Trump to Davos: 'Come Make Your Product in America'; to Bank of America: 'Open Your Banks to Conservatives' (January 23, 2025)

Three days after taking office, President Donald Trump told the world’s business elite at Davos to build in America or pay. “Come make your product in America, and we will give you among the lowest taxes of any nation on Earth,” Trump said by video from the White House to the World Economic Forum on Jan. 23, 2025, according to the transcript published by the American Presidency Project [1].

“But 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 [1].

The video above shows Trump’s remarks to the World Economic Forum on Jan. 23, 2025. Quotes are from the American Presidency Project and the Federal Register [1][2].

”The Golden Age of America”

“Three days ago, I took the oath of office, and we began the golden age of America,” Trump said [1].

“Upon my election, it was just announced that small-business optimism skyrocketed by 41 points in a single month. That’s the highest ever,” he said. “SoftBank has announced between a $100 and $200 billion investment in the U.S. economy because of the election result. And just 2 days ago, Oracle, SoftBank, and OpenAI announced a $500 billion investment in AI infrastructure.” [1]

“I Hope You Start Opening Your Bank to Conservatives”

Trump turned to Bank of America chief Brian Moynihan. “But I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” he said [1].

“And I don’t know if the regulators mandated that because of Biden or what, but you and Jamie and everybody, I hope you’re going to open your banks to conservatives, because what you’re doing is wrong,” Trump said [1].

”We Just Want a Level Playing Field”

World Economic Forum President Børge Brende asked about China. “We know that you called President Xi Jinping last Friday,” Brende said. “He called me. But I see it very good. I think that we’re going to have a very good relationship. All we want is fairness. We just want a level playing field,” Trump answered [1].

“We’ve been having massive deficits with China. Biden allowed it to get out of hand. He’s—$1.1 trillion deficit. It’s ridiculous, and it’s just an unfair relationship,” he said [1].

”Round It Out to Around $1 Trillion”

“And it’s also reported today in the papers that Saudi Arabia will be investing at least $600 billion in America. But I’ll be asking the Crown Prince, who’s a fantastic guy, to round it out to around $1 trillion,” Trump said [1].

“And I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,” he said. “If the price came down, the Russia-Ukraine war would end immediately.” [1]

“With oil prices going down, I’ll demand that interest rates drop immediately. And likewise, they should be dropping all over the world,” Trump said [1].

”From 21 to 15 Percent”

Trump promised a lower corporate tax for companies that build here. “I got it down to 21 percent. And now we’re going to bring it down from 21 to 15 percent if—this is a big ‘if’—if you make your product in the U.S.,” he said [1].

“Over the past 4 years, our Government racked up $8 trillion in wasteful deficit spending and inflicted nation-wrecking energy restrictions, crippling regulations, and hidden taxes like never before,” Trump said of the Biden years [1].

“5 Percent of GDP”

“I’m also going to ask all NATO nations to increase defense spending to 5 percent of GDP, which is what it should have been years ago,” Trump said [1].

“What the world has witnessed in the past 72 hours is nothing less than a revolution of common sense,” he said [1].

By the Numbers

15 percent: the corporate tax rate Trump proposed for companies that make products in the U.S. [1].
$600 billion: the Saudi investment reported that day, per Trump [1].
$500 billion: the AI investment by Oracle, SoftBank and OpenAI, per Trump [1].
$1.1 trillion: the China deficit Trump blamed on Biden [1].
5 percent: of GDP, the NATO spending Trump asked for [1].

What Happened Next

Trump ordered an end to political debanking. On Aug. 7, 2025, he signed Executive Order 14331, “Guaranteeing Fair Banking for All Americans.” It says: “Financial institutions have engaged in unacceptable practices to restrict law-abiding individuals’ and businesses’ access to financial services on the basis of political or religious beliefs or lawful business activities.” [2]

The order says banks were urged to “flag individuals who made transactions related to companies like” Cabela’s and Bass Pro Shop, or payments that mentioned Trump or MAGA, “even though there was no specific evidence tying those individuals to criminal conduct.” [2]

For NATO agreeing to 5 percent that June, see HYGO News’ page on Trump and Mark Rutte, March 13, 2025. For Trump’s Riyadh speech on the Saudi deals, see the page on May 13, 2025.