Donald Trump at Davos 2025 live updates: 'I’ll demand that interest rates drop immediately'

US President Donald Trump delivered a virtual address at the World Economic Forum on Thursday, held in Davos, Switzerland.

He discussed with prominent business leaders, including Bank of America CEO Brian Moynihan and Blackstone Group CEO Stephen Schwarzman.

Here's what he said in his address.

Trump vows to 'demand immediate interest rate cuts'

President Donald Trump took aim at the Federal Reserve during his address at the World Economic Forum in Davos, suggesting he would push for lower interest rates.

In a wide-ranging policy speech, Trump did not directly name the Fed but made his stance clear, stating,

"I’ll demand that interest rates drop immediately," and adding,

This statement marked his first public confrontation with the Federal Reserve in his current presidency, echoing tensions from his previous term.

During his first time in office, Trump often clashed with Fed Chair Jerome Powell, whom he had appointed, calling out the central bank and Powell himself in sharp terms, even likening him to a golfer struggling with putting.

Though stocks responded little to Trump's remarks, the policy-sensitive two-year Treasury yield decreased slightly, dropping to 4.29%.

Trump targets big banks, oil prices, and European regulators

Trump intended to urge Saudi Arabia and the Organization of the Petroleum Exporting Countries (OPEC) to reduce oil prices. Shortly after his statement, crude oil prices began to decline.

 Trump criticized the European Union for what he claims is an unequal trade relationship.

“From the standpoint of America, the EU treats us very, very unfairly, very badly,” Trump said.

Trump also stated that the Ukraine-Russia war would not have occurred under his presidency and expressed interest in meeting with Russia's Vladimir Putin.

He then participated in a question-and-answer session alongside Blackstone Chairman Steve Schwarzman, Bank of America Chairman and CEO Brian Moynihan, Banco Santander Executive Chair Ana Botin, and TotalEnergies Chairman and CEO Patrick Pouyanné. The session also included WEF founder Klaus Schwab and CEO Børge Brende.

Trump also highlighted his recent actions to mandate US agencies to roll back decades of initiatives aimed at diversifying the federal workforce.

“America will once again be a country based on merit,” Trump said.

Since assuming office, Trump has prominently showcased his nationalist policies. His administration has moved swiftly to tighten immigration controls, expand domestic energy production, and threaten significant tariffs targeting the European Union, China, Mexico, and Canada.

In addition, Trump has withdrawn the US from the World Health Organization and the Paris Climate Agreement.

He has also proposed renaming the Gulf of Mexico to the "Gulf of America," though this change has not garnered international support.

Controversially, Trump has issued over 1,500 pardons to supporters involved in the January 6, 2021, attack on the US Capitol.

This decision has sparked widespread criticism from lawmakers and law enforcement, citing the risks posed during the event.

Furthermore, Trump is dismantling diversity initiatives within the US government and urging private businesses to follow suit.

These moves have led to debates in Davos about how to redefine workplace practices that many business leaders view as vital to their operations.