Highlights: Trump’s speech from Davos as he comments on crypto and tariffs

• Repeats talking points about a ‘golden age’ and ‘revolution of common sense’
• Biden totally lost control
• Total gov’t spending is $1.5 trillion higher than projected when I left office
• “It was the highest inflation in the history of our country”
• I terminated the “green new scam”
• We’re going to let people buy the car they want to buy
• The US has the largest amount of oil of any country on earth and we’re going to use it
• We will be the world capital of AI and crypto

Bitcoin rallied on his comment about being the world capital of crypto.

• Congress will pass the largest tax cut in American history
• If you don’t make your product in America, you will pay a tariff
• Economic conference is soaring like we’ve never seen
• I’m going to ask Saudi Arabia and OPEC to bring down the price of oil
• If the price of oil came down, the Russia-Ukraine war will end immediately
• With oil prices down, I will be asking that interest rates drop immediately
• I’m going to ask all NATO nations to increase defense spending to 5%

The comment on tariff sounded like he’s set on it.

The oil comments are hard to square as dropping the price of oil certainly isn’t going to incentivize more US production. In any case, oil prices have fallen about 35 cents on the headline.

Trump is taking questions after his speech:

• Europeans are very frustrated with the time it takes to get things approved
• EU treats the US very badly
• They don’t take our farm products and they don’t take our cars
• We will do something about our trade deficit with the EU
• I would like to see rapid approvals on LNG
• Under emergency declarations I can expedite approvals
• We need double the energy we currently have in the USA
• AI power plants can fuel them with anything they want, they can use coal as backups
• We’re going to bring corporate taxes down to 15% if you make your product in the USA
• We are going to be demanding respect from other nations, including Canada. We don’t need them to make our cars, we don’t need their lumber, their oil and gas
• We really need to stop that war in Ukraine
• All we want is fairness from China. We’ve been having massive deficits with China
• China and Russia were open to de-nuclearlization in my last term
• Ukraine is ready to make a deal
• Far more people are dying in Ukraine than have been reported

This article was written by Adam Button at www.forexlive.com.