Rabia Iclal Turan
23 January 2025•Update: 24 January 2025
WASHINGTON
US President Donald Trump on Thursday vowed to push for immediate interest rate cuts during a speech at the World Economic Forum in Davos, Switzerland.
"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 as he addressed the 55th annual World Economic Forum remotely.
Trump also highlighted a forthcoming wave of investment from Saudi Arabia into the US economy.
"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," he said.
Trump also addressed global oil prices, signaling his intent to engage with Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to reduce costs.
"I'm also going to ask Saudi Arabia and OPEC to bring down the cost of oil," he said, linking high oil prices to the prolonged conflict between Russia and Ukraine.
"If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that that war will continue," Trump asserted.
He also reiterated his desire to meet Russian President Vladimir Putin and expressed his wish to see progress on nuclear disarmament.
"We would like to see denuclearization," he said, referencing his past negotiations with world leaders. He claimed that Russian President Vladimir Putin was open to discussions on significantly reducing nuclear stockpiles.
"Putin liked the idea of cutting way back on nuclear," Trump added.
