During a speech at the World Economic Forum in Davos, Switzerland, on Wednesday, U.S. President Donald Trump addressed a series of economic issues. The following are some key points:

On tariffs and trade policy, Trump asserted that his trade and tariff policies have spurred a boom in factory construction and led to trade agreements beneficial to the United States with several countries. However, data from the St. Louis Fed indicates that overall factory spending has declined in the first eight months of 2025 from its 2024 peak. Since Trump announced the "Independence Day" tariffs in April, manufacturing employment in the U.S. has decreased month-over-month.

Trump also claimed that tariffs have reduced the U.S. monthly trade deficit by 77% without causing inflation. The U.S. trade deficit in October fell to its lowest level since 2009, a 39% decrease from September. While inflation has cooled, prices continue to rise.

Regarding tax reform, Trump praised economic policies enacted into law this summer as part of a major tax and spending package. These include tax cuts, a tax exemption for tips, and a permanent extension of 100% bonus depreciation for eligible properties—a move he said would encourage shifting production to the U.S. The majority of benefits from the tax cuts are expected to flow to middle- and high-income households.

On housing affordability, Trump stated in Davos, "Houses are built for people, not for corporations," and declared that "America will not become a nation of renters." Following an executive order signed on Tuesday that blamed Wall Street buyers for driving up housing costs, Trump called on Congress to pass a ban prohibiting large institutional investors from purchasing single-family homes.

Concerning credit cards, Trump reiterated his call for a temporary cap on credit card interest rates. On Wednesday, he said he is asking Congress to impose a 10% cap for one year. The banking industry has opposed this idea, arguing that rate caps would force them to significantly tighten credit availability. JPMorgan Chase CEO Jamie Dimon warned that implementing the cap would lead to an "economic disaster," but suggested it be piloted in Vermont and Massachusetts, the home states of its proponents, Senator Bernie Sanders and Senator Elizabeth Warren, respectively.

On gasoline prices, Trump has focused on lowering oil prices since returning to the White House. In his Wednesday speech, he claimed that gasoline prices have reached or fallen below $1.99 per gallon in many states. While this is true at some gas stations, according to the price-tracking app GasBuddy cited by the White House, the national average price is $2.83 per gallon, down from $3.13 a year ago, as per AAA data.

Regarding electricity, Trump strongly criticized one of his favorite targets: wind power. He also stated that the U.S. is "going big on nuclear energy."

On drug prices, Trump claimed his healthcare policies would reduce U.S. drug costs by 90% or more, "depending on your calculation." He referenced a proposal known as "most favored nation" pricing, which he said would allow the U.S. to purchase drugs at the lower prices paid by other countries. An executive order in May set a goal for U.S. drug prices to align with those in "comparable developed countries."

On the defense industry, Trump reiterated efforts to limit stock buybacks by defense companies, as outlined in an executive order earlier this month. He stated that defense companies should use the funds to build manufacturing plants to accelerate the production of military equipment.