US president Donald Trump made his much-anticipated speech at the World Economic Forum (WEF) in Davos today, telling global leaders he will always put the US first when it comes to trade, but “that does not mean America alone”.
Trump’s America First policy contradicts the Davos conference’s goal of promoting globalisation and co-operation.
Go deeper with GlobalData
Trump said:
There has never been a better time to do business in America. America is roaring back and now is the time to invest in the future of America.
To make the world safer from rogue regimes, terrorism, and revisionist powers, we are asking our friends and allies to invest in their own defenses and to meet their financial obligations.
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 countries first. But America First does not mean America alone.
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By GlobalData
Trump began his 15-minute address by boasting about his White House record one-year into his presidency
As Trump was speaking the latest figures US economic figures showed the country was growing at an annual rate of 2.6 percent in the final three months of 2017, weaker than the three percent growth Wall Street had been expecting.
Trump said:
The stock market is smashing one record after another, and has added more than $7trn in new wealth since my election.
He also spoke of cutting corporation tax and lowering the unemployment rate.
Meanwhile, Trump drew boos and hisses from the crowd of global elites after attacking the “nasty, mean, and fake” news media — a break from the otherwise polite reception he received at the Swiss ski resort.
Heading back from a very exciting two days in Davos, Switzerland. Speech on America’s economic revival was well received. Many of the people I met will be investing in the U.S.A.! #MAGA
— Donald J. Trump (@realDonaldTrump) January 26, 2018
Here’s a run down of five of the best moment from the closing day of the WEF 2018!
1) Will.i.am wants to inspire children with technology
Musician and tech entrepreneur Will.i.am has said more needs to be done to inspire children from underprivileged backgrounds to get into technology.
Speaking at the World Economic Forum in Davos, Switzerland today, he said:
We’re at a crossroads where this new technology is going to create jobs for folks who have left behind. If you encourage, inspire and support nine-year-olds to take an interest. Every single village, ghetto, slum. You have to protect them, that’s the purpose.
Will.i.am has his own tech startup, named I.am+. The startup has built a voice assistant for customer service, used by companies such as Deutsche Telekom. The company has raised over $117m to date, from companies such as Salesforce.
2) UK interest rates will depend on Brexit negotiations
Bank of England (BoE) governor Mark Carney has warned that the Bank’s interest rates over the next year will depend on how the UK’s exit negotiations with the European Union proceed.
Carney, speaking on a panel about the state of the global economy, said that the UK economy’s ability to grow will be dependent on the outcome of the Brexit negotiations.
Today it was revealed the UK economy expanded by a better-than-expected 0.5 percent in the last three months of 2017.
3) Central banks deserve the credit for global growth
Managing director of the International Monetary Fund Christine Lagarde said that we should credit the policies implemented by central banks for the uptick in global growth.
Earlier this week Lagarde’s IMF forecast improved global growth of 3.9 percent for 2018 and 2019.
She warned however that US tax reform will be positive in the short term but might lead to serious risks. She also pointed to excessive inequalities around the world and the lack of international co-operation as potentially derailing the growth forecasts.
4) Street art can heal the “sadness” of cities and their inhabitants
Iranian muralist Mehdi Ghadyanloo, speaking during the talk Spaces of Hope at Davos today, said street art is a powerful tool to heal the “sadness” of cities and their inhabitants.
With over 200 murals in Tehran and other pieces in Boston and London, Ghadyanloo’s extensive body of work is dedicated to carving out new spaces in cityscapes and lifting the mood of their inhabitants.
5) Piers Morgan gets an half-hearted apology out of Trump
British journalist Piers Morgan managed to secure what appeared to be an apology from Trump during a TV interview, for retweeting several anti-Muslim videos last year.
There was widespread outrage in the UK last November when Trump shared tweets from the deputy leader of the far-right Britain First group.
Pressed on the issue by Morgan, Trump said:
Perhaps it was a big story in Britain , perhaps it was a big story in the UK, but in the United States it wasn’t a big story. if you are telling me they’re horrible people, horrible racist people, I would certainly apologise if you’d like me to do that.
BREAKING NEWS:
President Trump has publicly apologised for retweeting far-right group Britain First.
Says he didn't know who they were. 'I don't want to be involved with these people. If you're telling me they're horrible racist people. I certainly apologise.' pic.twitter.com/S1apSWC7rR— Piers Morgan (@piersmorgan) January 26, 2018
