents
About the talk
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
Twitter ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF
Donald John Trump (born June 14, 1946) is the 45th and current president of the United States. Before entering politics, he was a businessman and television personality. Trump was born and raised in Queens, a borough of New York City, and received a bachelor's degree in economics from the Wharton School. He took charge of his family's real-estate business in 1971, renamed it The Trump Organization, and expanded its operations from Queens and Brooklyn into Manhattan. The company built or renovated skyscrapers, hotels, casinos, and golf courses. Trump later started various side ventures, mostly by licensing his name. He produced and hosted The Apprentice, a reality television series, from 2003 to 2015. As of 2019, Forbes estimated his net worth to be $3.1 billion. Trump entered the 2016 presidential race as a Republican and defeated 16 other candidates in the primaries. His political positions have been described as populist, protectionist, and nationalist. Despite not being favored in most forecasts, he was elected over Democratic nominee Hillary Clinton, although he lost the popular vote. He became the oldest first-term U.S. president, and the first without prior military or government service. His election and policies have sparked numerous protests. Trump has made many false or misleading statements during his campaign and presidency.View the profile
This is the wreckage that I was elected to clean up. It's probably the reason I ran for president more than any other thing cuz I couldn't understand why we were losing all of these jobs to other countries at such a rapid rate and it got worse and worse and I think it's probably the primary reason that I ran but there are other reasons also, Bristol precedence welcome back to the stage. He lands a beautiful Swiss Alps and we have arranged for you to buy Sunshine which we can offer. We are pleased that you have chosen to join
us again this time for the opening session of the 50th. I know a meeting of the world economic Forum in Davos. It is a whole note to host you. Mr. President on this very special occasion. I do have feel in the womb and then some overflow rooms. You have really the best of what the global business Community can also in addition to over 300 representatives for governments. Julie turn to Da Boyz accompanied by a strong delegation of cabinet secretaries and Senior officials is testimony to the fact so you recognize the need for America to maintain a
prominent role on the global stage in the United States experienced the story of economic clothes and Dynamics. Stock market performance alone is one indication as is to look like a flow unemployment rate. Investors are showing deep confidence in so short and long-term potential of the US economy. Yep. Mr. President versus good news. We all know survey main challenges ahead for the United States and for the rest of the world. We look forward to hearing your reflection as we got here at 6. Please
welcome Donald J Trump 45th president of the United States. Well, thank you very much Klaus and very special. Congratulations on your 50th year hosting the annual meeting of the world economic Forum a truly amazing achievement. It's an honor to address that distinguish members of this organization for the second time as president. When I spoke at this forum two years ago. I told you that we had launched the Great American come back. Today I'm proud to declare that the United States
is in the midst of an economic boom. The likes of which the world has never seen before. We regained our stride. We discovered our spirit and reawaken the powerful Machinery of American Enterprise America is thriving America's flourishing. And yes America is winning again like never before Just last week alone. The United States good food into extraordinary trade deals. The agreement with China and the United States Mexico Canada agreement, the two biggest trade deals ever made. They just happened to get done in the same week. These agreements represent a new model of trade for the
21st century agreements that are fair reciprocal and that prioritize the needs of workers and families. America's economic turnaround has been nothing short of spectacular when I took off his three years ago. America's economy was in a rather dismal state. Under the previous administration nearly 200,000 manufacturing jobs advantaged wages were flat or falling almost 5 million more Americans had left the labor force then I got in jobs and more than 10 million people had been added to the food stamp rolls.
The experts predicted a decade of very very slow growth or maybe even negative growth high unemployment and a dwindling Workforce. And very much a shrinking middle class millions of hard-working ordinary citizens felt neglected betrayed forgotten. They were rapidly losing faith in the system. Before my presidency began the outlook for Many Nations was Blake. top economy's warned of a protracted worldwide recession the World Bank lowered its projections for Global growth
to a number that nobody wanted to even think about Hessel Museum had taken root deep in the minds of leading thinkers Business Leaders and policymakers yet despite all of the cynics. I had never been more confident in America's future. I knew we were on the verge of a profound economic Resurgence if we did things right? One that would generate a historic wave of investment wage growth and job creation. I knew that if we unleash the potential of our people If we cut taxes
slashed regulations and we did that at 11 that's never been done before the history of our country in a short. Of time. Fix broken trade deals and fully tapped American Energy that Prosperity would come thundering back. At a record speed and that is exactly what we did and that is exactly what happened. Since my election America is gained over 7 million jobs and number unthinkable. I wouldn't say it. I wouldn't talk about it. But that was a number that I had in mind. The projection was 2 million. We did seven. More than three
times the government's own projections. The unemployment rate is now less than 3.5% and a 3.5% That's the number that is the lowest in more than 50 years. The average unemployment rate for my Administration is the lowest for any US president in recorded history. We started off with reasonably High rate for the first time in decades. We are no longer simply concentrating wealth in the hands of a few we're concentrating and creating the most inclusive economy ever to exist.
We are lifting up Americans of every race color religion and Creed. Unemployment rates among African Americans Hispanic Americans and asian-americans have all reached record lows African American youth unemployment has reached the lowest. It's ever been in the history of our country African American poverty has plummeted to the lowest rate ever recorded the unemployment rate for women reach the lowest level since 1953 and women now comprise a majority of the American Workforce. That's for
the first time. The unemployment rate for veterans has dropped to a record low. The unemployment rate for disabled Americans has reached an all-time record low workers with a high school diploma have achieved the lowest unemployment rate recorded in US history. Wages are rising across the board and there was at the bottom of the income ladder or enjoying the percentage by far the largest games. Workers wages are now growing faster than management wages earnings growth for the bottom 10%
is outpacing the top 10% something that has not happened. Paychecks for high school graduates are rising faster than for college graduates Young Americans just entering the workforce are also sharing in America's extraordinary Prosperity since I took off this more than 2 million Millennials have gotten jobs and their wages have grown by nearly 5% Annually a number that was Unthinkable. Nobody would have ever thought it was possible 3 years ago a record number of Americans between the ages of 25 and 34 are now working. 88 years before I took office over 300,000
working age people left the workforce in just three years in my Administration 3.5 million people have joined the workforce 10 million people have been lifted off welfare in less than three years celebrating. The Dignity of work is a fundamental pillar of our agenda. This is a blue-collar bloom since my election the net worth of the bottom half of wage earners has increased by Plus 47% three times faster than the increase for the top 1% real median household income is at the highest level ever recorded. The American dream is back bigger better
and stronger than ever before. No one is benefiting more than America's middle class. We have created 1.2 million manufacturing and construction jobs a number also unthinkable. After losing 60,000 factories under the previous two Administrations. Hard to believe when you hear 60,000 factors. America has now gained in a very short. Of time 12000 new factories under my Administration in the numbers going up rapidly will be beating the 60,000 number that we lost except. These will be bigger newer.
And the latest years of economic stagnation have given way to a roaring geyser of opportunity. U.s. Stock markets have soared by more than 50% since my election adding more than 19 trillion dollars. To household wealth and boosting 401ks pensions and college savings accounts for millions of hard-working families. and these great numbers are many things and it's despite the fact that the FED has raised rates too fast and lower them to slowly. And even now is the United States is by far the strongest economic power in the world. It's not even close. We going to be closed but
a lot of good things happen to us and some not-so-good things happened to certain other places. If forced to compete and we compete with Nations that are getting negative rake something very new meaning they get paid to borrow money something that I could get used to very quickly. Love that got to pay back your loan. Now how much am I getting? Nevertheless we still have the best numbers that we've had in so many different areas. It's a conservative approach and we have a tremendous upside potential
with all of the trade deals in the mass of deregulation starts kicking in which will be during this year. Especially toward the end of the year. Those trade deals are starting to kick in already. The regulations are kicking in right now. And I see such tremendous potential for the future. We have not even started because the numbers were talking about our massive. The time for skepticism is over people of flowing back into our country companies are coming back into a good many of you who I know are coming back in with your plan. So your
factories. Thank you very much. America's Newfound Prosperity is undeniable unprecedented and unmatched anywhere in the world America achieve this stunning turnaround not by making minor changes to a handful of policies, but by adopting a whole new approach centered entirely on the well-being of the American worker every decision. We make on taxes trade regulation energy immigration education and more is focused on improving the lives of everyday Americans. We are determined to create the highest standard of living that anyone can imagine.
And right now that's what we're doing for all workers the highest in the world and we're determined to ensure that the working and middle-class reap the largest games a nation's highest duty is to its own citizens honoring this truth is the only way to build faith and confidence in the market system only when governments put their own Citizens First will people be fully invested in their National Futures. In the United States, we are building an economy that works for everyone restoring the bonds of love
and loyalty that United citizens and Powers Nation today. I hold up the American model is an example to the world of a working system of free enterprise that will produce the most benefits for the most people in the 21st century and beyond April worker Pro citizen pro-family agenda demonstrates how a nation can Thrive when it's communities its companies its government and its people work together for the good of the whole nation. As part of this new vision we passed the largest package of tax cuts and reforms in
American history. We double the child tax credit benefiting 40 million American families at lifting 650,000 single mothers and their 1 million children out of poverty and out of poverty quickly. We passed the first-ever tax credit for employers who provide paid for turtle leave for employees earning $72,000 or less annually and passed paid family leave for government employees as a model for the country. We made childcare much more affordable and reduced or eliminated
childcare weightless. All Across the Nation Child Care reforms are supporting working parents and ensuring their children have access to high-quality care and education all of which they very much deserve. We lowered our business tax from the highest in the developed World down to one that's not only competitive. But one of the lower taxes we created nearly 9,000 opportunity zones in distressed communities where capital gains on long-term Investments are now taxed at zero and tremendous wealth
is pouring into areas that for a hundred years or nothing. The 35 million Americans who live in these areas have already seen their home values Rise by more than 22 billion dollars. My Administration is also made historic investments in historically black colleges and universities. I saved HBC use we save them. They were going out and we save them. We're removing roadblocks to success and rewarding businesses that invested workers families and communities. We've
also launched the most ambitious campaign in history to reduce job-killing regulations for every new regulation adopted. We are removing eight old regulations, which will save an average of American households about $3,100 per year. It was going to be for everyone we do too, but we were able to lift that to 8 and we think that's going to go quite a bit higher we still on my way to go today. I heard other nations to follow our example and liberate your citizens from the crushing weight. A bureaucracy with that you have to run your own
countries the way you want. We're also restoring the Constitutional rule of law in America, which is essential to our economy our Liberty and our future and that's why we've appointed over 190 federal judges a record to interpret the law as written 190 federal judges think of that into Supreme Court judges as a result of our efforts investment is pouring into our country. In the first half of 2019 the United States attracted nearly 1/4 of all foreign direct investment in the
world think of that 25% of all foreign investment all over the world came into the United States. And that number is increasing rapidly. Every business looking for a place where they are free to invest Phil Thrive innovate and succeed. There is no better place on Earth than the United States as a central part of our commitment to building and inclusive Society. We establish the National Council for the American worker. We want every citizen regardless of age or background to have The Cutting Edge skills to compete and succeed in tomorrow's workplace.
This includes critical Industries, like artificial intelligence Quantum Computing and 5G. Under ivanka's leadership who's with us today? Our pledge to America's workers has become a full-blown national movement with over 400 companies committing to provide new job and training opportunities to already very close to 15 million American students and workers 15 million Americans making sweeping changes to place workers and their families at the center of our national agenda.
Perhaps the most transformative change of all is on trade reform where we're dressing chronic problems that have been ignored tolerated or enabled for decades. Our leaders did nothing about what happened to us on trade. Before I was elected China's predatory practices were undermining trade for everyone. But no one did anything about it except allow it to keep getting worse and worse and worse. Under my leadership America confronted the problem head-on under a new Phase 1 agreement Phase 2 is starting
to go stations very shortly. John has agreed to substantially. Do things that they would not have done measures to protect intellectual property? Stop forced technology transfers remove trade barriers and agricultural goods and on agricultural Goods where we were treated so badly open its financial sector totally that's done and maintain a stable currency all backed by very very strong enforcement. Our relationship with China right now has probably never been better.
We went through a very rough patch, but it's never ever been better my relationship with President. She is an extraordinary one. He's vagina after the us, but other than that we love each other. Additionally China will spend an additional 200 billion dollars over two years of American Services agriculture in energy and manufactured goods. So we'll be taken in excess of 200 billion could be closer to 300 billion when it finishes. But these achievements would not have been possible without the implementation of tariffs which we had to use
and we using them and others too. And that is why most of our tariffs on China will remain in place during the phase 2 negotiations for the most part the time step in left and we're being paid billions and billions of dollars a year. As a country as I mentioned earlier, we ended the NAFTA disaster one of the worst trade deals ever made. Not even close and replaced it with the incredible new trade deal the usmca. That's Mexico and Canada. In the nearly twenty-five years after NAFTA the United States lost
one in for manufacturing jobs, including nearly one-in-four vehicle manufacturing jobs was an incentive to leave the country the NAFTA agreement exemplified the decades-long failures of the international trading system the agreement shifted wealth to the hands of a few. Promoted massive Outsourcing drove down wages and shuttered plants and factories by the thousands the plants would leave our country make the product sell it into our country. We ended up with no jobs and no taxes would by other countries product that doesn't
happen anymore. This is the wreckage that I was elected to clean up. It's probably the reason I ran for president more than any other thing cuz I couldn't understand why we were losing all of these jobs to other countries at such a rapid rate and it got worse and worse. And I think it's probably the primary reason that I ran but there are other reasons also meant to replace with And your system that puts workers before the special interests and the special interest would do just fine. But the workers come first or brand new usmca is the result of the broadest
Coalition ever assembled for Trade Agreement manufacturing Agriculture and labor all strongly endorsed the deal and as you know, it just passed in Congress overwhelmingly. It shows how to solve the 21st century challenge will we all face protecting intellectual property expanding digital trade? Reassuring lost jobs and injuring Rising wages and living standards. The United States has also concluded a great new trade deal with Japan approximately forty billion dollars and completely
renegotiated our deal with South Korea. We're also negotiating many other transactions with many other countries, and we look forward to negotiating a tremendous new deal with the United Kingdom have a wonderful new prime minister wants very much to make a deal as they say to protect our security and our economy. We are all so boldly embracing American Energy Independence. The United States is now by far the number one producer of oil and natural gas anywhere in the world by far not even close while many European
countries struggle with crippling energy cost the American Energy Revolution to saving American families 2000. $500 every year in lowering electric bills and numbers that people said couldn't happen and also very importantly prices at the pump. We've been so successful that the United States no longer needs to import energy from hostile nations with an abundance of American natural gas now available our European allies no longer have to be vulnerable to unfriendly energy
suppliers either. We are just friends in Europe to use America's vast Supply and Achieve true energy security. What US companies in research is leading the way we are on the threshold of virtually unlimited reserves of energy including from traditional fuels LNG clean, Next Generation nuclear power and gas hydrate Technologies at the same time. I'm proud to report the United States is among the cleanest air and drinking water on Earth and we're going to keep it that way and we just came out with
a report that at this moment. It's the cleanest it's been in the last 40 years. We're committed to conserving the Majesty of God's creation and the natural beauty of our world today. I'm pleased to announce the United States will join 1 trillion trees initiative being launched here at the world economic Forum 1 trillion trees. And in doing so we will continue to show strong leadership and restoring growing and better managing our trees in our forest. This is not a time
for pessimism. This is a time for optimism fear and doubt is not a good thought process because this is a time for tremendous hope and joy an optimism in action. But you embrace the possibilities of Tomorrow. We must reject the perennial prophets of Doom and their predictions of the Apocalypse. They are The Heirs of yesterday's foolish fortune-tellers, and I have them and you have them and we all have them and they want to see us too badly. But we don't let that happen. They
predicted and overpopulation crisis in the 1960s Mass starvation in the seventies and an end of oil in the 1990s. These alarmists always demand the same thing absolute power to dominate transform and control every aspect of Our Lives. We will never let radical-socialist destroy our economy wreck our country or eradicate. Our Liberty. America will always be the proud strong and unyielding Bastion of freedom in America. We understand what the pessimist refuse to see Set
a growing and vibrant market economy focused on the future and lift the human spirit and excites creativity strong enough to overcome any challenge any challenge by far? The great scientific breakthroughs of the 20th century from penicillin to high-yield wheat to Modern transportation and breakthrough vaccines have lifted living standards and save billions of lives around the world and we're continuing to work on things that you'll be hearing about in the near future that even today sitting here right now. You wouldn't believe it's possible.
That we have found the answers you'll be hearing about it. But we have found answers to things that people said would not be possible certainly not in a very short. Of time, but the wonders of the last century will pale in comparison to watch today's Young and the Raiders will achieve because they are doing things that nobody thought. even feasible to begin we continue to embrace technology not to shun it when people are free to innovate minions will live longer happier healthier lives for 3
years. Now America showing the world that the path to a prosperous future begins with putting workers first choosing growth and praying entrepreneurs to bring their dreams to life for anyone who doubts what is possible in the future. We need only look at the Towering achievements of the past. Only a few hundred miles from here are some of the great cities of Europe teaming centers of Commerce and culture. Each of them is full of reminders of what you mean driving imagination can achieve centuries ago at the time of the Renaissance
skilled Craftsmen and laborers look up words and built the structures that still touch the human heart to this day. Some of the greatest structures in the world have been built hundreds of years ago and Italy the citizens once started construction on what would be a 140 year project the Duomo of Florence credible credible place while the technology did not yet exist. To complete their design City fathers forged ahead. Anyway certain that they would figure it out someday. These citizens of Florence did not accept limits to their High aspirations
and show the great Dome was finally built in France and other century-long project continues to hold such a grip on our hearts and our souls that even 800 years after its construction when the Cathedral of Notre Dame was in golfed in Flames last year such a sad sight to watch. Unbelievable sight especially for those of us. They considered it one of the great great monuments. And representing so many different things the whole world grieved. Through her Sanctuary now stands scorched and chard and a site that's
hard to believe. When you got used to it to look at it now hard to believe but we know that notary will be restored will be restored magnificent. The great Bells will once again ring out for all to hear giving glory to God and selling Millions with Wonder and all. The cathedrals of Europe teach us to pursue Big Dreams daring adventures and unbridled Ambitions. They are just to consider not only what we build today, but we will endure long after we are gone. They testify to the power of ordinary people to realize
extraordinary achievements when United by a grand and Noble purpose so together, we must go forward with confidence determination and vision. We must not be timid or Meek or fearful but instead we must boldly seize the day and embrace the moment. We have so many great leaders in this room. Not only Business Leaders, but leaders of Nations. And summer doing such a fantastic job. We work together very closely. We will draw strength from the glories of the past and we will make great dish are common mission for
the future together. We will make our nation's stronger or country is safer a culture richer are people Freer and the world's more beautiful than ever before above all else. We will forever be loyal to our workers or citizens and our families the men and women who are the backbone of our economies the heart of our communities and the soul of our conscience. Let us bring light to their lives one by one. And Empower them to light up the world. Thank you very much. God bless you. God bless
your country's and God bless America. Thank you. Thank you very much. Mr. President. Thank you for your speech and congratulations for what you have achieved. Call you a colonel me but also for your Society we discuss here very intensively the question of inclusiveness, but all the politics to create better inclusiveness for the American people. I want to thank you personally particularly for injecting optimism in our discussions. We have any problem since the world, but I think we need as
you said we need dreams and we have all the capabilities technology leadership to realize so screams. So thank you again. Mr. President for having joined us here at the opening of sea 50th anniversary of surrounding countries.
Buy this talk
Access to all the recordings of the event
Interested in topic “Banking and Finance”?
You might be interested in videos from this event
Buy this video
Our other topics
With ConferenceCast.tv, you get access to our library of the world's best conference talks.