Davos 2025: Trump promises “the largest tax cut in American history”

U.S. President Donald Trump, participating in the 2025 World Economic Forum Annual Meeting in Davos via video livestream, delivered a wide-ranging speech outlining his strategy to strengthen the U.S. economy and "unleash" investment. He emphasized revitalizing the American economy through a series of policy measures.

The newly inaugurated president pledged to implement "the largest tax cut in American history," including "massive" tax cuts for workers and families. He also stated that he would reduce the corporate tax rate from 21% to 15%, indicating that foreign companies manufacturing products in the U.S. would directly benefit, while warning that tariffs would be imposed on those not producing in the U.S. These policies are aimed at attracting investment and stimulating domestic production.

At the 2025 Davos Forum, Trump also announced plans to increase investment in energy by streamlining the approval process for new projects. "The U.S. has more oil and gas than any country on Earth, and we're going to use it," Trump said. He added that this would benefit the country's artificial intelligence and cryptocurrency industries. "America is back and open for business," he stated, expressing optimism about the U.S. economic outlook.

Trump also suggested that lowering oil prices could be a key factor in ending the Ukraine-Russia war, urging Saudi Arabia and OPEC to lower oil prices. "You must lower the price of oil... right now, prices are high enough to keep the war going," he stated. He further added that he hoped to meet with President Putin soon to "end the war," highlighting the immense human cost of the war, with "millions of lives being lost." He believes Ukraine is willing to make a deal, and the onus remains on Russia to return to the negotiating table.

Speaking on behalf of Pope Francis, Cardinal Peter Kodwo Appiah Turkson of the Holy See said that the 2025 Davos Forum theme, “Cooperation in the Smart Age,” provides an opportunity to reflect on artificial intelligence as a powerful tool for collaboration and solidarity. In a letter to World Economic Forum founder and chairman Klaus Schwab, Turkson said the Catholic Church has long been an advocate for the advancement of science, technology, and the arts, seeing them as key areas for human cooperation and development.

However, the Pope noted that governments and businesses have a responsibility to exercise due diligence and vigilance when adopting AI. "The potential for AI to generate outputs indistinguishable from human creations raises profound ethical questions, particularly in terms of its impact on the growing crisis of truth in public discourse," the Pope wrote. He also called on businesses, institutions, governments, and international organizations to work together to ensure that AI serves all people. He added that by fostering a culture of ethical responsibility, AI can contribute to a more united and just global society.

In a special address at the 2025 Davos Forum, Argentine President Javier Milei expressed strong views on a range of issues. Regarding economic policy, he urged leaders to look for new approaches. “The script of the last 40 years is exhausted,” and it is time to “break free and act boldly,” he said. He also pointed to Argentina as a model to emulate. “The world has embraced Argentina. Argentina has become a global paradigm of fiscal responsibility, a commitment to fulfilling obligations, and a commitment to solving inflation,” he added.

During the 2025 Davos Forum, a UAE delegation, led by Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of the Dubai Culture and Arts Authority, held a significant meeting with Professor Klaus Schwab. The meeting highlighted the UAE's steadfast commitment to fostering international cooperation and addressing critical global challenges through innovative and sustainable solutions. This meeting underscored the UAE’s key role as a global partner of the World Economic Forum and its dedication to advancing shared objectives.

Through this collaboration, the UAE aims to develop innovative solutions to tackle pressing international challenges while solidifying its position as a leader in sustainable development and global progress. Sheikha Latifa presented the UAE's vision for global competitiveness, sustainability, and inclusive development. She highlighted Dubai’s pioneering initiatives in the cultural and creative industries, showcasing the UAE’s leadership in leveraging innovation and collaboration to address shared global issues, including climate change, economic resilience, and the potential of technological transformation.