With a growing U.S. economy and a surging stockmarket at his back, President Donald Trump toldleaders at the World Economic Forum that America isopen for business, and we are competitive onceagain.
He noted that recently passed U.S. tax cuts andreforms are expected to raise the average American'shousehold income by more than $4,000 dollars. The corporate tax rate was lowered from 35to 21 percent, and a significant number of American companies are passing on bonuses to theirworkers in amounts as large as $3,000 dollars. The world's largest company, Apple,announced plans to bring $245 billion dollars in overseas profits home to America.
Eliminating unnecessary, burdensome regulations is also a key factor, he said, in creating anenvironment that attracts capital, invites investment, and rewards production.
President Trump encouraged his audience to come to America, where you can innovate, createand build.
But the President emphasized that his mission to put America first...does not mean Americaalone:
When the United States grows, so does the world. American prosperity has created countlessjobs 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 farhealthier lives.
President Trump said that in order to have broadly shared prosperity, however, theinternational trading system must be reformed:
We cannot have free and open trade if some countries exploit the system at the expense ofothers. We support free trade, but it needs to be fair and it needs to be reciprocal. Because, inthe end, unfair trade undermines us all.
President Trump pointed out that prosperity is impossible without security. That is why theUnited States is making historic investments in the American military and why it is askingfriends and allies to invest in their own defenses and meet their financial obligations, in order tomake the world safer from rogue regimes, terrorism and revisionist powers.
We are all stronger when free, sovereign nations cooperate toward shared goals and...shareddreams, President Trump declared. So together, let us resolve to use our power, ourresources, and our voices, not just for ourselves, but for our people – to lift their burdens, toraise their hopes, and to empower their dreams; to protect their families, their communities,and their futures.