President Donald Trump, speaking at the World Economic Forum on Wednesday, declared that the surging U.S. economy under the first year of his second term as president benefits nations around the globe.
"The USA is the economic engine on the planet, and when America booms, the entire world booms," Trump said in a speech aired live on Newsmax and Newsmax2 from Davos, Switzerland. "It's been the history. When it goes bad, it goes bad... when America booms, the entire world booms."
Speaking on the one-year anniversary of his inauguration, Trump described an economy that is rapidly accelerating, with growth expanding, productivity rising, investment increasing, and incomes climbing.
He said inflation has been defeated and described the southern border as closed and virtually impenetrable.
Trump pointed to recent economic data as evidence of a dramatic turnaround, citing inflation of 1.6% over the past three months and a projected 5.4% growth rate for the fourth quarter.
He also highlighted stock market performance, noting 52 all-time highs since the election and an estimated $9 trillion increase in retirement accounts and savings.
He contrasted current conditions with those under former President Joe Biden, characterizing that period as one of stagflation marked by low growth and high inflation.
"America was plagued by the nightmare of stagflation, meaning low growth and high inflation, a recipe for misery, failure, and decline," said Trump. "But now, after just one year of my policies, we are witnessing the exact opposite: virtually no inflation and extraordinarily high economic growth."
Trump also emphasized investment commitments totaling $18 trillion, with expectations the final number could reach $20 trillion, a level he described as unmatched by any country at any time.
The United States economy, he said, is growing at nearly double the pace projected by the International Monetary Fund last spring, with further gains expected from his growth and tariff policies.
"And with my growth and tariff policies, it should be much higher," he said. "I really believe we can be much higher than that, and this is all great news, and it's great for all nations."
Trump closed by emphasizing the speed of the economic shift, noting that the turnaround occurred far faster than he anticipated and calling it the most dramatic economic reversal in U.S. history.
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