US President Donald Trump used his return to the World Economic Forum (WEF) in Davos to present what he called a “blueprint” for economic growth built on lower taxes, higher tariffs, aggressive energy production and tighter borders, arguing that the US economy is undergoing an unprecedented transformation under his leadership.

Addressing a packed Congress Hall overflowing with executives, policymakers and investors, Trump said inflation had been “defeated” and growth momentum in the US was accelerating well beyond expectations. He cited headline inflation of 2.7%, core inflation of 1.6% and projected fourth-quarter 2025 growth of 5.4% as evidence that his policies were delivering results.

Economic revival at home

“I’m delivering the most remarkable transformation in US history,” Trump said, adding that his administration was creating an economic model other countries should seek to emulate. “When the United States goes up, you follow,” he told the Davos audience.

Trump said corporate investment had surged following the introduction of 100% expensing provisions, calling the impact on business confidence “a miracle”.

He reiterated his commitment to cutting taxes further while raising tariffs on foreign nations, arguing that trade measures would compensate for what he described as economic damage caused by overseas competitors.

Europe, energy and trade tensions

While positioning the US as the engine of global growth, Trump was sharply critical of Europe’s economic direction, particularly on energy and migration. He attacked what he described as “unchecked mass migration” and dismissed Europe’s green energy push as economically damaging, arguing that high taxes and restrictions on fossil fuel production had deterred investment.

“You’re supposed to make money with energy, not lose it,” Trump said, criticising decisions to wind down drilling in the North Sea and warning that Europe risked weakening its industrial base.

Geopolitics and global leverage

Trade and geopolitics featured prominently in the address. Trump claimed that countries signing trade deals with the US had seen stock markets rally, reinforcing his view of American economic leadership. He also said the Russia-Ukraine war “has to stop”, adding that both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy wanted a deal.

One of the most contentious moments came when Trump reiterated his desire to acquire Greenland, saying the US was seeking “immediate negotiations” while insisting he would not use force. He framed Greenland as strategically vital for global security and missile defence, linking it to plans for what he called the “greatest Golden Dome ever built”.

Domestic policy and markets

On domestic policy, Trump said he had signed an executive order aimed at restricting large institutional investors from buying single-family homes and urged Congress to cap credit card interest rates at 10% for one year to ease cost-of-living pressures. He also confirmed that he would soon announce the next chair of the Federal Reserve, renewing criticism of current chair Jerome Powell.