US President Donald Trump issued a blunt warning to global elites Thursday at the World Economic Forum: Make your products in the United States or face tariffs.

Speaking from the White House, Trump received a round of applause from business and political leaders in the Swiss Alpine village. The recently inaugurated president emphasized plans to cut taxes, deregulate industries, and crack down on illegal immigration.

But his message also carried a tough stance.

"Come make your product in America and we will give you among the lowest taxes of any nation on earth," Trump said. "But if you don't make your product in America, which is your prerogative, then very simply you will have to pay a tariff."

In his wide-ranging speech, Trump linked the war in Ukraine to rising oil prices and said he would ask Saudi Arabia and OPEC to reduce crude prices.

"If the price came down, the Russia-Ukraine war would end immediately," he said.

Trump also addressed central banks, signaling pressure on the US Federal Reserve to lower interest rates. "I will demand that interest rates drop immediately," he said.

The US president answered questions from four top executives in banking and energy. Stephen Schwarzman, CEO of Blackstone, quipped, "Well, Mr. president, I’m sure the crown prince of Saudi Arabia will be really glad you gave this speech today."

Trump responded with a mix of praise, promises, and reprimands.

"If we make a deal, we make a deal. You'll get it," Trump said, after French energy giant TotalEnergies CEO Patrick Pouyanne asked if he would guarantee supplies of liquefied natural gas to Europe.

Trump also praised Ana Botin, CEO of Banco Santander, calling her bank’s work "fantastic."

However, Trump was more critical of Bank of America CEO Brian Moynihan, accusing the bank and others of refusing to do business with conservatives.

"You've done a fantastic job," Trump said, before adding, "I hope you're going to open your banks to conservatives because what you're doing is wrong."

Milei Praise

Trump's appearance at Davos drew attention, as it was his third appearance at the forum. His 2021 speech came on the same day as his inauguration in Washington.

In the audience were IMF Managing Director Kristalina Georgieva, European Central Bank President Christine Lagarde, Polish President Andrzej Duda, and WTO Director-General Ngozi Okonjo-Iweala.

Earlier, Argentina's libertarian President Javier Milei spoke, praising Trump and attacking "woke ideology." He said Argentina was "re-embracing the idea of freedom" and hoped Trump would do the same in his second term.

Milei also defended Elon Musk, calling recent backlash over Musk's hand gestures "unfair" and claiming they were misunderstood.

'Let's Not Hyperventilate'

Trump’s appearance set the tone for his administration’s stance on trade, following his inauguration earlier in the week. He has threatened tariffs on China, the European Union, Mexico, and Canada, pulled the US from the Paris climate agreement, and reiterated his claim to the Panama Canal.

WTO Chief Okonjo-Iweala urged cooler heads on tariffs during a WEF panel, warning against tit-for-tat levies that could harm the global economy.

"Please let’s not hyperventilate," she quipped. "I know we are here to discuss tariffs. I’ve been saying to everybody: could we chill, also?"

Not everyone was reassured by Trump’s speech. One person in the audience remarked, "God help us."