What happened at WEF on Thursday Jan. 23

President Donald Trump delivered a virtual address to the World Economic Forum in Davos, Switzerland, on Thursday, marking his first significant international event since returning to the White House earlier that week.

In a 45-minute speech, Trump criticized European regulators for being excessively stringent on U.S. tech firms, oil producers for maintaining inflated prices, and large banks for denying services to conservatives.

Here is CNBC’s summary of Trump’s comments during the address.

— Dan Mangan, Christina Wilkie

U.S. President Donald Trump continued his criticism of the European Union on Thursday, alleging a lopsided trade relationship.

Referring to the EU’s treatment of the U.S., Trump stated, “From America’s perspective, the EU treats us very unfairly.” His remarks were part of a virtual address to the World Economic Forum in Davos.

Following his inauguration earlier this week, Trump’s second term has been a focal point of discussion at Davos, especially regarding his threats of tariffs against the EU, China, Mexico, Canada, and more.

Read more here.

— Jenni Reid

Crude oil futures saw a decline on Thursday after Trump announced his intention to request that Saudi Arabia and OPEC reduce oil prices.

He attributed the high oil prices to contributing to the ongoing war in Ukraine, stating that a reduction in crude prices would help resolve the conflict.

“I will also be asking Saudi Arabia and OPEC to decrease the price of oil,” Trump mentioned in his address to the World Economic Forum. “If prices dropped, the Russia-Ukraine war would end immediately.”

Read more here.

— Spencer Kimball

During his Thursday address, Trump highlighted Saudi Arabia’s commitment to invest $600 billion in the U.S. over the next four years but suggested that the amount should be increased.

“Reports today indicate that Saudi Arabia plans to invest at least $600 billion in America,” Trump said, referencing significant foreign investments in the country.

Trump expressed confidence that Saudi Crown Prince Mohammed bin Salman would agree to raise the investment to around $1 trillion, citing the strong U.S.-Saudi relations.

Read more here.

— Natasha Turak

President Trump took aim at the Federal Reserve on Thursday, declaring his intention to push for lower interest rates.

While addressing global leaders at the World Economic Forum, Trump stated, “I’ll demand that interest rates drop immediately,” emphasizing that such reductions should occur worldwide.

Read more here.

— Jeff Cox

Stéphane Séjourné, European Commission’s executive vice president for prosperity and industrial strategy, outlined a “Europe-first” strategy for artificial intelligence during his speech to CNBC on Thursday.

He emphasized that the EU would continue to invest in the AI sector, noting the existence of several successful start-ups that require support for growth.

European tech leaders have long called for a fairer competitive landscape in comparison to their U.S. counterparts, as some have relocated to the U.S. for better conditions.

Séjourné added that creating competitive regulations and financing would be essential for European companies to thrive globally.

— Sophie Kiderlin

Ralph Recto, the Philippines’ finance secretary, engaged in discussions about potential trade with the U.S. and its allies at the World Economic Forum held in Davos, Switzerland.

Argentina’s President Javier Milei stated that the global dominance of leftist politics is “beginning to crumble” during his address at the World Economic Forum on Thursday.

“What once seemed like a global hegemony of the ‘woke’ left in politics and education is starting to decay,” the right-wing leader, who took office in 2023, remarked to an audience of business and political leaders.

He cited recent alliances with like-minded figures, including tech billionaire Elon Musk and leaders from various countries.

Milei mentioned forming an international coalition with others advocating for freedom and liberty-driven principles.

— Holly Ellyatt

Hubert Keller, managing partner at Lombard Odier, indicated that significant investment opportunities in green technologies still exist, despite recent moves by the new U.S. administration to roll back climate initiatives.

“Are we still engaging in discussions about climate initiatives? The answer is definitely yes,” he asserted.

Keller believed that fears regarding capital withdrawal from these initiatives have been exaggerated.

Since Trump’s inauguration, he has taken steps to rescind several environmental programs, such as an executive order intended to withdraw from global climate initiatives.

— Karen Gilchrist

In an interview at the World Economic Forum, Matthew Chamberlain, CEO of the London Metal Exchange, discussed the organization’s proactive measures to integrate more suppliers and expand its warehouses globally.

Christian Sinding, CEO of EQT, expressed positive outlooks for mergers and acquisitions in 2025 during a Thursday interview at Davos.

“We had a record year in 2024, with over $20 billion in investments,” he said regarding the firm’s performance.

Sinding mentioned the robust conditions in credit and IPO markets as signs of good opportunities ahead.

— Chloe Taylor

Mathias Cormann, the Secretary-General of the Organization for Economic Cooperation and Development (OECD), urged institutions to consider the reasons behind the global shift toward protectionism.

“It’s not beneficial for anyone to engage in a trade war… we’re proponents of open markets,” he stated.

Cormann acknowledged that not everyone has equally benefited from globalization and emphasized the need for addressing these real issues.

Carlos Torres Vila, BBVA’s chairman, asserted that Mexico will emerge benefitting from current challenges with the U.S. due to the country’s structural economic advantages.

Despite uncertainties, he indicated that Mexico’s lower labor costs and youthful demographics would support its growth.

NATO Secretary-General Mark Rutte praised Trump’s recent warning of increased tariffs and sanctions against Russia unless it concludes the Ukraine conflict.

He expressed optimism that European nations should also heighten their sanctions to weaken the Russian economy.

Amjad Bseisu, CEO of the British oil and gas firm EnQuest, criticized the U.K.’s energy policy as “terrible,” highlighting contrasting approaches taken by the U.S. under Trump.

Sanofi’s CEO Paul Hudson underscored the company’s intent to explore second-generation obesity medications, describing the pursuit of sustained weight loss solutions as a key focus.

Roland Busch, CEO of Siemens, stated that the company is well-positioned to handle potential tariffs amid fears of a transatlantic trade battle.

Rio Tinto’s CEO Jakob Stausholm expressed admiration for China’s impressive industrial advancements, particularly in clean energy technologies.

Jacob Aarup-Andersen, the CEO of Carlsberg, noted changes in alcohol consumption habits among Western consumers, leading the company to diversify its product range.

Salil Parekh, CEO of Infosys, revealed strategies implemented by the company to mitigate risks related to U.S. work permits under the new administration.

President Trump is scheduled to deliver a keynote address at the World Economic Forum, focusing on various critical global issues, along with other prominent speakers, including Argentine President Javier Milei.