President Donald Trump delivered one of the first major speeches of his presidency to global business and political leaders at the World Economic Forum in Davos
"If you don't make your product in America, which is your prerogative, then very simply you will have to pay a tariff," he says
Trump vowed to impose new tariffs on goods entering the US from Canada, Mexico and China on his first day in office, but he has yet to do so
Meanwhile, in the US, Trump has ordered 1,500 troops to the border to put up barriers as part of his immigration crackdown, and up to 10,000 troops could be deployed
The Kremlin says it is ready for a "mutually respectful dialogue" with Trump about the war in Ukraine, after the US president warned that Russia will face more sanctions if Putin doesn't stop what he described as the "ridiculous war"
Analysis: Kyiv is waiting for action, not words, from President Trump, writes our correspondent Sarah Rainsford
Edited by Brandon Livesay and Caitlin Wilson in Washington DC, and Tinshui Yeung in London
With the conclusion of the question-and-answer session, Trump's virtual appearance at Davos ends.
Stick with us for more on what he said, how the world reacted, and what comes next on another eventful day for the Trump White House.
Earlier, Santander's Executive Chairman, Ana Botín, asked Donald Trump about his priorities regarding regulation and cutting bureaucracy, as well as how quickly these changes might take place.
Trump says they "will move very quickly", and then goes on to list how fast he believes his administration is getting things done just three days after his inauguration.
The final question for Trump is whether there will be a peace deal in the Russia-Ukraine war when the US president speaks at Davos again next year.
"You have to ask Russia. Ukraine is ready to make a deal," the US president replies.
Trump is then asked about the relationship between the US and China.
"All we want is fairness," he says. "We just want a level-playing field," adding that he does not want the US to be taken advantage of by China.
He cites the trade deficit between the two countries, as well as with other Asian countries.
Trump also says that he hopes China can help the US end the war between Russia and Ukraine.
"They have a great deal of power over that situation," he says.
He adds he wants to work with China on denuclearisation, saying other world leaders, including Russia's Vladimir Putin, would be in favour of the idea.
Asked whether under his leadership the US would guarantee gas supplies to Europe, Trump answers "yes".
"We would absolutely make an energy deal with Europe and would see it through."
He stresses the importance of America's LNG (liquefied natural gas) deliveries to the EU.
America is already a major LNG supplier to the 27-member EU, and its role is expected to grow even further.
Faisal Islam
Economics editor, reporting from Davos
To gasps in the hall, Trump again says Canada could “become a state” of the US, as a way of eradicating the US trade deficit with Canada.
He said: “We don’t need their cars and we don’t need their lumber.”
Brian Moynihan, CEO of the Bank of America, congratulates Trump on his election victory before asking a question.
Moynihan discussed the "wave of orders" Trump has made on immigration and trade and how this will impact the president's ambition to increase GDP growth and reduce inflation.
Trump says he will reduce the corporate tax rate to 15% for businesses that make their product in the USA. He claims this will create a "tremendous buzz".
In response to a question from the founder of the Blackstone Group, Trump has gone into great detail on his complaints about the European Union.
Mainly, he says that the countries' tariffs and taxes are too high, their regulations are restrictive, the trade deficit with the US is too large, and that they have gone after American companies like Google in court.
"We're going to do something about it," he says.
"I'm trying to be constructive, because I love Europe. I love the countries of Europe, but the process is a very cumbersome one, and they do treat the United States of America very, very unfairly."
Oliver Smith
Senior business producer, reporting from Davos
Outside the main hall, the main business of Davos goes on uninterrupted. Finance ministers and corporate leaders from across the world stop each other in corridors to chat and discuss business and politics, seemingly unaware of or too busy to pay any attention to what is being said in the main hall.
Just before President Trump’s speech began, I stopped one senior US banking executive who was walking in the other direction.
"I was thinking about going but now I have a meeting so I can’t make it," he tells me.
"Trump loves to do things face to face, so it will be interesting to see how this goes down on video link.
"If he knew how many people were talking about him here at Davos, good or bad, he’d be ecstatic," he adds.
Trump closes his statement by thanking the audience at the World Economic Forum.
He said he would have joined the meeting in Davos in person if his inauguration were not so close to the event, before adding that "many of his friends" are in the audience.
Trump is now taking questions from the panel.
As a reminder, he has joined the meeting via a virtual link.Faisal Islam
Economics editor, reporting from Davos
Donald Trump has just told the rest of the world that if they do not make their products in the US, they will face tariffs worth “trillions of dollars”.
That would have to be the much-feared universal tariff affecting the rest of the world.
“US will be the world capital of AI and crypto… come make your product in America, but if you don’t it’s your prerogative, but very simply, you will pay a tariff, differing amounts, which will direct hundreds of billions of dollars even trillions of dollars into our Treasury,” he tells the Davos elite directly about their biggest concerns.
Trump now moves on to the Ukraine war, saying his administration will begin efforts to secure a peace settlement between Russia and Ukraine.
He called the war an "absolute killing field" and says that nobody has seen such scenes since World War II.
He also notes big events coming up under his term.
Among them is the US's 250th anniversary, which will be marked next year.
The US will also be hosting the World Cup next year jointly with its neighbours to the north and south, Mexico and Canada.
The Olympics are also slated to return to the US in 2028, where they will be hosted in Los Angeles.
"We're just getting started," Trump says, saying that his country will be bigger and stronger than ever before.
Trump also mentions Nato, saying he is going to ask Nato countries to pay more.
"Most countries didn't pay until I came along," he claims.
Trump also speaks about the ceasefire in Gaza, which was negotiated in the final days of the Biden administration.
He says he was behind the deal and also takes credit for the hostages being reunited with their families.
The US president also says that America is a free nation once again, after he signed orders to stop government censorship.
"We have saved free speech in America, and we have saved it strongly," Trump says, adding that America will once again be a "merit-based country".
He also refers to a new official policy where there are only two sexes: male and female.
Trump then speeds through his top issues.
The president, who has taken a nationalist posture and has an "America first" approach to foreign policy, says that "there's a light shining all over the world since the election" and that "even countries that we aren't particularly friendly… are happy" because they see "how great the future will be under our leadership".
"America is back and open for business," he says before pivoting to immigration at the southern US border.Faisal Islam
Economics editor
Trump also speaks of taking a major intervention in the oil market, calling on Saudi Arabia to increase its investments in the US to $1 trillion (£810m), but also to bring the oil price down.
He says this will help bring the Ukraine war to an end too, presumably by collapsing Russia’s war budget.
“I'm also going to ask Saudi Arabia and OPEC to bring down the cost of oil. You got to bring it down, which, frankly, I'm surprised they didn't do before the election,” Trump says.
Trump says there have been skyrocketing investments in the US as a result of his election win.
He references the $500bn of investments made to develop Artificial Intelligence in the US. He also mentions news reports that Saudi Arabia will invest billions in his country.
Trump asks the Crown Prince, Mohammed bin Salman, to round that up to a trillion dollars.
Trump warns that if companies don't make their products in America, they'll face tariffs.
If they do bring manufacturing to the US, Trump promises "big" tax cuts.
He says there will be "nowhere on Earth" better to manufacture.
Domestically, he says he will pass the largest tax cut in American history, which will be even lower than tax cuts from his first term as president.
Trump then speeds through his campaign promises and what he has already done to keep them in his first week in office.
He mentions getting out of the Paris climate agreement, suspending international aid, and freezing federal hiring.
He also lays out the steps to address the "national energy emergency" and "unlock liquid gold under our feet".
He then rapidly pivots to pledging the US will be the global leader in artificial intelligence and cryptocurrency, bringing in the Stargate project he promoted earlier this week.
It's a long list he's going through, and the speech is very different from the improvisation-like "weave" he often used while speaking on the campaign trail.
Trump also says that "economic confidence is soaring" now in America, saying many companies have announced plans to invest "billions and billions" in the country's economy.
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