U.S. President Trump Speaks at World Economic Forum in Davos
January 27, 2018 — 12:00 AM AEDT
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Key Points
Trump to Offer Definition and Defense of `America First' Worldview, Excerpts Show
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Trump to Say U.S. Will Insist on Fair, Reciprocal Trade
Share on TwitterShare on Facebook11:48:10 pmTal Barak Harif TOPLive Editor
Some more of his main points:
U.S. Growth Will Help Drive Global Growth
America `Competitive Once Again'
Trump to Warn Davos Against Ignoring `Voices of the Forgotten'
U.S. Will Insist on Fair, Reciprocal Trade
Trump to Say U.S. Intends to `Enforce Our Trade Laws and Restore Integrity to the Trading System'
Share on TwitterShare on Facebook11:48:42 pmJennifer Epstein White House Reporter jeneps
Based on the excerpts we've seen, Trump will also say that the U.S. intends to "enforce our trade laws and restore integrity to the trading system." The U.S. will insist on "fair and reciprocal trade" because that is how it can "create a system that works not just for the United States but for all nations."
Trump Hails `Extraordinary Strides' Made in His First Year
Share on TwitterShare on Facebook11:58:18 pmTal Barak Harif TOPLive Editor
Trump at Davos Hails `Extraordinary Strides' Made in His 1st Yr
We Support Free Trade, Needs to Be Fair, Reciprocal: Trump
Share on TwitterShare on Facebook12:08:36 amJennifer Epstein White House Reporter jeneps
Trump shifts to discuss trade. "We support free trade but it needs to be fair and it needs to be reciprocal," he says.
Trump: U.S. Prepared to Negotiate Mutually Beneficial Trade Agreements, Including Those in TPP
Share on TwitterShare on Facebook12:14:37 amJennifer Epstein White House Reporter jeneps
"The United States is prepared to negotiate mutually beneficial trade agreements with all countries," including those in TPP, Trump says. The U.S. will consider negotiating with the rest of TPP countries individually or perhaps as a group, he says.
Analysis: Trump Ultimately Making Sales Pitch to Executives in Room, Not Placate Foreign Politicians
Share on TwitterShare on Facebook12:15:47 amSimon Kennedy Economy Editor simonjkennedy
Trump is ultimately making a sales pitch to the executives in the room rather than trying to placate the foreign politicians who spoke earlier in the week. He's cutting taxes and pulling down regulations, an attractive recipe for some of the business leaders in the room whose focuses are the bottom line and stock prices. As Blackstone's Stephen Schwarzman said this week: “There are companies all around the world now looking at U.S., saying this is the place to be in the developed world.
Trump Makes Pitch to Executives in Audience to Share Proceeds of Their Wealth
Share on TwitterShare on Facebook12:19:47 amEnda Curran Chief Asia Economics Correspondent endacurran
Interesting pitch from Trump for the executives in the audience to share the proceeds of their wealth.
Trump: We Had a First Great Year, Tremoundous Spirit in the Country
Share on TwitterShare on Facebook12:22:11 amJennifer Epstein White House Reporter jeneps
"We had a great first year, so successful in so many ways," Trump says, adding that there's a "tremendous spirit" in the country, "like I have never witnessed before." Brags about declining unemployment rates for women and African Americans.
Analysis: Doesn't Feel Like Speech Moved the Dial on Globalization Debate
Share on TwitterShare on Facebook12:29:26 amEnda Curran Chief Asia Economics Correspondent endacurran
Doesn't feel like the speech moved the dial on the globalization debate much. There's a case to make that he was somewhat concilatory in his remarks but he also made clear that he is committed to the America First manifesto.
Comment: This Is a Speech That Could Have Been Made by A Mainstream Republican Rather Than the Reactionary Leader He Has Shown Signs of Being
Share on TwitterShare on Facebook12:36:13 amSimon Kennedy Economy Editor simonjkennedy
Trump is heading home. As noted elsewhere on the blog, aside from the swing at the media this was a speech that could have been made by a mainstream Republican president rather than the reactionary leader he has shown signs of being.
While there were no major headlines he clearly tried to paint himself as pro-business. Former President Barack Obama would argue he's the source of the accelerating economy and rising stocks, but Trump is claiming them for himself. Now he wants international companies and investors to underpin those gains with new money.
This was a sales pitch to global business leaders who like low taxes and weak regulations. Whether they're buying it and markets can maintain their bull run will be known by the time we return to Davos next year.
KEY TAKEAWAYS: Trump Stuck to America First Theme; Talked Up U.S., Boasted About U.S. Tax Overhaul; Was Respectful of Political and Business Leaders in Room; Complained About Vicious and Fake News During Q&A That Drew Boos
Share on TwitterShare on Facebook12:44:22 amJennifer Epstein White House Reporter jeneps
Here are the KEY TAKEAWAYS from President Trumps speech at the WEF in Davos.
Trump stuck to his America First theme, explaining that the U.S. will act in its best interests in trade and foreign policy.
He also expressed a willingness to negotiate not just bilateral trade agreements but perhaps a multilateral deal with some of the countries in the Trans Pacific Partnership, a shift we've heard from him over the past two days in Davos.
Made a sales pitch to global business leaders. He channeled a local chamber of commerce leader as he talked up the U.S., boasting about his tax overhaul, efforts to reduce regulations and even the strength of the country's colleges and universities.
It's clear he hopes this trip will bring massive new corporate investments into the country.
Somewhat conciliatory in his remarks. Trump was respectful of the political and business leaders in attendance and they were respectful of him. But when fell into familiar tropes in attacking the press during his brief question-and-answer session, complaining about "vicious" and "fake" news, he drew boos.
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Friday January 26, 2018
Share on TwitterShare on Facebook8:18:30 pmAnny Kuo TOPLive Editor
U.S. President Donald Trump is the first sitting American president to attend the World Economic Forum in Davos, Switzerland, since Bill Clinton in 2000. He is using the gathering of billionaires, world leaders and investors to push a protectionist agenda that many there have spurned. Join TOPLive at 8 a.m. New York time (2 p.m. local) as we bring you full coverage of his speech to the forum.
Day Three Of The World Economic Forum (WEF) 2018
Share on TwitterShare on Facebook11:45:29 pmEnda Curran Chief Asia Economics Correspondent endacurran
Welcome. The anticipation of Trump's speech has dominated the talking salons of Davos all week. Will he double down on his 'America First' manifesto or throw an olive branch to the global elite. The mood music hasn't been good. Trump chose Davos week to slap tariffs on imported solar panels and washing machines and Treasury Secretary Steven Mnuchin raised eyebrows when he said a weak dollar boosts American trade.
Mnuchin
Share on TwitterShare on Facebook11:46:41 pmJustin Sink White House Reporter justinsink
Trump's top task will be convincing those in the room his "America First" policies and nationalism can complement globalism. His argument, according to senior adviser Gary Cohn, will be that "a prosperous America benefits the world." Trump is expected to argue that protectionist trade policies, deregulation efforts, and changes to the tax code will all help grow a middle class in the U.S. that purchases goods from across the globe.
Share on TwitterShare on Facebook11:47:24 pmJustin Sink White House Reporter justinsink
The president will also make the case that changes under his administration have made the U.S. a more attractive business climate for global corporations. Trump sees new factories on American soil as a potent political symbol, and has repeatedly mentioned plans from companies including Apple and Fiat Chrysler to develop new data centers and plants.
Share on TwitterShare on Facebook11:48:10 pmJennifer Epstein White House Reporter jeneps
The White House has just shared some excerpts of the speech. Trump will offer a definition and defense of his "America First" worldview: "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 countries first. But America First does not mean America alone."
Share on TwitterShare on Facebook11:48:42 pmTal Barak Harif TOPLive Editor
Some more of his main points:
U.S. Growth Will Help Drive Global Growth
America `Competitive Once Again'
Trump to Warn Davos Against Ignoring `Voices of the Forgotten'
U.S. Will Insist on Fair, Reciprocal Trade
Share on TwitterShare on Facebook11:49:17 pmGem Atkinson
Attendees waiting inside the Congress Hall.
Share on TwitterShare on Facebook11:49:56 pmSimon Kennedy Economy Editor simonjkennedy
Also quite a crowd waiting to enter the room.
Trump at Davos
Photographer: Elisa Martinuzzi/Bloomberg
Share on TwitterShare on Facebook11:50:48 pmJennifer Epstein White House Reporter jeneps
More than a dozen senior Trump administration officials traveled to Davos for the World Economic Forum and are expected to be in the audience for President Trump's speech. In addition to Mnuchin and Ross, there will be:
Labor Secretary Alexander Acosta
Transportation Secretary Elaine Chao
Energy Secretary Rick Perry
Homeland Security Secretary Kirstjen Nielsen
USAID Administrator Mark Green
National Institutes of Health Director Francis Collins
Food and Drug Administration Commissioner Scott Gottlieb
White House homeland security adviser Tom Bossert
Senior adviser Jared Kushner
and Chris Liddell, director of strategic initiatives
Share on TwitterShare on Facebook11:51:17 pmJavier Blas Chief Energy Correspondent JavierBlas2
Kushner walked down the hall just a few moments ago.
Share on TwitterShare on Facebook11:51:57 pmJavier Blas Chief Energy Correspondent JavierBlas2
Trump walked down the stairs a couple minutes later, while Lagarde and Carney went into to the room.
Share on TwitterShare on Facebook11:52:22 pmTal Barak Harif TOPLive Editor
Wondering what it feels like to be in the room right now? Our reporters on the ground Stephen Morris and Matt Campbell are saying they've never seen such crowds like this in Davos. There's a huge queue all the way down the aisle. Some celebrity spotting includes Lloyds Chief Executive Officer Antonio Horta-Osorio, Bank of America CEO Brian Moynihan and Nobel laureate Joe Stiglitz.
Trump at Davos
Share on TwitterShare on Facebook11:52:53 pmMatthew Campbell Senior Reporter MattCampbel
I’ve never experienced crowds like this at Davos, ever.
Share on TwitterShare on Facebook11:53:22 pmJennifer Epstein White House Reporter jeneps
There had been rumblings all week of boycotts and walk-outs from President Trump's speech. Business Leadership South Africa CEO Bonang Mohale said in an open letter to the president that he would not go to the speech, in protest of Trump's reported recent comments disparaging African countries and indicating a preference for immigrants from majority-white countries. Others are planning to leave after Trump starts speaking, Quartz reported. Bloomberg's reporters in the room will surely offer updates if there are any disturbances.
Share on TwitterShare on Facebook11:54:22 pmSimon Kennedy Economy Editor simonjkennedy
So much for Davos delegates boycotting the event. 90 minutes before the start of the speech, a line was already winding through the Congress center. Some at the front of the queue were shouting and waving for their friends to join them. Among the executives waiting patiently to hear Trump: Martin Sorrell of WPP, Glencore's Ivan Glasenberg and Antonio Horta-Osorio of Lloyds Bank.
Share on TwitterShare on Facebook11:54:36 pmJavier Blas Chief Energy Correspondent JavierBlas2
There are still people outside of the room trying to get inside the congress hall (the largest room in Davos) where Trump will speak.
Trump at Davos
Share on TwitterShare on Facebook11:54:56 pmElisa Martinuzzi ElisaMartinuzzi
They are only letting in heads of state for reserved seats.
Share on TwitterShare on Facebook11:55:22 pmJennifer Epstein White House Reporter jeneps
For all the buildup, don't expect this to be a particularly lengthy address from President Trump. Senior administration officials say the speech may last about 15 minutes — though that doesn't include what's sure to be at least a bit of ad libbing.
Share on TwitterShare on Facebook11:56:21 pmEnda Curran Chief Asia Economics Correspondent endacurran
Perhaps the biggest question is: why did Trump come? What can he gain from addressing the very type of people he blames for much of the world's ills. What will his message be? As a reporter covering the Asian economy, I can tell you that Trump's vision for global trade is the one issue keeping policy makers up at night. So far his bite hasn't been as bad as his bark but the worry is that trade tensions only heighten from here.
Day Three Of The World Economic Forum (WEF) 2018
The Blick newspaper outside the entrance to a hotel in Davos. Photographer: Simon Dawson/Bloomberg
Share on TwitterShare on Facebook11:56:40 pmStephen Morris U.K. Banking Reporter sjhmorris
A brass band has walked in, there are about 30 of them in uniforms with feathers in their hats.
Trump at Davos
Photographer: Matthew Campbell/Bloomberg
Share on TwitterShare on Facebook11:56:57 pmEnda Curran Chief Asia Economics Correspondent endacurran
A procession of government corporate leaders have used Davos to defend globalization, notably Canadian Prime Minister Justin Trudeau who said multilateral trade deals can benefit those who need it most. That was a thinly veiled barb at Trump and one than was echoed by others here too.
Opening Day Of The World Economic Forum (WEF) 2018
Photographer: Jason Alden/Bloomberg
Share on TwitterShare on Facebook11:57:29 pmJennifer Epstein White House Reporter jeneps
Ahead of Trump's arrival in Davos, U.S. Commerce Secretary Wilbur Ross offered a preview of his boss' "America First" message, brushing off criticism that the U.S. is backing down from its leadership on the world stage. “We don't intend to abrogate leadership but leadership is different from being a sucker and being a patsy,” Ross said on Wednesday.“We would like to be the leader in making the world trade system more fair and more equitable to all participants.”
Day Two Of The World Economic Forum (WEF) 2018
Photographer: Jason Alden/Bloomberg
Share on TwitterShare on Facebook11:58:18 pmJennifer Epstein White House Reporter jeneps
Based on the excerpts we've seen, Trump will also say that the U.S. intends to "enforce our trade laws and restore integrity to the trading system." The U.S. will insist on "fair and reciprocal trade" because that is how it can "create a system that works not just for the United States but for all nations."
Share on TwitterShare on Facebook11:58:41 pmJennifer Epstein White House Reporter jeneps
Trump will also channel one of the themes of his 2016 campaign: a pledge to fight for people who have been lost in the shuffle of globalization. "To be successful, it is not enough to invest in our economy - we must invest in our people," he will say, according to an excerpt from the White House. "When people are forgotten, the world becomes fractured. Only by hearing and responding to the voices of the forgotten can we create a bright future that is truly shared by all."
Share on TwitterShare on Facebook11:58:59 pmGem Atkinson Photo Editor gematkinson
Here is a photo of Trump arriving.
Share on TwitterShare on Facebook11:59:03 pmTal Barak Harif TOPLive Editor
Trump is on stage right now.
Share on TwitterShare on Facebook11:59:13 pmJavier Blas Chief Energy Correspondent JavierBlas2
Lots of people flowing now into an overflow room to watch the speech on giant TV screens. I count about 80-90 people and more coming.
Share on TwitterShare on Facebook11:59:36 pmTal Barak Harif TOPLive Editor
“When the United States grows, so does the world,” Trump will say, according to excerpts released. “American prosperity has created countless jobs around the globe and the drive for excellence, creativity and innovation in the United States has led to important discoveries that help people everywhere live more prosperous and healthier lives.”
Share on TwitterShare on Facebook11:59:49 pmFelice Maranz Equities Reporter
Trump's Davos speech will serve as a preview for Tuesday's State of the Union address, Evercore ISI's Terry Haines says. Haines sees Trump's evolving trade policy as a major policy unknown in 2018, and continuing to cause market volatility in sensitive sectors like automobiles, agriculture, manufacturing, transportation/airlines, beverages, chemicals.
See story:
Watch Trump Davos Speech for State-of-Union Goals: Evercore ISI This link is only available to Bloomberg Professional subscribers.
Click here to learn more about the Bloomberg Terminal.
Share on TwitterShare on Facebook2018-01-26t13:00:08.000zEnda Curran Chief Asia Economics Correspondent endacurran
Trump is standing to attention bolt upright, wearing a bright red tie.
Share on TwitterShare on Facebook12:00:08 amEnda Curran Chief Asia Economics Correspondent endacurran
Trump officials have been pushing a line here that U.S. growth is global growth. That's obviously true, but it may also be an indication Trump is conscious of worries among key trading partners about where U.S. policies are headed.
Share on TwitterShare on Facebook12:00:26 amEnda Curran Chief Asia Economics Correspondent endacurran
It's worth noting that several of the head of government speeches at Davos this week have failed to stir much excitement. That was certainly the case with India's Modi and France's Macron, so it will be interesting to see if there will be fireworks to mark the first U.S. President's speech here since Bill Clinton.
Share on TwitterShare on Facebook12:00:37 amEnda Curran Chief Asia Economics Correspondent endacurran
Also pretty sure the other heads of government here this week didn't get a musical welcome.
Share on TwitterShare on Facebook12:00:54 amJustin Sink White House Reporter justinsink
While Trump's Davos speech is expected to largely focus on economics, the president may also tackle foreign policy issues. While in Davos, the president has pressed foreign leaders to unite with the U.S. to pressure North Korea to abandon its nuclear weapons program and assist American efforts against terror groups in the Middle East. Trump may also defend his skepticism of the Iran nuclear deal to a crowd that includes political leaders who see the agreement as a valuable security deterrent and business leaders who view the removal of sanctions as an opportunity.
Share on TwitterShare on Facebook12:01:28 amEnda Curran Chief Asia Economics Correspondent endacurran
The music continues. Quite a buildup.
Share on TwitterShare on Facebook12:01:51 amJustin Sink White House Reporter justinsink
There's also an important domestic context for the president's remarks. Trump is hoping to build momentum for a bipartisan infrastructure package that he believes would buoy Republican chances in the midterm elections. If international companies make clear they'd be more inclined to create jobs in the U.S. if the nation's transportation systems were improved, the White House believes it could win over lawmakers that so far have ignored the proposal, which would look to match $200 billion in federal spending with state, local, and private funds.
Share on TwitterShare on Facebook12:02:05 amEnda Curran Chief Asia Economics Correspondent endacurran
Rapturous applause as we get down to business
Share on TwitterShare on Facebook12:02:48 amJustin Sink White House Reporter justinsink
Markets will also be watching to see if Trump again addresses comments earlier this week by Mnuchin, who said a weaker U.S. dollar would benefit the American economy.
Share on TwitterShare on Facebook12:02:51 amAndrew Cinko Editor, U.S. Markets, Princeton
I'd expect trading in bonds, FX and equity futures slow as Trump speaks given this week's volatility. Everyone will want to watch so they can gauge for themselves whether to adjust their positions.
Share on TwitterShare on Facebook12:03:25 amMatthew Campbell Senior Reporter MattCampbel
Joe Stiglitz's wife just removed her sweater to reveal a white t-shirt that says 'Not My President'.
Share on TwitterShare on Facebook12:05:25 amEnda Curran Chief Asia Economics Correspondent endacurran
Klaus Schwab, the economist who founded the WEF, now talking about the warm welcome Trump received here this week.
"You could not imagine how much we are looking forward to your speech."
Share on TwitterShare on Facebook12:05:33 amMatthew Campbell Senior Reporter MattCampbel
The spectacle is not one that we're used to here at Davos. At some point, people in the crowd were laughing at how long the music piece was.
Share on TwitterShare on Facebook12:05:50 amMatthew Campbell Senior Reporter MattCampbel
One more thing that was sort of surreal is that Trump's speech was preceded by a fairly impressive lunch catered by the Government of Saudi Arabia.
Trump at Davos
Photographer: Elisa Martinuzzi/Bloomberg
Share on TwitterShare on Facebook12:06:00 amEnda Curran Chief Asia Economics Correspondent endacurran
Schwab is now congratulating Trump on his historic tax reform.
Share on TwitterShare on Facebook12:06:08 amMatthew Campbell Senior Reporter MattCampbel
There's hissing when Schwab congratulates Trump for tax reform.
Share on TwitterShare on Facebook12:06:26 amJavier Blas Chief Energy Correspondent JavierBlas2
More laughs in overflow room (about 120 people) when Klaus says that people looking forward to speech.
Share on TwitterShare on Facebook12:06:38 amStephen Morris U.K. Banking Reporter sjhmorris
This crowd is a lot bigger than Theresa May's! People are booing and hissing
Share on TwitterShare on Facebook12:06:51 amSimon Kennedy Economy Editor simonjkennedy
So what does Davos Man and Davos Woman think of Donald Trump? Those from Wall Street appeared to embrace his tax-cutting and deregulation agendas, celebrating the run-up in economic growth and stocks that have occurred on his watch. ``What I'm bulled up about is that policy makers are making good policy decisions in the U.S.,'' JPMorgan CEO Jamie Dimon told Bloomberg.
Share on TwitterShare on Facebook12:07:00 amSimon Kennedy Economy Editor simonjkennedy
Less impressed are non-finance executives and foreign politicians who bemoan his positions on trade, immigration and international relations.
European leaders including French President Emmanuel Macron and German Chancellor Angela Merkel used the Davos stage to promote their forms of multilateralism.
Microsoft co-founder Bill Gates told Bloomberg that in “the balance of hard power versus soft power, the U.S. uniquely has a ratio emphasizing hard power and I’d hate to see it go even further.''
Marriott CEO Arne Sorenson said words around immigration, or words around some of these other issues, can be interpreted in the rest of the world as words of welcome or relatively less welcome.”
Share on TwitterShare on Facebook12:07:10 amEnda Curran Chief Asia Economics Correspondent endacurran
Here we go. The 45th president of the U.S. steps up to speak.
Share on TwitterShare on Facebook12:07:11 amEnda Curran Chief Asia Economics Correspondent endacurran
We're off
Share on TwitterShare on Facebook12:07:17 amMatthew Campbell Senior Reporter MattCampbel
This is a huge coup for WEF/Schwab. Shows that Davos is still the world's most important stage.
Share on TwitterShare on Facebook12:07:27 amJennifer Epstein White House Reporter jeneps
Klaus Schwab seems to have learned from scores of other leaders who've interacted with Trump over the last year: public praise is essential to the U.S. president.
Share on TwitterShare on Facebook12:08:02 amFelice Maranz Equities Reporter
Keep an eye on defense companies, which may be sensitive to Trump's remarks on national security. The S&P Aerospace and Defense Select Industry Index (SPSIAD) up 52% since Trump’s November 2016 election verses the S&P 500's 33% increase; top gainers include Boeing, +141%, Aerovironment +118%; KLX +107%, and Kratos +99%.
Defense Stocks Rise
Share on TwitterShare on Facebook12:08:13 amAnny Kuo TOPLive Editor
Terminal users can watch Trump's speech live by clicking here. It is also being streamed on our website.
Share on TwitterShare on Facebook12:08:36 amTal Barak Harif TOPLive Editor
Trump at Davos Hails `Extraordinary Strides' Made in His 1st Yr
Donald Trump
Share on TwitterShare on Facebook12:08:40 amTal Barak Harif TOPLive Editor
Trump: U.S. Hopes for A Future Where Everyone Can Prosper
Share on TwitterShare on Facebook12:08:47 amEnda Curran Chief Asia Economics Correspondent endacurran
Very bullish remarks early on. Trump saying the U.S. has made extraordinary strides since his election and touts strong economic growth and a stock market that is smashing records.
Share on TwitterShare on Facebook12:09:46 amJennifer Epstein White House Reporter jeneps
"After years of stagnation, the United States is once again experiencing strong economic growth," Trump says before listing a string of other economic data points, many of which were on an upward trend even before he took office.
Share on TwitterShare on Facebook12:10:02 amEnda Curran Chief Asia Economics Correspondent endacurran
Straight to the point. Says America is open for business.
"The world is witnessing the resurgence of a strong and prosperous America."
Share on TwitterShare on Facebook12:10:06 amMatthew Campbell Senior Reporter MattCampbel
There were rumors of a walkout planned by some delegates. No sign of that yet.
Share on TwitterShare on Facebook12:10:55 amEnda Curran Chief Asia Economics Correspondent endacurran
So far it's very domestic focused, I suspect the audience are waiting for the global section of the speech.
Share on TwitterShare on Facebook12:11:40 amJennifer Epstein White House Reporter jeneps
Trump is boasting about companies' post-tax cut announcements of bonuses and new investments, specifically praising Apple. "Now is the time" to bring businesses, jobs and investments to the United States, Trump tells business leaders.
Share on TwitterShare on Facebook12:12:28 amRomaine Bostick TOPLive Editor romainebostick
Apple said last week it would return hundreds of billions of dollars to the U.S. from overseas, pay a $38 billion tax bill on that money and invest about $350 billion in its domestic operations over the next five years. The company also plans capital expenditures of about $30 billion and will create about 20,000 new jobs at existing sites and a new campus.
Share on TwitterShare on Facebook12:12:39 amMatthew Campbell Senior Reporter MattCampbel
Trump is pretty subdued, and sticking closely to what's on his teleprompters.
Share on TwitterShare on Facebook12:13:12 amJennifer Epstein White House Reporter jeneps
Trump is bemoaning "unelected bureaucrats" who craft regulations. "Regulation is stealth taxation," he says.
Share on TwitterShare on Facebook12:13:18 amEnda Curran Chief Asia Economics Correspondent endacurran
Sounds a little like a stump speech at times, very focused on local issues.
Share on TwitterShare on Facebook12:13:23 amEnda Curran Chief Asia Economics Correspondent endacurran
Trump says he believes in America
Share on TwitterShare on Facebook12:13:37 amJennifer Epstein White House Reporter jeneps
Trump going full salesman: "Come to America, where you can innovate, create and build."
Share on TwitterShare on Facebook12:14:16 amAnny Kuo TOPLive Editor
Worth noting that fourth-quarter U.S. GDP data is due out in under 20 minutes. GDP is expected to come in at 3 percent on an annualized quarter-over-quarter basis for the final three months of 2017, and to have grown at 2.5 percent on a year-over-year basis. That'd mark a nice acceleration -- the economy started off the year expanding at a 2 percent rate.
Share on TwitterShare on Facebook12:14:28 amEnda Curran Chief Asia Economics Correspondent endacurran
Now he's spreading his wings a bit, extolling the virtues of strong U.S. growth for the world.
"America first does not mean America alone."
Share on TwitterShare on Facebook12:14:37 amJennifer Epstein White House Reporter jeneps
Trump shifts to discuss trade. "We support free trade but it needs to be fair and it needs to be reciprocal," he says.
Share on TwitterShare on Facebook12:14:50 amEnda Curran Chief Asia Economics Correspondent endacurran
He's rolling out his lines on fair and free trade, the need for reciprocal trade.
Share on TwitterShare on Facebook12:15:00 amStephen Morris U.K. Banking Reporter sjhmorris
The speech is actually more conciliatory than I was expecting.
Share on TwitterShare on Facebook12:15:19 amStephen Morris U.K. Banking Reporter sjhmorris
There has been little to no heckling or booing from the audience, and I can't see that a single person that's walked out.
Share on TwitterShare on Facebook12:15:24 amEnda Curran Chief Asia Economics Correspondent endacurran
First mention of TPP.
Share on TwitterShare on Facebook12:15:38 amEnda Curran Chief Asia Economics Correspondent endacurran
Now some pretty robust language, warning of predatory trade practices and promising to enforce trade laws.
Share on TwitterShare on Facebook12:15:47 amJennifer Epstein White House Reporter jeneps
"The United States is prepared to negotiate mutually beneficial trade agreements with all countries," including those in TPP, Trump says. The U.S. will consider negotiating with the rest of TPP countries individually or perhaps as a group, he says.
Share on TwitterShare on Facebook12:17:06 amEnda Curran Chief Asia Economics Correspondent endacurran
His comments on TPP sound like quite a shift, though it doesn't advance things much given he doesn't like the existing TPP terms. So he'd need to get agreement among 11 other nations.
Share on TwitterShare on Facebook12:17:35 amAlex Wayne White House Editor aawayne
Not a lick of applause yet.
Share on TwitterShare on Facebook12:18:19 amEnda Curran Chief Asia Economics Correspondent endacurran
We're onto Iran and Isis.
Share on TwitterShare on Facebook12:18:29 amJennifer Epstein White House Reporter jeneps
Trump shifts to foreign policy, bringing up efforts to pressure North Korea and Iran, and to fight terrorism. "I am pleased to report that the coalition to defeat ISIS has retaken" almost 100 percent of the territory that had been taken by ISIS in Iraq and Syria.
Share on TwitterShare on Facebook12:18:48 amMatthew Campbell Senior Reporter MattCampbel
So far, this is a speech that could have been delivered by pretty much any mainstream Republican. There are none of the digressions, non-sequitur, or insults we've often seen from President Trump.
Share on TwitterShare on Facebook12:19:47 amSimon Kennedy Economy Editor simonjkennedy
Trump is ultimately making a sales pitch to the executives in the room rather than trying to placate the foreign politicians who spoke earlier in the week. He's cutting taxes and pulling down regulations, an attractive recipe for some of the business leaders in the room whose focuses are the bottom line and stock prices. As Blackstone's Stephen Schwarzman said this week: “There are companies all around the world now looking at U.S., saying this is the place to be in the developed world.
Share on TwitterShare on Facebook12:20:51 amJennifer Epstein White House Reporter jeneps
Trump brings up one of the biggest areas of debate right now in Washington: immigration policy. "We are also securing our immigration system as a matter of national and economic security," he says. "Our immigration system is stuck in the past" and the U.S. must limit family-based immigration and emphasize merit-based immigration, he adds, channeling a proposal his top aides delivered to Congress on Thursday.
Share on TwitterShare on Facebook12:22:11 amEnda Curran Chief Asia Economics Correspondent endacurran
Interesting pitch from Trump for the executives in the audience to share the proceeds of their wealth.
Epstein White House Reporter jeneps
Trump ends on an uplifting note, something rare in his rhetoric, encouraging leaders to inspire their people, just as he believes he has in the United States.
Share on TwitterShare on Facebook12:22:51 amEnda Curran Chief Asia Economics Correspondent endacurran
Wow, he's done. The speech is over.
Share on TwitterShare on Facebook12:23:29 amEnda Curran Chief Asia Economics Correspondent endacurran
After all that anticipation
Share on TwitterShare on Facebook12:23:29 amMatthew Campbell Senior Reporter MattCampbel
Some people are giving him a standing ovation
Share on TwitterShare on Facebook12:23:51 amJennifer Epstein White House Reporter jeneps
Trump ended with a reminder to elites of the people who support them: "They make our countries run, they make our countries great."
Share on TwitterShare on Facebook12:24:03 amStephen Morris U.K. Banking Reporter sjhmorris
Trump got applause again at the end. Not resounding, but equally not a smattering.
Share on TwitterShare on Facebook12:24:07 amEnda Curran Chief Asia Economics Correspondent endacurran
We're moving to some Q/A.
Share on TwitterShare on Facebook12:24:33 amJennifer Epstein White House Reporter jeneps
Question one: why has tax reform been of such a high priority to the Trump administration?
Share on TwitterShare on Facebook12:24:53 amJennifer Epstein White House Reporter jeneps
Trump says the European business leaders he had dinner with last night are "15 new friends."
Share on TwitterShare on Facebook12:24:56 amElisa Martinuzzi ElisaMartinuzzi
Some people leaving now. Doors closed again.
Share on TwitterShare on Facebook12:25:54 amAndrew Cinko Editor, U.S. Markets, Princeton
"Regulation is stealth taxation.... Those days are over," Trump said early on in his speech. Small business owners in the U.S. have been heartened by Trump's regulatory reduction drive. Bankers, too, have spoken well of that push.
And Trump's salesman-like pitch today for building business in America, it seems to me, is quite a contrast with France's Macron who said earlier this week that it’s time for a new framework, based on cooperation and multilateralism, to rein in the excesses of global capitalism.
Share on TwitterShare on Facebook12:26:54 amAndrew Cinko Editor, U.S. Markets, Princeton
Market reaction to Trump's speech is nil. Which is probably mission accomplished after this week's gyrations in currency markets after Treasury Secretary Mnuchin's apparent abandonment of the "strong dollar" policy.
Share on TwitterShare on Facebook12:27:17 amAndrew J. Barden Government Managing Editor abarden
Keeping Scores: Macron only got applause on jokes and on zingers like France is Back. Schwab claimed at the time the standing ovation at the end was only the third one in Davos history.
Share on TwitterShare on Facebook12:27:28 amJennifer Epstein White House Reporter jeneps
Back to the Q&A. "Once we got it going, it was going," Trump says, apparently of the response to the passage of the tax bill last month. He boasts about AT&T announcing worker bonuses and then other companies piling on in a "waterfall." Says the bonuses are "a lot of money" for the workers getting them.
Share on TwitterShare on Facebook12:28:25 amJennifer Epstein White House Reporter jeneps
"You have a brand new United States" where people from all over the world are looking to come and invest, Trump says.
Trump at Davos
Chief Asia Economics Correspondent endacurran
Trump references his new found friends again who plan to invest in then U.S., though one of them is cheap, apparently, promising only $2 billion.
Share on TwitterShare on Facebook12:29:26 amJennifer Epstein White House Reporter jeneps
"We had a great first year, so successful in so many ways," Trump says, adding that there's a "tremendous spirit" in the country, "like I have never witnessed before." Brags about declining unemployment rates for women and African Americans.
Share on TwitterShare on Facebook12:29:53 amEnda Curran Chief Asia Economics Correspondent endacurran
Trump:
"There is a tremendous spirit in the United States. I would say it is a spirit I have never witnessed before."
Share on TwitterShare on Facebook12:30:08 amStephen Morris U.K. Banking Reporter sjhmorris
Trump says the CEO he met last night at diner will only be investing $2 billion in the U.S., and that's “the cheap one.”
This gets him his first laugh...
Share on TwitterShare on Facebook12:30:32 amEnda Curran Chief Asia Economics Correspondent endacurran
Trump seems caught off guard when Schwab says he plans to ask a personal question.
Share on TwitterShare on Facebook12:30:40 amJennifer Epstein White House Reporter jeneps
Trump offers shoutouts to Mnuchin, Ross, Cohn and National Security Adviser H.R. McMaster, "my general and my many other generals."
Share on TwitterShare on Facebook12:32:34 amStephen Morris U.K. Banking Reporter sjhmorris
Trump gets asked what experience in his past helped him most in being present. Inevitably he says “business.”
Share on TwitterShare on Facebook12:33:15 amJennifer Epstein White House Reporter jeneps
Even overseas, Trump returns to the old reliable celebration of his 2016 victory with a nod to Hillary Clinton. "Had the opposing party to me won, some of whom you backed, some of the people in the room,” the stock market would have fallen.
Chief Asia Economics Correspondent endacurran
Back down a rabbit hole of domestic politics again, saying if Clinton had won the stock market would be down 50 percent. And he's on about fake news etc.
Share on TwitterShare on Facebook12:33:45 amAndrew J. Barden Government Managing Editor abarden
Big laughs from audience when Trump says he's always gotten a disproportionate amount of press coverage.
Share on TwitterShare on Facebook12:34:03 amJennifer Epstein White House Reporter jeneps
Trump is doing some more from his greatest hits, bemoaning the media. It wasn't until he got into politics that he realized "how nasty, how mean, how vicious and how fake the press can be.”
Kennedy Economy Editor simonjkennedy
Some disappointing news for Trump from Washington. Gross domestic product rose at a 2.6 percent annualized rate in the fourth quarter after 3.2 percent in the prior period, Commerce Department data showed Friday. The median forecast in a Bloomberg survey called for 3 percent.
Share on TwitterShare on Facebook12:34:51 amEric Coleman TOPLive Editor
The drags were trade and inventory depletion, offsetting strength in consumer spending and business investment.
Share on TwitterShare on Facebook12:34:57 amEnda Curran Chief Asia Economics Correspondent endacurran
That's it.
Share on TwitterShare on Facebook12:34:59 amEnda Curran Chief Asia Economics Correspondent endacurran
Schwab and Trump shake hands and leave the stage.
Share on TwitterShare on Facebook12:35:40 amAlessandro Speciale Economy Reporter aspeciale
Little color note: the corridors and halls of the Congress Center are always buzzing with people running from panel to meeting to debate. There are always three or four events going on at the same time. During Trump's speech, the place came to a standstill. People sit in corners looking at their screens with headphones to listen to the speech, or stare at the screens where it is broadcast.
Share on TwitterShare on Facebook12:36:13 amEnda Curran Chief Asia Economics Correspondent endacurran
Doesn't feel like the speech moved the dial on the globalization debate much. There's a case to make that he was somewhat concilatory in his remarks but he also made clear that he is committed to the America First manifesto.
Share on TwitterShare on Facebook12:38:02 amJustin Sink White House Reporter justinsink
It's also important to view Trump's speech within the context of last year's address by Chinese President Xi Jinping, who then made the case of Chinese leadership on the global stage.
China's Xi Defends Globalization in Davos
Terminal users can click image above to play video
China’s Xi Takes on Trump in Rebuttal Against Protectionism Chinese President Xi Jinping urged global business and political elites to reject trade wars and protectionism, in his first public rebuttal of the policies advocated by incoming U.S. leader Donald Trump.
Share on TwitterShare on Facebook12:44:22 amSimon Kennedy Economy Editor simonjkennedy
Trump is heading home. As noted elsewhere on the blog, aside from the swing at the media this was a speech that could have been made by a mainstream Republican president rather than the reactionary leader he has shown signs of being.
While there were no major headlines he clearly tried to paint himself as pro-business. Former President Barack Obama would argue he's the source of the accelerating economy and rising stocks, but Trump is claiming them for himself. Now he wants international companies and investors to underpin those gains with new money.
This was a sales pitch to global business leaders who like low taxes and weak regulations. Whether they're buying it and markets can maintain their bull run will be known by the time we return to Davos next year.
Share on TwitterShare on Facebook12:46:11 amShannon Pettypiece White House Reporter spettypi
Trump now plans to return home, where he faces a number of domestic challenges -- difficult negotiations with Congress on an immigration overhaul and damaging new reports that he sought last year to fire the special counsel investigating his presidential campaign’s ties to the Russian government.
President Trump Addresses The World Economic Forum (WEF)
Trump Says `America First' to Benefit World in Davos Speech President Donald Trump said Friday that U.S. economic growth promoted by his policies would help the world, seeking to square his “America First” agenda with globalism.
Share on TwitterShare on Facebook12:49:43 amRomaine Bostick TOPLive Editor romainebostick
And while the GDP number missed estimates, Trump is still returning home to a strong economy. While the report dashed expectations for the longest streak of 3 percent-or-better economic growth since 2005, a key measure of underlying demand delivered the strongest performance since 2014 and inflation picked up, which will help keep the Federal Reserve on track to raise interest rates in coming months.
Solid Spending
Share on TwitterShare on Facebook12:51:29 amRomaine Bostick TOPLive Editor romainebostick
Treasury Secretary Steven Mnuchin now on CNBC. Says:
Trump Wants to Have Open Trade
Trump Would Be Interested in `Right' TPP
Share on TwitterShare on Facebook12:52:47 amEric Coleman TOPLive Editor
Here's a video clip of Trump telling world leaders and investors now is the time for other countries to invest in the U.S. and to bring jobs to the country. (For Terminal subscribers only)
Trump Tells Davos: 'America Is Open for Business'
(Source: Bloomberg)
Share on TwitterShare on Facebook12:59:20 amEric Coleman TOPLive Editor
And another clip of Trump saying the U.S. is experiencing strong economic growth and 2.4 million jobs have been created since he took office. (For Terminal subscribers only)
Trump Tells Davos U.S. Is Experiencing Strong Economic Growth
(Source: Bloomberg)
Share on TwitterShare on Facebook12:59:25 amJennifer Epstein White House Reporter jeneps
Here are the KEY TAKEAWAYS from President Trumps speech at the WEF in Davos.
Trump stuck to his America First theme, explaining that the U.S. will act in its best interests in trade and foreign policy.
He also expressed a willingness to negotiate not just bilateral trade agreements but perhaps a multilateral deal with some of the countries in the Trans Pacific Partnership, a shift we've heard from him over the past two days in Davos.
Made a sales pitch to global business leaders. He channeled a local chamber of commerce leader as he talked up the U.S., boasting about his tax overhaul, efforts to reduce regulations and even the strength of the country's colleges and universities.
It's clear he hopes this trip will bring massive new corporate investments into the country.
Somewhat conciliatory in his remarks. Trump was respectful of the political and business leaders in attendance and they were respectful of him. But when fell into familiar tropes in attacking the press during his brief question-and-answer session, complaining about "vicious" and "fake" news, he drew boos.
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