Donald Trump has told Saudi Arabia to drop its oil prices in order to end the Russia-Ukraine war in a major speech to business and world leaders gathered in Davos. The president said the US is battling “economic chaos” due to the “failed policies” of Joe Biden.
Thursday 23 January 2025 16:57, UK
Donald Trump has finished taking questions from Davos, and with that ends our live coverage of US politics today.
In his speech to business leaders, the president called on Saudi Arabia to bring down global oil prices in order to end the war between Russia and Ukraine.
“If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that the war will continue,” he says.
He also claimed that Vladimir Putin wanted de-nuclearisation before Joe Biden took over as US president.
Away from Davos, the president claimed attacks on police officers during the January 6 riots were “minor incidents” in a wide-ranging interview with Fox News overnight.
He was also dismissive of the alleged threat to US security posed by TikTok.
Donald Trump is now asked about US-China relations and how they will develop under his leadership.
“He called me,” he says, referring to Xi Jinping, before adding he sees the relationship becoming very good.
“We just have to make it fair,” he says.
He says he has a very good relationship with President XI, despite it being strained by COVID “coming out of Wuhan”.
He also says Beijing has a role to play in ending the war in Ukraine.
“We’d like to see denuclearisation,” he says, claiming that he had been in talks with Vladimir Putin about the prospect before he lost the 2020 election.
He claims Putin “wanted to do it”, and that he had a “good conversation with China” on the matter.
Donald Trump is asked about America’s relationship with banks but very quickly pivots to other topics.
The president touches on both Canada and Mexico before returning to the war in Ukraine.
“I really would like to be able to meet with President Putin soon and get that war ended,” he tells the forum.
“It’s not from a standpoint of the economy, but because lives are being wasted. It’s very flat land and the only thing stopping the bullets is human bodies.
“I’m not talking economy, economics or natural resources. So many young people are being killed in this war.”
He also refers to developments in the Middle East, where the first phase of a ceasefire between Israel and Hamas is ongoing.
“We’ve made a lot of progress in the Middle East and that’s coming along well,” Trump adds.
When he is asked if peace can be achieved in Ukraine by this time next year, Trump says: “Ukraine is ready to make a deal.”
He says “far, far more people” have died than have been reported.
Patrick Pouyanné, the CEO of Total Energies, is next to ask the president a question.
He wants to know Donald Trump’s views on investment in liquified natural gas (LNG).
Trump first says he would protect any shipments of LNG to Europe from the US, saying: “If we make a deal, we make a deal.”
“I think it’s (LNG) very important… we’re gonna give very rapid approvals,” he says of companies wanting to start building infrastructure and plants.
He says he welcomes large electricity plants using “anything” they want to power them, including “good, clean coal”.
The first question is from Stephen Schwarzman, chief executive of Blackstone, one of the world’s leading investment firms.
He asks about American economic growth and how Donald Trump plans to keep the US markets ahead of Europe.
Trump says his “friends in Europe” complain about the “time it takes for things to get approved” in the bloc.
He says he previously needed approval for a project in Ireland, which he received in a week, but that approval from the European Union would take “five or six years”.
“I sent the people to the EU to see if they could speed it up to get a simple approval that Ireland gave me in less than a week,” he says.
“I realised right then it was a problem, and I didn’t even bother applying, or pulled it out very quickly if I did.”
In terms of America, Trump says the EU treats the US “very unfairly, very badly” and that he has “very big complaints”.
“They have a large tax and a VAT tax, and it’s a substantial one,” he adds. “They essentially don’t take our farm products or our cars. They put tariffs on things we want to do.”
He adds: “I love Europe, I love the countries of Europe, but the process is a cumbersome one, and they treat the US very unfairly with the taxes they impose.”
Donald Trump has spent the past few minutes discussing how he’s strengthened the borders and killed off “government censorship”.
The speech bears remarkable similarities to his inauguration address – bemoaning the Biden administration and explaining how he’s making widespread changes to bring in a “golden age” for the US.
He’s made no new announcements of note.
“I will be taking questions now,” he says.
Trump says Saudi Arabia must bring down global oil prices in order to end the war between Russia and Ukraine.
He says the Saudis and OPEC (Organisation of the Petroleum Exporting Countries) are “responsible to an extent” for the war continuing.
“I’m surprised they didn’t do it before the election, you’ve got to show a little love,” said Trump.
“If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that the war will continue.
“You’ve got to bring down the price. They should have done it long ago. They’re very responsible to an extent, millions of lives are being lost.”
For context: Europe has abandoned Russian oil products since its full-scale invasion of Ukraine in February 2022.
However, Moscow has been able to find other markets for its oil, such as India and China, allowing it to continue financing its war.
Donald Trump continues addressing the World Economic Forum in Davos.
He outlines his first few days in office economically, including withdrawing from the Paris Climate Accords and ending the “insane” electric vehicle mandate.
He repeats the need for the US to access the “liquid gold” beneath his feet.
His speech so far has been a mix of attacking the previous administration and telling the forum about the wealth of executive orders he’s already actioned, but now he addresses those in attendance directly.
“My message to every business in the world is very simple – come make your product in America and we’ll give you among the lowest taxes on earth,” he says.
“If you don’t make your product in America… you will have to pay a tariff,” he says.
Donald Trump starts by greeting those in attendance in “beautiful Davos”.
He reflects on a “truly historic week” in the US and says he is about to kick off America’s “golden age”.
He says the country is facing “economic chaos” caused by the “failed policies” of the Joe Biden administration.
He says America has the “worst inflation crisis in modern history”.
Donald Trump is about to start speaking at the World Economic Forum in Davos, Switzerland.
The US president is delivering his first speech to global business and political leaders, and is appearing remotely.
We’ll be providing text updates of the address here in the blog, and you can watch the speech at the top of the page.
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