Davos, Switzerland, 23 January 2025 (dpa/MIA) - US President Donald Trump threatened business leaders with tariffs and grumbled about high oil prices in his first major speech to a global audience since returning to the the White House.

"America is back and open for business," Trump told the World Economic Forum in Davos, Switzerland, speaking via live video link from Washington.

He began the address with familiar boasts about his election win, before blasting his predecessor Joe Biden's "ruinous" economic policies and promising a massive deregulation drive.

Trump said there will be "no better place" to do business than in the United States.

"My message to every business in the world is very simple: come make your product in America, and we will give you among the lowest taxes of any nation on Earth," he said.

He then warned: "But if you don't make your product in America, which is your prerogative, then, very simply, you will have to pay a tariff, differing amounts, but a tariff."

Trump said he would promote the fossil fuel industry and roll back climate rules put in place by the Biden administration.

He said he would put pressure on the Saudi-led OPEC oil cartel to bring down prices.

"I'm also going to ask Saudi Arabia and OPEC to bring down the cost of oil. You got to bring it down, which frankly, I'm surprised they didn't do before the election," he said.

Photo: EPA