Trump Urges Lower Oil Prices, Interest Rate Cuts at Davos

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President Donald Trump said he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil” and reiterated his threat to use tariffs to bring manufacturing back to the U.S. as he addressed world leaders gathered in Davos on Jan. 23.

Trump also said he would demand an immediate drop in interest rates, which he said had ratcheted up deficits and resulted in what he cast as economic calamity under the tenure of his predecessor, Joe Biden.

“This begins with confronting the economic chaos caused by the failed policies of the last administration,” Trump said. “Over the past four years, our government racked up $8 trillion in wasteful deficit spending and inflicted nation-wrecking energy restrictions, crippling regulations and hidden taxes like never before.”

He also hailed commitments by companies to invest in the U.S., touting plans by SoftBank Group Corp. to help build artificial intelligence infrastructure and a promise from Saudi Arabia’s Crown Prince Mohammed Bin Salman to expand investments and trade with the U.S. by $600 billion.

President Trump addressed the World Economic Forum today, detailing what he has accomplished in the last 72 hours and what’s ahead for America’s golden age.

He covered a lot in a legendary speech. Watch some highlights in under 90 seconds! pic.twitter.com/teYh0AdiHr — The White House (@WhiteHouse) January 23, 2025

Trump said he would pressure the crown prince to raise that figure to $1 trillion and expressed dismay that the Saudis and other OPEC nations had not acted sooner to help reduce oil prices. The president predicted the cartel could decrease inflation and allow for the reduction of interest rates by lowering…