23
Jan
Jan
TRUMP URGES OPEC AND SAUDI ARABIA TO LOWER OIL PRICES, CALLS FOR INTEREST RATE CUTS
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Nicolas Adekeye / 3 months
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- 1 min read
US President Donald Trump has called on OPEC and Saudi Arabia to reduce global oil prices, while also urging central banks worldwide to cut interest rates. Speaking at the World Economic Forum in Davos, Trump criticized oil producers for not acting sooner to lower crude oil costs. “I’m going to ask Saudi Arabia and OPEC to bring down the cost of oil. You gotta bring it down. Frankly, I’m surprised they didn’t do it before the election,” Trump said. He believes that lower oil prices could help end the ongoing war in Ukraine, stating “Right now, the price is high enough that the war will continue. Bring it down, and you could end that war”. Trump also encouraged global companies to manufacture their products in the US, warning them of heavy tariffs if they import goods into the American market. He promoted his economic policies, including large tax cuts and reduced regulations, describing them as a “revolution of common sense.” In addition, Trump stated his intention to push NATO member nations to increase defense spending to 5% of their GDP. He claimed that most members only began meeting the 2% GDP target after his pressure during his first term.