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Donald Trump has called on OPEC to push up global oil prices and insisted central banks around the world will lower interest rates “immediately” afterwards.

In a speech to executives in Davos on Thursday, the US president urged Saudi Arabia and other producers to lower the cost of crude oil, expressing disappointment that they have not yet done so.

“I will ask Saudi Arabia and OPEC to reduce the price of oil. You need to lower it. Which frankly I’m surprised they didn’t do before the election,” he said.

“Now the price is high enough that that war will continue,” he said, referring to Russia’s full-scale invasion of Ukraine.

“You have to lower the price of oil, that will end the war. You can end that war,” he added.

The US president also used the speech to insist that companies around the world manufacture their products in the US – or face sweeping tariffs on imported products entering the American market.

He announced his economic agenda of radical deregulation and the “biggest tax cut in American history” to business chiefs and world leaders, calling it “nothing short of a revolution.” of common sense”.

This is a developing story