US President Donald Trump speaks at World Economic Forum in Davos

[Applause] [Music] well thank you very much Klaus and very special congratulations on your 50th year hosting the annual meeting of the World Economic Forum a truly amazing achievement it's an honor to address the distinguished members of this organization for the second time as president when I spoke at this forum two years ago I told you that we had launched the great American comeback today I'm proud to declare that the United States is in the midst of an economic boom the likes of which the world has never seen before we've regained our stride we discovered our spirit and reawakened the powerful machinery of American enterprise America's thriving America's flourishing and yes America is winning again like never before just last week alone the United States concluded two extraordinary trade deals the agreement with China and the United States Mexico Canada agreement the two biggest trade deals ever made they just happened to get done in the same week these agreements represent a new model of trade for the 21st century agreements that are fair reciprocal and that prioritize the needs of workers and families America's economic turnaround has been nothing short of spectacular when I took office three years ago America's economy was in a rather dismal state under the previous administration nearly 200,000 manufacturing jobs had vanished wages were flat or falling almost 5 million more Americans had left the labor force than had gotten jobs and more than 10 million people had been added to the Food Stamp rolls the experts predicted a decade of very very slow growth or maybe even negative growth high unemployment and a dwindling workforce and very much a shrinking middle class millions of hardworking ordinary citizens felt neglected betrayed forgotten they were rapidly losing faith in the system before my presidency began the outlook for many nations was bleak top economists warned of a protracted worldwide recession the World Bank lowered its projections for global growth to a number that nobody wanted to even think about pessimism had taken root deep in the minds of leading thinkers business leaders and policy makers yet despite all of the cynics I had never been more confident in America's future I knew we were on the verge of a profound economic resurgence if we did things right one that would generate a historic wave of investment wage growth and job creation I knew that if we unleash the potential of our people if we cut taxes slashed regulations and we did that at a level that's never been done before in the history of our country in a short period of time fix broken trade deals and fully tapped American energy that prosperity would come thundering back at a record speed and that is exactly what we did and that is exactly what happened since my election America has gained over 7 million jobs a number unthinkable I wouldn't say it I wouldn't talk about it but that was a number that I had in mind the projection was 2 million we did seven more than three times the government's own projections the unemployment rate is now less than three point five percent and at 3.5% that's a number that is the lowest in more than 50 years the average unemployment rate from my administration is the lowest for any US president in recorded history we started off with reasonably high rate for the first time in decades we are no longer simply concentrating wealth in the hands of a few we're concentrating and creating the most inclusive economy ever to exist we are lifting up Americans of every race color religion and cream unemployment rates among African Americans Hispanic Americans and Asian Americans have all reached record lows African American youth unemployment has reached the lowest it's ever been in the history of our country African American poverty has plummeted to the lowest rate ever recorded the unemployment rate for women reached the lowest level since 1953 and women now comprise a majority of the American workforce that's for the first time the unemployment rate for veterans has dropped to a record low the unemployment rate for disabled Americans has reached an all-time record low workers without a high school diploma have achieved the lowest unemployment rate recorded in US history wages are rising across the board and those at the bottom of the income ladder are enjoying the percentage by far largest gains workers wages are now growing faster than management wages earnings growth for the bottom 10% is outpacing the top 10% something that has not happened paychecks for high school graduates are rising faster than for college graduates young Americans just entering the workforce are also sharing in America's extraordinary prosperity since I took office more than two million Millennials have gotten jobs and their wages have grown by nearly 5% annually a number that was unthinkable nobody would have ever thought it was possible three years ago a record number of Americans between the ages of 25 and 34 are now working in the eight years before I took office over 300,000 working age people left the workforce in just three years of my administration 3.5 million people have joined the work force 10 million people have been lifted off welfare in less than 3 years celebrating the dignity of work is a fundamental pillar of our agenda this is a blue-collar boom since my election the net worth of the bottom half of wage earners has increased by plus 47 percent three times faster than the increase for the top one percent real median household income is at the highest level ever recorded the American Dream is back bigger better and stronger than ever before no one is benefitting more than America's middle class we have created 1.2 million manufacturing and construction jobs a number also unthinkable after losing 60,000 factories under the previous two administrations hard to believe when you hear 60,000 factors America has now gained in a very short period of time 12,000 new factories under my administration and the numbers going up rapidly will be beating the 60,000 number that we lost except these will be bigger newer and the latest years of economic stagnation have given way to a roaring geyser of opportunity u.s. stock markets have soared by more than 50 percent since my election adding more than 19 trillion dollars to household wealth boosting 401ks pensions and college savings accounts for millions of hardworking families and these great numbers are many things and it's despite the fact that the Fed has raised rates too fast and lowered them too slowly and even now as the United States is by far the strongest economic power in the world it's not even close it was going to be close but a lot of good things happened to us and some not so good things happen to certain to other places they're forced to compete and we compete with nations that are getting negative rates something very new meaning they get paid to borrow money something that I could get used to very quickly love that kind of payback you alone know how much am I getting nevertheless we still have the best numbers that we've had in so many different areas it's a conservative approach and we have a tremendous upside potential when all of the trade deals and the massive deregulation starts kicking in which will be during this year especially toward the end of the year those trade deals are starting to kick in already the regulations are kicking in right now and I see such tremendous potential for the future we have not even started because the numbers were talking about our massive the time for skepticism is over people are flowing back into our country companies are coming back into our country many of you who I know are coming back in with your plants and your factories thank you very much America's newfound prosperity is undeniable unprecedented and unmatched anywhere in the world America achieved this stunning turnaround not by making minor changes to a handful of policies but by adopting a whole new approach centered entirely on the well-being of the American worker every decision we make on taxes trade regulation energy immigration education and more is focused on improving the lives of everyday Americans we are determined to create the highest standard of living that anyone can imagine and right now that's what we're doing for our workers the highest in the world and we're determined to ensure that the working and middle class reap the largest gains a nation's highest duty is to its own citizens honoring this truth is the only way to build faith and confidence in the market system only when governments put their own citizens first will people be fully invested in their national futures in the United States we are building an economy that works for everyone restoring the bonds of love and loyalty that unites citizens and powers Nations today I hold up the American model as an example to the world of a working system of free enterprise that will produce the most benefits for the most people in the 21st century and beyond a pro worker pro citizen pro-family agenda demonstrates how a nation can thrive when its communities its companies its government and its people work together for the good of the whole nation as part of this new vision we passed the largest package of tax cuts and reforms in American history we doubled the child tax credit benefiting 40 million American families and lifting 650,000 single mothers and their 1 million children out of poverty and out of poverty quickly we passed the first ever tax credit for employers who provide paid paternal leave for employees earning 72,000 dollars or less annually and past paid family leave for government employees as a model for the country we made childcare much more affordable and reduced or eliminated childcare wait lists all across the nation our childcare reforms are supporting working parents and ensuring their children of access to high-quality care and education all of which they very much deserve we lowered our business tax from the highest in the developed world down to one that's not only competitive but one of the lower taxes we created nearly nine thousand opportunity zones and distressed communities where capital gains or long term investments are now taxed at zero and tremendous wealth is pouring into areas that for a hundred years or nothing the 35 billion Americans who live in these areas have already seen their home values rise by more than twenty two billion dollars my administration has also made historic investments in historically black colleges and universities I saved HBC use we save them they were going out and we saved them we're removing roadblocks to success in rewarding businesses that invest in workers families and communities we've also launched the most ambitious campaign in history to reduce job-killing regulations for every new regulation adopted we are removing eight old regulations which will save an average of American households about $3,100 per year it was going to be for everyone we do too but we were able to lift that to aid and we think that's going to go quite a bit higher we still have a way to go today I urge other nations to follow our example and liberate your citizens from the crushing weight of bureaucracy with that you have to run your own countries the way you want we are also restoring the constitutional rule of law in America which is essential to our economy our liberty and our future and that's why we've appointed over 190 federal judges a record to interpret the law as 190 federal judges think of that in two Supreme Court judges as a result of our efforts investment is pouring into our country in the first half of 2019 the United States attracted nearly one-quarter of all foreign direct investment in the world think of that 25 percent of all foreign investment all over the world came in to the United States and that numbers increasing rapidly to every business looking for a place where they are free to invest build thrive innovate and succeed there is no better place on earth than the United States as a central part of our commitment to building an inclusive society we establish the National Council for the American worker we want every citizen regardless of age or background to have the cutting-edge skills to compete and succeed in tomorrow's workplace this includes critical industries like artificial intelligence quantum computing and 5g under Ivanka's leadership who's with us today our pledge to America's workers has become a full-blown national movement with over 400 companies committing to provide new job and training opportunities to already very close to 15 million American students and workers 15 million America is making sweeping changes to place workers and their families at the center of our national agenda perhaps the most transformative change of all is on trade reform where we're addressing chronic problems that have been ignored tolerated or enabled for decades our leaders did nothing about what happened to us on trade before I was elected China's predatory practices were undermining trade for everyone but no one did anything about it except allow it to keep getting worse and worse and worse under my leadership America confronted the problem head-on under our new phase 1 agreement phase is starting negotiations very shortly China has agreed to substantially do things that they would not have done measures to protect intellectual property stop forced technology transfers remove trade barriers and agricultural goods and on agricultural Goods where we were treated so badly open its financial sector totally that's done and maintain a stable currency all backed by very very strong enforcement a relationship with China right now has probably never been better we went through a very rough patch but it's never ever been better my relationship with President Xi is an extraordinary one he's fagina out for the US but other than that we love each other additionally China will spend an additional 200 billion dollars over two years on American services agriculture and energy and manufactured goods so we'll be taken in in excess of 200 billion could be closer to 300 billion when it finishes but these achievements would not have been possible without the implementation of tariffs which we had to use and we're using them on others too and that is why most of our tariffs on China will remain in place during the Phase two negotiations for the most part the tariffs have been left and were being paid billions and billions of dollars a year as a country as I mentioned earlier we ended the NAFTA disaster and one of the worst trade deals ever made not even close and replaced it with the incredible new trade deal the u.s. MCA that's Mexico and Canada in the nearly 25 years after NAFTA the United States lost one in four manufacturing jobs including nearly one in four vehicle manufacturing jobs it was an incentive to leave the country the NAFTA agreement exemplified the decades-long failures of the international trading system the agreement shifted wealth to the hands of a few promoted massive outsourcing drove down wages and shuttered plants and factories by the thousands the plants would leave our country make the product sell it into our country we ended up with no jobs and no taxes would buy other country's product that doesn't happen anymore this is the wreckage that I was elected to clean up it's probably the reason I ran for president more than any other thing because I couldn't understand why we were losing all of these jobs to other countries at such a rapid rate and it got worse and worse and I think it's probably the primary reason that I ran but there are other reasons also than to replace with a new system that puts workers before the special interests and the special interests will do just fine but the workers come first our brand new US MCA is the result of the broadest coalition ever assembled for Trade Agreement manufacturing agriculture and labor all strongly endorsed the deal and as you know it just passed in Congress overwhelmingly it shows how to solve the 21st century challenge we we all face protecting intellectual property expanding digital trade reshoring lost jobs and ensuring rising wages and living standards the United States has also concluded a great new trade deal with Japan approximately forty billion dollars and completely renegotiated our deal with South Korea we're also negotiating many other transactions with many other countries and we look forward to negotiating a tremendous new deal with the United Kingdom have a wonderful new prime minister wants very much to make a deal as they say to protect our security and our economy we are also boldly embracing American energy independence the United States is now by far the number one producer of oil and natural gas anywhere in the world by far it's not even close while many European countries struggle with crippling energy costs the American energy revolution is saving American families $2,500 every year in lowering electric bills and numbers that people said couldn't happen and also very importantly prices at the pump we've been so successful that the United States no longer needs to import energy from hostile nations with an abundance of American natural gas now available our European allies no longer have to be vulnerable to unfriendly energy suppliers either we urge our friends in Europe to use America's vast supply and achieve true energy security with us companies and researchers leading the way we are on the threshold of virtually unlimited reserves of energy including from traditional fuels LNG clean coal next generation nuclear power and gas hydrate technologies at the same time I'm proud to report the United States as among the cleanest air and drinking water on earth and we're going to keep it that way and we just came out with a report that at this moment it's the cleanest it's been in the last 40 years we're committed to conserving the majesty of God's creation and the natural beauty of our world today I am pleased to announce the United States will join 1 trillion trees initiative being launched here at the World Economic Forum 1 trillion trees and in doing so we will continue to show strong leadership in restoring growing and better managing our trees and our forests this is not a time for pessimism this is a time for optimism fear and doubt is not a good thought process because this is a time for tremendous hope and joy and optimism and action but to embrace the possibilities of tomorrow we must reject the perennial prophets of doom and their predictions of the Apocalypse they are the heirs of yesterday's foolish fortune tellers and I have them and you have them and we all have them and they want to see us do badly but we don't let that happen they predicted an overpopulation crisis in the 1960s mass starvation in the 70s and an end of oil in the 1990s these alarmists always demand the same thing absolute power to dominate transform and control every aspect of our lives we will never let radical socialists destroy our economy wreck our country or eradicate our liberty America will always be the proud strong and unyielding bastion of freedom in America we understand what the pessimists refused to see that a growing and vibrant market economy focused on the future lifts the human spirit and excites creativity strong enough to overcome any challenge any challenge by far the great scientific breakthroughs of the 20th century from penicillin to high-yield wheat to modern transportation and breakthrough vaccines have lifted living standards and saved billions of lives around the world and we're continuing to work on things that you'll be hearing about in the near future that even today sitting here right now you wouldn't believe it's possible that we have found the answers you'll be hearing about it but we have found answers to things that people said would not be possible certainly not in a very short period of time but the wonders of the last century will pale in comparison to what today's young innovators will achieve because they are doing things that nobody thought even feasible to begin we continue to embrace technology not to shun it when people are free to innovate millions will live longer happier healthier lives for three years now America shown the world that the path to a prosperous future begins with putting workers first choosing growth and freeing entrepreneurs to bring their dreams to life for anyone who doubts what is possible in the future we need only look at the towering achievements of the past only a few hundred miles from here are some of the great cities of Europe teeming centres of commerce and culture each of them is full of reminders of what human Drive and imagination can achieve centuries ago at the time of the Renaissance skilled craftsmen and laborers looked upwards and built the structures that still touch the human heart to this day some of the greatest structures in the world have been built hundreds of years ago in Italy the citizens once started construction on what would be a one hundred and forty year project the Duomo of Florence credible credible place while the technology did not yet exist to complete their design city fathers forged ahead anyway certain that they would figure it out someday these citizens of Florence did not accept limits to their high aspirations and so the great dome was finally built in France another century long project continues to halt such a grip on our hearts and our souls that even 800 years after its construction when the Cathedral of Notre Dom was engulfed in flames last year such a sad sight to watch unbelievable sight especially for those of us that considered it one of the great great monuments and representing so many different things the whole world grieved through her sanctuary now stand scorched and charred and a sight that's hard to believe when you've got used to it to look at it now hard to believe but we know that no true DOM will be restored will be restored magnificently the great bells will once again ring out for all to hear giving glory to God and filling millions with Wonder and all the cathedrals of Europe teach us to pursue big dreams daring adventures and unbridled ambitions they urge us to consider not only what we built today but what we will endure long after we are gone they testify to the power of ordinary people to realize extraordinary achievements when United by a grand and noble purpose so together we must go forward with confidence determination and vision we must not be timid or meek or fearful but instead we must boldly seize the day and embrace the moment we have so many great leaders in this room not only business leaders but leaders of nations and some are doing such a fantastic job we work together very closely we will draw a strength from the glories of the past and we will make greatness our common mission for the future together we will make our nations stronger our countries safer our culture richer our people freer and the world more beautiful than ever before above all else we will forever be loyal to our workers our citizens and our families the men and women who are the backbone of our economies the heart of our communities and the soul of our countries let us bring light to their lives one by one and empower them to light up the world thank you very much god bless you god bless your countries and god bless america thank you thank you very much [Applause] mr. president thank you for your speech and congratulations for what you have achieved for your economy but also for your society we discuss here very intensively is the question of inclusiveness but all your politics certainly are aiming to create petal inclusiveness for the American people I want to thank you personally particularly for injecting optimism into our discussions we have many problems in the world but I think we need as you said we need dreams and we have all the capabilities technology leadership to realize so screams so thank you again mr. president for having joined us here at the opening of C 50th anniversary of the World Economic Forum [Applause] [Applause] ready and you'll pick it up a before get some rest and what so she could see yeah okay you're yes what he had said how is the speech received evening a ticket was severely statesman's like speech giving all the answers and questions answering the questions we have related to the future of the economy I personally was very impressed by the emphasis on inclusion what has been achieved for the middle class because it's one of the issues we want to deal with here and I was particularly impressed by the end because I feel we have too much pessimism and cynicism internal and you provided a optimistic constructive outlet I think that the speech was yeah very well-received you had 200 of the biggest companies in the world in the room plus you had numerous leaders of major countries and I think it was very well received from everything I hear and many of those people were becoming making investments and a very large number as you know but big investments in the United States that means jobs it means economic development and we're doing well we've never done this well before and we're gonna do a lot better thank you very much see you value says stop by this market value of those companies together represented on the highest level corresponds to one sort of yogi is that you have a message regret assumed by the non-financial well we're doing the 1 trillion trees together with lots of other people and lots of other countries and I'm a very big believer in the environment we right now are doing extremely well in the United States but what I want is the cleanest water the cleanest air and that's what we're going to have and that's what we have right now