US President Donald Trump was yesterday to take a turn as the US’ salesman-in-chief, trying to convince a skeptical band of the global great and good in Davos that he is good for business.
The 71-year-old firebrand is expected to pitch the US as economically resurgent and the place to do business during his keynote address at the close of the week-long World Economic Forum in the Swiss Alps.
“If you’re not a cheerleader for your company or your country, it’s not going to work,” Trump said, honing his message in a meeting with European chief executives late on Thursday.
However, after a tumultuous first year in office, Trump’s pitch was expected to be as much about himself as about the US.
In Davos he faces an audience of politicians, bankers and titans of industry who view him and his more nationalistic policies with concern bordering on contempt.
This year’s Woodstock of global capitalism has been dominated by hand-wringing about Trump-driven protectionism and turmoil in currency markets caused by his treasury secretary.
Trump was expected to claim that his business-friendly tax reforms and determination to tear up regulation have brought prosperity and a booming stock market.
His language in Davos so far has suggested that he is less likely to emphasize his “America first” agenda and threats to end deals that underpin global trade.
“I think the real message is we want great prosperity and we want great peace,” Trump said on the eve of his speech. “A lot of people are coming back to the United States. We are seeing tremendous investment.”
The former real-estate mogul was on glad-handing form during a dinner on Thursday with Siemens CEO Joe Kaeser, HSBC CEO Mark Tucker and other European bosses.
In opening remarks, each CEO was quick to stress the size of their US workforce, the many billions poured into the US or to praise his tax cut.
Trump — who made his name in politics by bashing elites, vowing to fight for the “forgotten people” and ignoring policy specifics — laughed and doled out compliments about his guests’ entrepreneurial prowess.
However, not everyone was pleased to see Trump, as groups displayed protest messages on nearby mountains.
After one-on-one meetings with the leaders of Britain and Israel, Trump was yesterday scheduled to sit down with Rwandan President Paul Kagame before addressing the forum as a whole.
With Kagame, who currently chairs the African Union, Trump was likely trying to turn a page on his derogatory comments about African countries.
Trump’s closing speech was to cap a week that saw his administration announce a new package of trade tariffs targeting China and South Korea, and spark upheaval on the currency markets by appearing to countenance a weaker US dollar, upending decades of international consensus.
However, the president insisted in a CNBC interview that the dollar comments by his US Secretary of the Treasury Steven Mnuchin had been misquoted, saying that he wants to see “a strong dollar.”
That statement helped reverse a rout on markets that saw the greenback hit a three-year low against the euro this week.
A weak dollar would potentially boost US exporters, fulfilling part of Trump’s “America first” mantra, but cause headaches for all other trading nations.
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