U.S. President Donald Trump told the World Economic Forum on Thursday that businesses should make their products in the United States if they want to avoid facing a tariff.
Appearing in a videoconference with business leaders at the annual conference in Davos, Switzerland, Trump said that companies should set up manufacturing operations in the United States.
"My message to every business in the world is very simple, come make your product in America and we will give you among the lowest taxes of any nation on Earth."
"But if you don't make your product in America, which is your prerogative, then very simply, you will have to pay a tariff," Trump said. "Differing amounts, but a tariff which will direct hundreds of billions of dollars and even trillions of dollars into our Treasury to strengthen our economy and pay down debt."
Trump began his presidency on Monday without immediately imposing the tariffs he had promised voters, including a 10% duty on global and 60% on Chinese goods. But he said that Canada and Mexico faced a 25% duty on Feb 1 on goods they ship to the U.S. because of illegal immigration and illicit drug shipments across U.S. borders.
Trump on Tuesday extended the Feb. 1 deadline to China, threatening a 10% duty, and said the European Union would also face tariffs.
"We're going to be demanding respect from other nations."
