US President Donald Trump used his address at the World Economic Forum in Davos today to declare what he called an \u201ceconomic miracle\u201d at home, claiming his policies had crushed inflation, turbocharged growth and revived American manufacturing within a year of returning to office.<\/p>\n
Opening his speech by calling it \u201cphenomenal news\u201d, Trump said the US economy was booming, with incomes rising, investment surging and inflation \u201cdefeated\u201d, in sharp contrast to what he described as \u201cstagflation\u201d under the previous Biden administration.<\/p>\n
\u201cAfter just one year of my policies, we are seeing no inflation and extraordinary growth,\u201d Trump said, adding that the US economy would grow at \u201cdouble the rate predicted by the IMF\u201d.
Trump claimed his administration had lifted 1.4 million Americans off food stamps and secured investment commitments worth $18 trillion, a figure he said could rise to $20 trillion. \u201cThe US is the world\u2019s economic engine,\u201d he told business and political leaders. \u201cWhen the US booms, the world economy booms.\u201d<\/p>\n
The president said his administration was focused on raising living standards, arguing that experts had been \u201cvirtually unanimous\u201d in predicting his plans would trigger recession and inflation. \u201cThey were wrong,\u201d he said.<\/p>\n
Trump defended his sharp pivot in energy policy, saying the US was opening new energy plants instead of closing them, rejecting wind power approvals and prioritising domestic energy production. He also highlighted a mix of tax cuts and higher tariffs as central to his economic strategy.<\/p>\n
\u201cWe are lowering taxes and increasing tariffs,\u201d he said, adding that the administration had removed 270,000 bureaucrats from government payrolls, cut federal spending by $100 billion, and eliminated 129 regulations for every new regulation approved.<\/p>\n
Citing July\u2019s legislative agenda, Trump said his government had passed the \u201clargest tax cuts\u201d in US history, including removing taxes on tips and social security benefits.<\/p>\n
On trade, Trump claimed the US had slashed its trade deficit by 77% in a single month, that factory construction was up 41%, and that Washington had concluded \u201chistoric trade deals\u201d covering more than 40% of US trade.<\/p>\n
Turning to Europe, Trump struck a critical note, saying \u201ccertain places in Europe are not even recognisable anymore \u2014 in a negative way\u201d. While he said he wanted Europe to do well, he argued the continent was \u201cnot heading in the right direction\u201d, criticising heavy government spending and mass migration as economic strategies.<\/p>\n
The address comes as Trump holds a series of bilateral meetings with world leaders attending the five-day Davos summit in Switzerland, according to the White House.<\/p>\n","protected":false},"excerpt":{"rendered":"US President Donald Trump used his address at the World Economic Forum in Davos today to declare what…\n","protected":false},"author":2,"featured_media":264777,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,127959,969,18478,113,1070,1813,61,130473,1095,975,60,2720,55802,8781,13017,45379],"class_list":{"0":"post-264776","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-davos-2026","10":"tag-donald-trump","11":"tag-economic-growth","12":"tag-economy","13":"tag-energy-policy","14":"tag-europe","15":"tag-ie","16":"tag-imf-forecasts","17":"tag-inflation","18":"tag-investment","19":"tag-ireland","20":"tag-manufacturing","21":"tag-tax-cuts","22":"tag-trade-policy","23":"tag-us-economy","24":"tag-world-economic-forum"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/264776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=264776"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/264776\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/264777"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=264776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=264776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=264776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}