president donald trump delivered a virtual statement Thursday at the World Economic Forum in Davos, Switzerland, in which he discussed how his tax plans would seek to incentivize companies to make goods in the United States or face tariffs.

“To further unleash our economy, our majorities in the House and Senate, which we also took together with the presidency, will pass the largest tax cut in American history, including massive tax cuts for workers and families and big tax cuts for domestic producers and manufacturers,” Trump said.

Parts of the original Trump tax cuts (including lower tax rates for individuals, as well as the expanded standard deduction and child tax credit) will expire at the end of 2025 if not extended. Trump said: “We are working with Democrats to get an extension of the original Trump tax cuts, as you probably know from reading any document.”

“My message to every business in the world is very simple: come make your product in America and we’ll give you the lowest taxes of any nation in the world. We’re lowering them very substantially, even from the original tax cuts of Trump,” the president said.

TRUMP LEAVES BIG INVESTMENTS IN THE USA SINCE WINNING THE ELECTION

President Donald Trump laid out his tax plans in a speech at the World Economic Forum on Thursday, urging companies to make goods in the United States to avoid tariffs. (Scott Olson/Getty Images/Getty Images)

“But if you don’t make your product in America, which is your prerogative, you simply have to pay a fee” he said. “Different amounts, but one tariff, which will direct hundreds of billions of dollars and even trillions of dollars into our treasury to strengthen our economy and pay down the debt.”

Trump campaigned on a blanket tariff on all imports in the range of 10% to 20%, along with a 60% levy on goods from China.

Since taking office, Trump has indicated that he plans to start with a 10% tariff on China, plus 25% tariffs on Canada and Mexico, which could begin on February 1.

JAMIE DIMON SAYS TARIFFS CAN BE POSITIVE FOR NATIONAL SECURITY, EVEN IF INFLATED: ‘Get over it’

President-elect Donald Trump delivers a statement alongside SoftBank Chairman and CEO Masayoshi Son at Mar-a-Lago in Palm Beach, Florida on December 16, 2024. (Reuters/Brian Snyder/Reuters)

“Under the Trump administration, there will be no better place on earth to create jobs, build factories or grow a company than here in the good old USA,” the president told the Davos audience.

Trump went on to cite several recent investment announcements as signs of growing business optimism about the US economy, including several investment deals he helped facilitate.

SAUDI PRINCE VISITS US $600 BILLION INVESTMENT OVER NEXT 4 YEARS: REPORT

Saudi Arabia’s Crown Prince Mohammed bin Salman shakes hands with President Donald Trump at the G20 Leaders’ Summit in Osaka, Japan on June 29, 2019. (Bandar Algaloud/Courtesy of Saudi Royal Court/Photo via Reuters/File Photo/Reuters Photos)

“SoftBank has announced an investment of between $100 billion and $200 billion in the US economy due to the outcome of the election, and just two days ago, Oracle, SoftBank and OpenAI announced a $500 billion investment in AI infrastructure,” he said.

“Other companies have also announced billions and billions and billions totaling trillions in investment in America,” Trump continued. Among these other deals is a $20 billion investment by UAE-based DAMAC, which plans to build data centers in the Sun Belt and Midwest.

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“And it’s also reported in the papers today that Saudi Arabia is going to invest at least $600 billion in America, but I’ll ask the crown prince, who’s a great guy, to round it up to about $1 trillion,” said the president . “I think they will because we’ve been really good with them.”