President Donald Trump on Tuesday returned to the World Economic Forum in Davos, Switzerland for the second time since taking office with a speech that took credit for the strong U.S. economy, criticized climate activists, and doubled down on his "America First" vision.
"The American Dream is back — bigger, better, and stronger than ever before," Trump said. "No one is benefitting more than America's middle class."
The address kicked off the global economic gathering, which marked its 50th anniversary this year. It also came just hours before Trump's impeachment hearing was set to begin back on Capitol Hill.
The president listed off positive economic trends in the U.S., such as historically low unemployment and a rising stock market. Trump made the case that his administration has played a central role in bringing on the economic turn, even as the speech praised the American free-market system and denounced "radical socialists."
"I knew that if we unleashed the potential of our people, if we cut taxes, slashed regulations … fixed broken trade deals, and fully tapped American energy, that prosperity would come thundering back at a record speed," Trump said.
Trump also touted the passing of the Phase One trade deal with China and the United States-Mexico-Canada Agreement last week.
"These agreements represent a new model of trade for the 21st century, agreements that are fair, reciprocal, and prioritize the needs of workers and families," he said.
The speech hewed to Trump's more populist side as it progressed, taking a moment to namecheck working-class concerns like higher wages and the standard of living.
"For the first time in decades, we're no longer simply concentrating wealth in the hands of the few. We're concentrating and creating the most inclusive economy ever to exist," Trump said.
"Celebrating the dignity of work is a fundamental pillar of our agenda. This is a blue-collar boom," he added.
Amid the cheerleading, Trump took a moment to knock the Federal Reserve, saying that the central bank "has raised rates too fast and lowered them too slowly."
The president was at his most oppositional when discussing climate change, which has become the cause célèbre of this year's World Economic Forum. Swedish teen activist Greta Thunberg, who has feuded with Trump on Twitter, spoke in a session entitled "Averting a Climate Apocalypse."
While not specifically discrediting climate change, Trump called on the world to "reject the perennial prophets of doom and their predictions of the apocalypse." They are the "heirs to yesterday's foolish fortune tellers," he added, and stand in a long line of "alarmists" who in the past have overstated global problems such as overpopulation and mass starvation.
For Trump, a lifelong denizen of the business world, the free market will just have to work it out.
"In America, we understand what the pessimists refuse to see, that a growing and vibrant market economy focused on the future lifts the human spirit and excites the creativity strong enough to overcome any challenge, any challenge by far," he said.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
