the president Donald Trump speaking virtually Thursday at the World Economic Forum in Davos, Switzerland, he discussed what his tax plans would look like to encourage companies to make goods in America or face tariffs.

“The majority of us in the House and Senate that we passed with the president to further free our economy will pass the largest tax cut in American history, including massive tax cuts for workers and families and big tax cuts for local producers and manufacturers,” Trump said. .

Parts of the original Tramp tax deductions – including lower tax rates for individuals as well as an expanded standard deduction and child tax credit – is due to expire at the end of 2025 unless extended. “We are working with the Democrats to extend the original Trump tax cuts, as you probably know by reading any paper,” Trump said.

“My message to every business in the world is very simple: come make your product in America and we will give you one of the lowest taxes of any country on earth. We are lowering them very significantly, even from Trump's initial tax cuts,” the president said.

HUGE INVESTMENTS IN THE USA SINCE TRUMP WON THE ELECTIONS

President Donald Trump announced his tax plans during a speech at the World Economic Forum and urged companies to manufacture in America to avoid tariffs. (Scott Olson/Getty Images/Getty Images)

“But if you don't make your product in America, which is your prerogative, then you have to do it in a very simple way. pay the rate“Different amounts, but a tariff that will direct hundreds of billions or even trillions of dollars into our coffers to boost our economy and pay down debt.”

Trump imposed a 10% to 20% tariff on all imports, in addition to a 60% tariff on goods from China.

After taking office, he announced plans to start with 10% tariffs on China, plus 25% tariffs on Canada and Mexico, which could begin on February 1.

JAMIE DIMON SAYS TARIFFS COULD BE GOOD FOR NATIONAL SECURITY, EVEN IF INFLATIONARY: 'GET OVER IT'

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

“Under the Trump administration, there is no better place to create jobs, build factories or start a company than the good old United States,” the president told the Davos audience.

Trump later pointed to several recent investment announcements, including a series of investment deals he helped facilitate, as signs of growing business optimism about the U.S. economy.

SAUDI PRINCE TO INVEST US $600 BILLION IN NEXT 4 YEARS: REPORT

Saudi Arabia's Crown Prince Mohammed bin Salman shakes hands with US President Donald Trump at the G20 leaders' summit in Osaka, Japan on June 29, 2019. (Courtesy of Bandar Algaloud/Royal Court of Saudi Arabia/File via REUTERS/File photo/Reuters Images)

“SoftBank announced that it would invest $100-200 billion in the US economy as a result of the election, and just two days ago, Oracle, SoftBank and OpenAI announced that it will invest $500 billion in AI infrastructure,” he said.

“Other companies have also announced that they are investing billions and billions and billions in America,” Trump said. Among these other deals is a $20 billion investment by UAE-based firm DAMAC. set up data centers In the Sun Belt and Midwest.

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“And today in the newspapers it is reported that Saudi Arabia will invest at least 600 billion dollars in America, but I will ask the crown prince – he is a fantastic guy – to increase this amount to 1 trillion dollars,” the president said. . “I think they will because we've treated them so well.”