Photo: World Economic Forum
President Donald Trump told a gathering of world’s economic and political leaders in Davos on Friday that the United States is the best place to do business and that his policy of putting America first does not mean that the country is alone.
Trump’s remarks on his America first approach sought to underline his administration’s emphasis on keeping American interests at the heart of international relations. The president has often indicated that his policy of America First marks a departure from previous American policies centered on globalism, which the president has criticized as harmful for the United States’ economy and its workforce.
The United States in the past has used its trade concessions and assistance as part of efforts to advance American foreign policy goals. But Trump has built massive support among his voters for the policies that he says look after Americans, and do not allow other countries to benefit from generous trade deals that put American workers and businesses at enormous disadvantage.
“After years of stagnation, the United States is once again experiencing strong economic growth. The stock market is smashing one record after another, and has added more than $7 trillion in new wealth since my election. Consumer confidence, business confidence, and manufacturing confidence are the highest they have been in many decades,” he said in a speech to the annual gathering.
Trump touted a range of positives coming out of his economic policies and reforms.
“Since my election, we’ve created 2.4 million jobs, and that number is going up very, very substantially. Small-business optimism is at an all-time high. New unemployment claims are near the lowest we’ve seen in almost half a century. African American unemployment has reached the lowest rate ever recorded in the United States, and so has unemployment among Hispanic Americans.
“The world is witnessing the resurgence of a strong and prosperous America. I’m here to deliver a simple message: There has never been a better time to hire, to build, to invest, and to grow in the United States. America is open for business, and we are competitive once again.”
He particularly highlighted that his administration has enacted the “most significant tax cuts and reform in American history.”
“We’ve massively cut taxes for the middle class and small businesses to let working families keep more of their hard-earned money. We lowered our corporate tax rate from 35 percent, all the way down to 21 percent. As a result, millions of workers have received tax cut bonuses from their employers in amounts as large as $3,000.
“The tax cut bill is expected to raise the average American’s household income by more than $4,000. The world’s largest company, Apple, announced plans to bring $245 billion in overseas profits home to America. Their total investment into the United States economy will be more than $350 billion over the next five years.
“Now is the perfect time to bring your business, your jobs, and your investments to the United States. This is especially true because we have undertaken the most extensive regulatory reduction ever conceived. Regulation is stealth taxation.”
America is the place to do business, Trump said.
“So come to America, where you can innovate, create, and build. I believe in America. As President of the United States, I will always put America first, just like the leaders of other countries should put their country first also.”
At the same time Trump appeared to send a message of mutual benefits from America’s growth.
“But America first does not mean America alone. When the United States grows, so does the world. American prosperity has created countless jobs all around the globe, and the drive for excellence, creativity, and innovation in the U.S. has led to important discoveries that help people everywhere live more prosperous and far healthier lives.”
On international trade, Trump said his administration stands for fair trade that benefits all partners.
“We cannot have free and open trade if some countries exploit the system at the expense of others. We support free trade, but it needs to be fair and it needs to be reciprocal. Because, in the end, unfair trade undermines us all.
“The United States will no longer turn a blind eye to unfair economic practices, including massive intellectual property theft, industrial subsidies, and pervasive state-led economic planning. These and other predatory behaviors are distorting the global markets and harming businesses and workers, not just in the U.S., but around the globe.
“Just like we expect the leaders of other countries to protect their interests, as President of the United States, I will always protect the interests of our country, our companies, and our workers.
“We will enforce our trade laws and restore integrity to our trading system. Only by insisting on fair and reciprocal trade can we create a system that works not just for the U.S. but for all nations.
“As I have said, the United States is prepared to negotiate mutually beneficial, bilateral trade agreements with all countries. This will include the countries in TPP, which are very important. We have agreements with several of them already. We would consider negotiating with the rest, either individually, or perhaps as a group, if it is in the interests of all.”
