Trump Lauds U.S. Economy as He Opens World Economic Forum -- 2nd Update
January 21 2020 - 8:48AM
Dow Jones News
By Andrew Restuccia
DAVOS, Switzerland -- President Trump touted what he described
as a "blue-collar boom" transforming the U.S. economy and hailed
his trade agreement with China in a speech to global business and
government leaders, hours before his impeachment trial was set to
begin.
In a 30-minute, campaign-style address aimed less at the
audience gathered at the World Economic Forum in this Swiss
mountain resort, and more at the 100 Senators weighing his future,
Mr. Trump ticked off a list of accomplishments from low
unemployment to increases in foreign investment.
"The American dream is back, bigger, better and stronger than
ever before," Mr. Trump said. "No one is benefiting more than
American's middle class."
The president also said it was time for policy makers and
executives to stop doubting his America-first agenda and his
willingness to impose trade tariffs, which he said were clearly
successful. "The time for skepticism is over," he said.
Mr. Trump spoke before a crowd of several hundred people, who
largely remained silent during his remarks before applauding
politely when he wrapped up.
Afterward, Axel Weber, chairman of Swiss bank UBS Group AG, said
Mr. Trump's speech "was a typical sales pitch of the CEO in Davos
overselling the company's achievements and underreporting on some
of the risks that are there."
David McKay, the chief executive of Royal Bank of Canada, said
that, based on his meetings in Davos so far, business leaders
shared Mr. Trump's optimism. "There's a general positivity about
economic opportunity in the U.S.," Mr. McKay said.
Tuesday was Mr. Trump's second appearance at the summit as
president. In 2018, he sought to reassure world leaders and
business executives that there was a place for global cooperation
in his nationalist worldview. "'America First' does not mean
America alone," he said at the time.
His speech at the summit coincides with the first day of a trial
in the U.S. Senate to determine whether he should be removed from
office. In a legal filing Monday, Mr. Trump's legal team urged the
Senate to swiftly reject the articles of impeachment, calling the
case frivolous and dangerous.
Mr. Trump's remarks focused on the vibrancy of the American
economy and the benefits he said he has delivered for people left
behind in earlier booms, emphasizing employment gains by people
without college degrees, African-Americans and military
veterans.
The president addressed the issue of inequality, saying that
wages for low-income Americans have been growing faster than those
of the richest. "For the first time in decades, we're not only
concentrating wealth in the hands of a few."
On trade, Mr. Trump said the new agreement with Canada and
Mexico and last week's signing of an early-stage deal with China
"represent a new model of trade for the 21st century." He said the
pact with China addressed the longstanding problems of "China's
predatory practices."
He also highlighted trade agreements with Japan and South Korea
and said his administration looks forward "to negotiating a
tremendous new deal with the U.K." The U.K. is set to split with
the European Union on Jan. 31 and is seeking to strike new trade
agreements with other countries.
Mr. Trump arrived in Davos facing continued criticism from U.S.
allies, particularly on trade. The president has infuriated
officials in Europe with threats to impose tariffs on European
cars, and they continue to bristle at tariffs Mr. Trump imposed on
steel and aluminum earlier in his presidency.
But, despite the tensions, there were early signs of progress
this week. The U.S. and France reached a tentative truce in their
standoff over the country's plan to tax tech companies.
Following a Sunday phone call between the leaders of the two
countries, French President Emmanuel Macron agreed to postpone
until the end of 2020 a tax that France levied on big tech
companies last year. In return, the U.S. will postpone retaliatory
tariffs this year, officials said.
--Jenny Strasburg and Parmy Olson contributed to this
article.
Write to Andrew Restuccia at Andrew.Restuccia@wsj.com
(END) Dow Jones Newswires
January 21, 2020 08:33 ET (13:33 GMT)
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