On January 23, 2025, President Donald Trump addressed the World Economic Forum (WEF) in Davos, Switzerland, delivering a speech that laid out his economic plans and policies. Speaking via teleconference, he emphasized U.S. economic revival, trade policies, and energy independence, setting a strong “America First” tone. The session featured prominent figures, including Børge Brende, President and CEO of WEF, and Klaus Schwab, Founder and Chairman of WEF, underscoring the event’s significance.

_{^{Børge Brende, President and CEO, World Economic Forum; Donald J. Trump, President of the United States; Klaus Schwab, Founder and Chairman of the WEF, speaking during the Special Address at the World Economic Forum Annual Meeting 2025 in Davos-Klosters, Switzerland, on January 23, 2025. (Photo Credit: World Economic Forum / Sandra Blaser)}}

Economic Shake-Up

Trump criticized past economic policies, blaming high inflation and government overspending for financial instability. He announced a federal hiring freeze, proposed tax breaks for U.S. businesses, and plans to cut foreign aid, focusing on domestic growth.

Energy and Climate Policy Shift

Declaring a national energy emergency, Trump pushed for more domestic oil and gas production to lower costs and boost manufacturing. He also withdrew the U.S. from the Paris Climate Accord and ended mandates supporting electric vehicles, favoring an open-market energy approach.

Trade and Tariffs: “Made in USA” Push

Trump urged businesses to shift manufacturing back to the U.S., offering tax incentives for those that comply. He warned of tariffs on imports, aiming to protect American industries and reduce reliance on foreign goods.

Merit-Based System for America

In a major policy shift, Trump declared that America will become a merit-based country, eliminating diversity quotas and prioritizing individual qualifications and performance. He criticized current DEI (Diversity, Equity, and Inclusion) initiatives, calling them “absolute nonsense,” and pledged to restore a system based purely on meritocracy.

Global Reaction

World leaders and financial markets responded with caution. European officials expressed concern about trade tensions, while business leaders began assessing potential impacts of new tariffs. Some praised Trump’s push for U.S. economic strength, while others worried about global trade disruptions.

Trump’s speech reinforced his commitment to reshaping economic policies to favor American businesses and workers. The coming months will reveal how these changes play out on the world stage.

For a full transcript, visit the official White House website or watch the speech online.