President Donald Trump took his America First economic platform to the international community Thursday, promoting tax cuts, oil extraction, and tariffs.

Trump laid out his economic agenda at the World Economic Forum meeting in Davos, Switzerland, an annual summit of international business and political leaders. He focused on extending the tax cuts he enacted in 2017, using tariffs to push businesses to manufacture on U.S. soil, and promoting energy from fossil fuels instead of wind and solar, repeating themes from his presidential campaign.

He's counting on oil and gas extraction to push inflation down

Trump said his admi🧸nistration will encourage oil and natural gas extraction in thꦬe U.S.

This effort began with a round of executive orders on his first day in office that attempted to thwart laws signed by former President Joe Biden's measures to promote green energy. Trump said expanding energy would help push down inflation and boost the crypto and artificial intelligence industries, both of which use 澳洲幸运5官方开奖结果体彩网:massive amounts of electricity.

"The United States has the largest amount of oil and gas of any country on Earth, and we're going to use it," he said. "Not only will this reduce the cost of virtually all goods and services, it will make the United States a manufacturing superpower and the world capital of 澳洲幸运5官方开奖结果体彩网:artificial intelligence and crypto."

He also asked Saudi Arabia, a major oil-producing nation, and OPEC, a cartel that controls oil prices, to lower petroleum costs. Trump said lower oil prices would pave the way for lower interest rates.

Since 2022, the Federal Reserve has kept its benchmark 澳洲幸运5官方开奖结果体彩网:federal funds rate higher than usual. Central bankers aim to put upward pressure on interest rates for all kinds of loans in order to slow the economy and stifle the post-pandemic burst of inflation. Trump has repeatedly called for the Fed, which is 澳洲幸运5官方开奖结果体彩网:not under the direct control of the White House, to cut interest rates, even though 澳洲幸运5官方开奖结果体彩网:inflation is still running above the central bank's annual goal of 2%.

"With oil prices going down, I'll demand that interest rates drop immediately," he said.

Trump wan👍ts to use ta🧸riffs to push companies to make products in the US

Trump shed some light on part of his agenda that's been controversial among economists: tariffs. He said he would use import taxes to promote U.S. manufacturing.

"If you don't make your product in America—which is your prerogative—then, very simply, you will have to pay a tariff, 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," he said. "Under the Trump administration, there will be no better place on earth to create jobs, build factories, or grow a company than right here in the good old U.S.A."

Although Trump 澳洲幸运5官方开奖结果体彩网:stopped short of imposing tariffs on the first day of his administration as he had promised during the campaign, he has threatened to impose 25% tariffs on goods coming from Canada and Mexico starting Feb. 1. He has in the past also threatened tariffs as high as 60% on China, and blanket tariffs of up to 20% on imports from all countries.

Economists say tariffs could 澳洲幸运5官方开奖结果体彩网:push up inflation by driving up prices, but the effects would vary significantly depending on which countries and products they target.

Financial markets have been betting that Trump's tariff plans are at least partly a澳洲幸运5官方开奖结果体彩网: negotiating ploy and will not be fully implemented.

Tax cuts are a priority

Trump said extending the 2017 Tax Cuts and Jobs Act was a top priority. The TCJA is set to expire at the end of 2025 and includes provisions that make taxes 澳洲幸运5官方开奖结果体彩网:more complicated for most filers.

The 2017 tax cuts disproportionately benefit wealthier taxpayers, according to various analyses of their effects.

He also called for lowering the corporate tax rate for companies that build products in the U.S. to 15% from 21%, 澳洲幸运5官方开奖结果体彩网:repeating a campaign trail pledge.