Tech

Davos: Trump launches attack on 'predatory' trade

Davos: Trump launches attack on 'predatory' trade

President Donald Trump used part of his address to world and corporate leaders in Davos to lecture them about "unfair" trade practices, saying his administration is trying to "reform the global trading system".

'America is open for business and we are competitive once again'.

"The deal was bad, the way it was structured was awful".

During a Q&A after his speech, Trump got boos when he told the crowd, "It wasn't until I became a politician that I realised how nasty, how mean, how vicious and how fake the press can be".

Which may come as a surprise to countries like South Korea, smarting this week following the imposition of tariffs on U.S. imports of solar panels and washing machines.

With the USA stock market soaring, Trump's corporate tax cuts padding companies' pockets and US consumers spending again, companies here are quietly applauding the USA president even as many at Davos see him as an unwelcome outsider. "But America first does not mean America alone".

Mr Trump also said he preferred bilateral fair trade agreements with other countries, including those signed up to the Trans-Pacific Partnership (TPP) from which he has withdrawn.

More news: Hess (HES) PT Raised to $57.00 at Morgan Stanley

And at other points, he harkened back to a major theme of his campaign, urging the other leaders to craft policies for the "forgotten" people in their countries.

Presidents often use foreign travel to distract from controversy back home, and in Davos, Trump sought to divert the spotlight from the developments involving special counsel Robert Mueller.

"It should be what it is", Trump said. Winnie Byanyima, director of Oxfam International, said: "Trump's boastful sales pitch was a victory lap for the trillions of tax cuts that the wealthy elites and corporations have clamoured for".

The Palestinians, he said, "disrespected us" by not "allowing our great vice president to see them, and we give them hundreds of millions of dollars in aid support". "We would consider negotiating with the rest individually or perhaps as a group if it is in the interests of all", he said. Trump wants more of them to put their money to work in the United States. He said as a businessman he "was always treated really well by the press". "Consumer confidence, business confidence and manufacturing confidence are the highest they have ever been in many decades".

But he brushed off questions on the topic as he arrived for the Forum today, telling reporters: "Fake news".

Before his trip to Davos, Trump imposed 30% tariffs on imported solar panels, among the first unilateral trade restrictions made by the administration as part of a broader protectionist agenda.


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