>> on friday president trump addressed the world economic switzerland. s, this is about 30 minutes.

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mr. schwab: mr. president, after you have been so warmly

received yesterday in davos, it is now my great pleasure to officially welcome the president of the united states, donald j. trump, to the closing session of the world economic forum's annual meeting 2018. mr. president, you cannot imagine how much we are looking forward to your speech, not just for the 3000 liters assembled here in davos, but also the millions joining us globally thanks to the presence of key media from around the world. mr. president, on behalf of the business leaders here, let me particularly congratulate you for the historic tax reform package passed last month, greatly reducing the tax burden of u.s. companies, fostering

job creation as well as stimulating economic growth in the united states, but also providing a tremendous boost to he global economy. davos is a place where leaders of states and industry can work together in pursuit of global peace and prosperity. we live in an interdependent world where decisions made by one nation, particularly by the united states, impact all other countries. i believe that today we need to strike the right balance between the necessary

ebuilding of national social contracts, and at the same time, strengthening our multilateral system to address critical issues such as trade, investment, terrorism, and migration, to name just a few. mr. president, the role of the united states and your personal leadership is absolutely essential. for this reason, your message here has tremendous relevance. of course, i am aware that your strong leadership is open to misconceptions and biased interpretations. therefore, it is so essential for us in the room to listen directly to you. this forum, as it has for nearly five decades, should create a basis for dialogue and

cooperation. and i quote you, mr. president, strong nations with different values, different cultures, and different dreams do not just coexist, but work side by side on the basis of mutual respect. ladies and gentlemen, please welcome the 45th president of the united states, donald j. trump, to the stage. president trump: thank, you, klaus, very much. it's a privilege to be here at

this forum an business and science diplomacy and people from world affairs gathered for many, many years to discuss how we can to advance prosperity, security, and peace. i'm here to represent the interests of the america people and affirm america's friendship and partnership in building a better world. like all nations represented at this great forum, america hopes for a future in which everyone can prosper and every child can grow up free from violence, poverty, and fear. over the past year, we have made extraordinary strides in the u.s. we're lifting up forgotten communities, creating exciting new opportunities, and helping every american find their path to the american dream, the dream of a great job, a safe home and a better life for their children. after years stagnation, the nights is once again

experiencing strong economic growth. the stock market is smashing one record after another and has added more than $7 trillion in new wealth since my election. consumer confidence, business confidence, and manufacturing confidence are the highest that they have been in many decades. since my election, we've created 2.4 million jobs, and that number is going up very, very substantially. small business optimism is at an all-time high. new unemployment claims are near the lowest we've seen in almost half a century. african-american unemployment reached the lowest rate ever recorded in the united states, and so has unemployment among hispanic-americans.

the world is witnessing the resurgence of a strong and prosperous america. i'm here to deliver a simple message. there has never been a better time to hire, to build, to invest, and to grow in the united states. america is open for business, and we are competitive once again. the american economy is by far the largest in the world, and we've just enacted the most significant tax cuts and reform in american history. we've massively cut taxes for the middle class and small businesses to let working families keep more of their hard-earned money. we lowered our corporate tax rate from 35% all the way down to 21%. as a result, millions of workers have received tax cut bonuses from their employers in amounts as large as $3,000.

the tax cut bill is expected to raise the average american's household income by more than $4,000. the world's largest company, apple, announced it plans to bring $245 billion in overseas profits home to america. their total investment into the united states economy will be more than $350 billion over the next five years. now is the perfect time to bring your business, your jobs, and your investments to the united states. this is especially true because we have undertaken the most extensively regulatory reduction ever conceived. regulation is stealth taxation. the u.s., like many other countries, unelected

bureaucrats -- we have, believe me -- we have them all over the place, and they have imposed crushing and anti-business and anti-worker regulations on our citizens with no vote, no legislative debate, and no real accountability. in america, those days are over. i pledged to eliminate two unnecessary regulations for every one new regulation. we have succeeded beyond our highest expectations. instead of two for one, we have cut 22 burdensome regulations for every one new rule. we are freeing our businesses and workers so they can thrive and flourish as never before. we are creating an environment that attracts capital, invites investment, and rewards

production. america is the place to do business, so come to america where you can innovate, create, and build. i believe in america. as president of the united states, i will always put america first, just like the leaders of other countries should put their country first also. but america first does not mean america alone. when the united states grows, so does the world. american prosperity has created countless jobs all around the globe, and the drive for excellence, creativity, and innovation in the u.s. has led to important discoveries that help people everywhere live more prosperous and far healthier lives. as the united states pursues domestic reforms to unleash jobs and growth, we are also working to reform the

international trading system so that it promotes broadly shared prosperity and rewards to those who play by the rules. we cannot have free and open trade if some countries exploit the system at the expense of others. we support free trade, but it needs to be fair and it needs to be reciprocal, because in the end, unfair trade undermines us all. the united states will no longer turn a blind eye to unfair economic practices, including massive intellectual property theft, industrial subsidies, and pervasive state-led economic planning. these and other predatory behaviors are distorting the global markets and harming

businesses and workers, not just in the u.s., but around the globe. just like we expect the leaders of other countries to protect their interests, as president of the united states, i will always protect the interests of our country, our companies, and our workers. we will enforce our trade laws and restore integrity to our trading system. only by insisting on fair and reciprocal trade can we create a system that works, not just for the u.s., but for all nations. as i have said, the united states is prepared to negotiate mutually beneficial bilateral trade agreements with all countries. this will include the countries in tpp, which are very important.

we have agreements with several of them already. we would consider negotiating with the rest, either individually or perhaps as a group, if it is in the interests of all. important. my administration is also taking swift action in other ways to restore american confidence and independence. we are lifting self-imposed restrictions on energy production to provide affordable power to our citizens and businesses and to promote energy security for our friends all around the world. no country should be held hostage to a single provider of energy. america is roaring back, and now is the time to invest in the future of america. we have dramatically cut taxes to make america competitive. we are eliminating burdensome regulations at a record pace. we are reforming the bureaucracy to make it lean, responsive, and accountable,

and we are insuring our laws are enforced fairly. we have the best colleges and universities in the world, and we have the best workers in the world. energy is abundant and affordable. there is never been a better time to do business in america. we are also making historic investments in the american military, because we cannot have prosperity without security. to make the world safer from rogue regimes, terrorism, and revisionist powers, we're asking our friends and allies to invest in their own defenses and to meet their financial obligations. our common security requires everyone to contribute their fair share. my administration is proud to have led historic efforts at the united nations security council and all around the world to unite all civilized nations in our campaign of

maximum pressure to de-nuke the korean peninsula. we continue to call on partners to confront iran's support for terrorists and block iran's path to a nuclear weapon. we're also working with allies and partners to destroy jihadist terrorist organizations such as isis and very successfully so. the nights is leading a broad coalition to deny terrorists control of their territory and populations to cut off their funding and to discredit their wicked ideology. i am pleased to the support that the coalition to defeat isis has retaken almost 100% of the territory once held by these killers in iraq and syria. there is still more fighting and worked to be done and to consolidate our gains.

we are committed to insuring that afghanistan never again become as safe haven for terrorists who want to commit mass murder to our civilian populations. want to thank those nations represented here today that have joined in these crucial efforts. you are not just securing your own citizens, but saving lives and restoring hope for millions and millions of people. when it comes to terrorism, we will do whatever is necessary to protect our nation. we will defend our citizens and our borders. we are also securing our immigration system as a matter of both national and economic security. america is a cutting-edge economy, but our immigration system is stuck in the past. we must replace our current system of extended family chain

migration with a merit-based system of admissions that selects new arrivals based on their ability to contribute to our economy, to support themselves financially, and to strengthen our country. in rebuilding america, we are also fully committed to developing our workforce. we are lifting people from dependence to independence, because we know the single best anti-poverty program is a very simple and very beautiful aycheck. to be successful, it is not enough to invest in our economy. we must invest in our people. when people are forgotten, the world becomes fractured. only by hearing and responding to the voices of the forgotten can we create a bright future that is truly shared by all. the nation's greatness is more

than the sum of its production. a nation's greatness is the sum of its citizens, the values, pride, love, devotion, and character of the people who call that nation home. from my first international g7 summit to the g20, to the u.n. general assembly, to apec, to the world trade organization, and today at the world economic forum, my administration has not only been present, but has driven our message that we are all stronger when free, sovereign nations cooperate towards shared goals and they cooperate toward shared dreams. represented in this room are some of the remarkable citizens from all over the worlds. you are national leaders, usiness titans, industry

giants, and many of the brightest mind in many fields. each of you has the power to change hearts, transform lives, giants, and many of the and shape your countries' destinies. with this power comes an obligation however, a duty of loyalty to the people, workers, customers, who have made you who you are. so together, let us resolve it use our power, our resources and our voices, not just for ourselves, but for our people, to lift their burdens, to raise their hopes, and to empower their dreams, to protect their families, their communities, their histories and their futures. that's what we're doing in america, and the results are totally unmistakable. it's why new businesses and investment are flooding in. it's why our unemployment rate is the lowest it's been in so many decades. it's why america's future has

never been brighter. today, i am inviting all of you to become part of this incredible future we are building together. thank you to our hosts, thank you to the leaders and innovators in the audience, but most importantly, thank you to all of the hard-working men and women who do their duty each and every day, making this a better world for everyone. together, let us send our love and our gratitude to make them, because they really make our countries run. better world for everyone. they make our countries great. thank you, and god bless you all. thank you very much. [applause]

president trump: thank you very much. mr. schwab: thank you very much, mr. president. i will ask you one or two questions. i first question is, why is the tax reform -- why has it been uch a high priority for your administration? president trump: i want to congratulate you. this is an incredible group of people. e had dinner last night with 5 people from industry, none

of whom i knew, but i have read about for years, and it is an incredible group. i have 15 new friends. this is incredible, putting together this economic forum. the tax reform was a dream of a lot of people over many years, but they were not able to get it done. many people tried. reagan was the last to make a of whom i knew, but i have read about for years, and it is an incredible group. meaningful cut and reform, and ours is cutting and reforming. we emphasize cut, but the reform is probably almost as important. we have wanted to do it. is very tough politically to do it. hard to believe that would be, but it is very tough. that is why it has not been done in close to 40 years. once we got it going, it was going, and the big -- and i would not say it was a surprise, but one of the big things that happened and took place is at&t and some others came out very early and they said they were going to pay thousands and thousands of dollars to people that work for their companies, and you have 300,000, 400,000, 500 thousand people working for these

companies, and all of a sudden became like a big waterfall, a big, beautiful waterfall where so many companies are doing it, and today they announced many more. but every day they announced more and more. now it is the fight for who is going to give the most. it started at the thousand, and now we have it up to 3000. we did not anticipate this. in business some things happen that you do not anticipate. this was a good thing. this came out of nowhere. nobody thought of this as a possibility. it was not in the equation. we said wait until february 1 when the checks start coming in, and people, klaus, have a lot more money in their paycheck. is not just a little money. there is a lot of money for people making their living doing what they were doing. we have not even gotten there yet, and it has kicked in, and it has had an incredible impact

on the stock market and the stock prices. we have set 84 records since my election, market prices, meaning we hit new highs 84 different times out of a one-year period, and that is a in all fairness, that was done before we passed the tax cuts and tax reform. so what happened is really something special. as you know and as i just said, apple came in with $350 billion. and i tell you, i spoke with tim cook, and i said, tim i will , never consider this whole , great run that we had made complete until you start building plants in the u.s. and i will tell you, this moved up very substantially, but when i heard $350 billion, i thought they were talking $350 million. and by the way, that is a nice

amount, not the greatest, but not bad. they said, no, sir, it is $350 billion. i said that is something. well, we have tremendous amounts of money, including my newfound friends from last night, great companies. they are all investing. when one of the gentleman said he is putting in $2 billion because of the tax cuts, i said to myself, wow, he is actually the cheap one in the group because they are putting in massive numbers of billions of dollars. so i think you have a brand-new , united states. you have a united states where people from all over the world that are looking to come in and invest, and there is just nothing like what is happening. and i just want to finish by -- i have a group of people that have been so -- i have a whole , so i will not introduce them, but i have had a group of people that worked so

hard on this and other things. and we are really doing it. we had a great first year. so successful in so many different ways. and there is a tremendous spirit, when you look at all the different charts and polls, and you see as an example, african-american unemployment at the historic low. it has never had a period of time like this. hispanic women at a 17 year low. it was heartwarming to see. it is a tremendous spirit in the united states cannot like i have never witnessed before. i have been here for awhile. i have never witnessed the spirit that our country has right now. so, i just want to thank you all, and all of those that are pouring billions of dollars into our country come or into our $10 country, we thank you very much. thank you. president, ir. will ask you may be a personal question, but before doing so, -- president trump: sounds very

interesting. i do not know about this. i would like to mention your strong cabinet members who tremendously contributed to the discussion. president trump: i would like to do that. steven, gary, robert, even my general and my various other generals, you know. we are making our military protection a little bit better for us, too. so thank you. does everybody understand that? i think so. thank you all for being here. a personal maybe question would be, what experience from your past has been most useful in preparing you for the presidency? pres. trump: well, being a businessman has been a great experience. i have always loved business. i have always been good at

building things, but have always been successful in making money. i would buy things that would fail, and then i would turn around them and made them successful. and i have been good at it. and that takes a certain ability. you know, historically, i guess there has never been a businessman, or business person elected president. it is outweighs -- it has always been a general or politician. throughout history, it has always been a general, you have to be a general, but mostly it was politicians. you never had a businessman. i was saying to klaus, had the opposing party to me won, some of whom you backed, instead of being up almost 50%, the stock market is up since my election almost 50%. rather than that, i believe the stock market from that level, the initial level, would have been down close to 50%. that where -- that is where we were heading.

i really believe that because they were going to put on massive new regulations. you could not breathe. it was choking our country do that. ,nd i was able to see that klaus klaus, as a business person. i have always seem to get form whatever reason a disproportionate amount of press or media. [laughter] pres. trump: throughout my whole life, somebody will explain someday why, but i have always gotten a lot. [laughter] pres. trump: i was always treated well by the press. the numbers speak. i have always had a very good press. and it wasn't until i became a politician, that i realized how nasty, how mean, how dishes, and how fake the press can be as the , cameras start going off in the back. [laughter] pres. trump: but overall the , bottom line, they said they could not have been that bad rearm, -- that that because here we are, as

president of and i take we are doing a great job with my team. i have a team after mentis ofand i have a team tremendous people. and i think we are doing a very special job, and i really believe it was time and was time to do that job. i do not think the united states would have done very well if it went through four or eight more years of regulation and really a very anti-business group of people. we have a very pro-business group. we have regulations cut to a level. ,n the history of our country klaus this was reported , recently, in one year we have cut more regulations in my administration than any other administration in four, eight, or 16 years, in one case. we're cut more relations in ,- we have cut more regulations and we have a ways to go. we are probably 50% done, and we are going though every regulation. there's nothing wrong with rules and regulations. you need them. but we cut more than any administration ever in the history of our country, and we still have a ways to go. so, i think between that and the

tremendous tax cuts we have , really done something. and one other thing, and i saw it last night with some of the people,and the business i think i have been a cheerleader for our country. and everybody representing a company or a country has to be a cheerleader, or no matter what you do, it is not going to work. the reason i'm a cheerleader is because it is easy because i love our country, and i think we are just doing really well. and we look forward to seeing you in america, special place and where you are is a special , place, also. thank you all very much. i really appreciate it. mr. schwab: thank you. thank you very much, mr. president, for being with us. forumrld economic community who is assembled here , will be -- and i quote you from the last of your remarks -- we will be among the hard-working men and women who

do their duty each and every day, making this world a better place for everyone. thank you very much. president trump: thank you. thank you very much, everybody. thank you. [applause] >> president trump met with several world leaders in davos, including a brief photo op with british prime minister theresa may. pres. trump: we thank you very much.