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Trump Address World Leaders in Davos. Aired 8-9a ET
Aired January 26, 2018 - 08:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
(MUSIC)
BECKY ANDERSON, CNN ANCHOR: I'm Becky Anderson. We are in Davos in Switzerland.
RICHARD QUEST, CNNMONEY EDITOR AT LARGE: I'm Richard Quest at the World Economic Forum. Donald Trump and Klaus Schwab on the stage as we await for
the speech that Donald Trump is going to give, incredibly significant speech as he sit -- it may not be a long speech but it is going to set a
tone and set an agenda. So listen.
(MUSIC)
QUEST: All right. We now going to be wait to the speech. Klaus Schwab will be the one who would be introducing -- this is the 48th World Economic
Forum but I can't necessarily remember when we have seen a quite like this.
ANDERSON: Yes. We've been doing this for (inaudible) 40 years ago.
(OFF-MIC)
ANDERSON: 67 going 48.
QUEST: Right.
ANDERSON: This is casual.
QUEST: Let's listen in to see what he has got to say.
KLAUS SCHWAB, FOUNDER AND EXECUTIVE CHAIR WORLD ECONOMIC FORUM: Mr. President, after you have been so warmly received yesterday here in Davos
it now my great pleasure to officially welcome the President of the United States, Donald J. Trump to the closing session of the World Economic Forum,
the annual meeting 2018.
Mr President you cannot imagine how much we are looking forward to your speech, not just 3,000 leaders assembled here in Davos but also the
millions joining us globally. Thanks to the presence of key media from around the world.
Mr. President, on behalf of the business leaders here in the room, let me particularly congratulate you for the historic tax reform package passed
last month, greatly reducing the tax burden of U.S. companies, fostering job creation as well as stimulating economic growth in the United States,
but also providing a tremendous boost to the global economy.
Davos is a place where leaders of states and industry can work together in pursuit of global peace and prosperity.
We live in an interdependent world where decisions made by one nation, particularly by the United States, impact all other countries.
I believe that today we need to strike the right balance between the necessary rebuilding of national social contracts, and at the same time,
strengthening our multilateral system to address critical issues such as trade, investment, terrorism, and migration, to name just a few.
[08:05:25] Mr. President, the role of the United States and your personal leadership is absolutely essential. For this reason, your message here has
tremendous relevance.
Of course, I'm aware that your strong leadership is open to misconceptions and biased interpretations. Therefore, it is so essential for us in the
room to listen directly to you.
This forum, as it has for nearly five decades, should create a basis for dialogue and global cooperation world (ph). And I quote you, President,
"Strong nations with different values, different cultures, and different dreams do not just co-exist, but work side by on the basis of mutual
respect."
Ladies and gentlemen, please welcome the 45th President of the United States, Donald J. Trump, to the stage.
(APPLAUSE)
DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES: Thank you, Klaus, very much. It's a privilege to be here at this forum where leaders in business,
science, art, diplomacy, and world affairs have gathered for many, many years to discuss how we can advance prosperity, security, and peace.
I'm here today to represent the interests of the American people and to affirm America's friendship and partnership in building a better world.
Like all nations represented at this great forum, America hopes for a future in which everyone can prosper, and every child can grow up free from
violence, poverty, and fear.
Over the past year, we have made extraordinary strides in the U.S. We're lifting up forgotten communities, creating exciting new opportunities, and
helping every American find their path to the American Dream -- the dream of a great job, a safe home, and a better life for their children.
After years of stagnation, the United States is once again experiencing strong economic growth. The stock market is smashing one record after
another, and has added more than $7 trillion in new wealth since my election. Consumer confidence, business confidence, and manufacturing
confidence are the highest they have been in many decades.
Since my election, we've created 2.4 million jobs, and that number is going up very, very substantially. Small-business optimism is at an all-time
high. New unemployment claims are near the lowest we've seen in almost half a century. African American unemployment has reached the lowest rate
ever recorded in the United States, and so has unemployment among Hispanic Americans.
The world is witnessing the resurgence of a strong and prosperous America. I'm here to deliver a simple message. There has never been a better time
to hire, to build, to invest, and to grow in the United States. America is open for business, and we are competitive once again.
The American economy is by far the largest in the world, and we've just enacted the most significant tax cuts and reform in American history.
We've massively cut taxes for the middle class and small businesses to let working families keep more of their hard-earned money. We lowered our
corporate tax rate from 35 percent, all the way down to 21 percent. As a result, millions of workers have received tax cut bonuses from their
employers in amounts as large as $3,000.
[08:10:09] The tax cut bill is expected to raise the average American's household income by more than $4,000. The world's largest company, Apple,
announced plans to bring $245 billion in overseas profits home to America. Their total investment into the United States economy will be more than
$350 billion over the next five years.
Now is the perfect time to bring your business, your jobs, and your investments to the United States. This is especially true because we have
undertaken the most extensive regulatory reduction ever conceived. Regulation is stealth taxation. The U.S., like many other countries,
unelected bureaucrats -- and we have -- believe me, we have them all over the place -- and they've imposed crushing and anti-business and anti-worker
regulations on our citizens with no vote, no legislative debate, and no real accountability.
In America, those days are over. I pledged to eliminate two unnecessary regulations for every one new regulation. We have succeeded beyond our
highest expectations. Instead of 2 for 1, we have cut 22 burdensome regulations for every 1 new rule. We are freeing our businesses and
workers so they can thrive and flourish as never before. We are creating an environment that attracts capital, invites investment, and rewards
production.
America is the place to do business. So come to America, where you can innovate, create, and build. I believe in America. As President of the
United States, I will always put America first, just like the leaders of other countries should put their country first also.
But America first does not mean America alone. When the United States grows, so does the world. American prosperity has created countless jobs
all around the globe, and the drive for excellence, creativity, and innovation in the U.S. has led to important discoveries that help people
everywhere live more prosperous and far healthier lives.
As the United States pursues domestic reforms to unleash jobs and growth, we are also working to reform the international trading system so that it
promotes broadly shared prosperity and rewards to those who play by the rules.
We cannot have free and open trade if some countries exploit the system at the expense of others. We support free trade, but it needs to be fair and
it needs to be reciprocal. Because, in the end, unfair trade undermines us all.
The United States will no longer turn a blind eye to unfair economic practices, including massive intellectual property theft, industrial
subsidies, and pervasive state-led economic planning. These and other predatory behaviors are distorting the global markets and harming
businesses and workers, not just in the U.S., but around the globe.
Just like we expect the leaders of other countries to protect their interests, as President of the United States, I will always protect the
interests of our country, our companies, and our workers.
We will enforce our trade laws and restore integrity to our trading system. Only by insisting on fair and reciprocal trade can we create a system that
works not just for the U.S. but for all nations.
As I have said, the United States is prepared to negotiate mutually beneficial, bilateral trade agreements with all countries. This will
include the countries in TPP, which are very important. We have agreements with several of them already.
[08:15:00] We would consider negotiating with the rest, either individually, or perhaps as a group, if it is in the interests of all.
My administration is also taking swift action in other ways to restore American confidence and independence. We are lifting self-imposed
restrictions on energy production to provide affordable power to our citizens and businesses, and to promote energy security for our friends all
around the world. No country should be held hostage to a single provider of energy.
America is roaring back, and now is the time to invest in the future of America. We have dramatically cut taxes to make America competitive. We
are eliminating burdensome regulations at a record pace. We are reforming the bureaucracy to make it lean, responsive, and accountable. And we are
ensuring our laws are enforced fairly.
We have the best colleges and universities in the world, and we have the best workers in the world. Energy is abundant and affordable. There has
never been a better time to come to America.
We are also making historic investments in the American military because we cannot have prosperity without security. To make the world safer from
rogue regimes, terrorism, and revisionist powers, we are asking our friends and allies to invest in their own defenses and to meet their financial
obligations. Our common security requires everyone to contribute their fair share.
My administration is proud to have led historic efforts, at the United Nations Security Council and all around the world, to unite all civilized
nations in our campaign of maximum pressure to de-nuke the Korean Peninsula. We continue to call on partners to confront Iran's support for
terrorists and block Iran's path to a nuclear weapon.
We're also working with allies and partners to destroy Jihadist terrorist organizations such as ISIS, and very successfully so. The United States is
leading a very broad coalition to deny terrorists control of their territory and populations, to cut off their funding, and to discredit their
wicked ideology.
I am pleased to report that the coalition to defeat ISIS has retaken almost 100 percent of the territory once held by these killers in Iraq and Syria.
There is still more fighting and work to be done and to consolidate our gains. We are committed to ensuring that Afghanistan never again becomes a
safe haven for terrorists who want to commit mass murder to our civilian populations. I want to thank those nations represented here today that
have joined in these crucial efforts. You are not just securing your own citizens, but saving lives and restoring hope for millions and millions of
people.
When it comes to terrorism, we will do whatever is necessary to protect our nation. We will defend our citizens and our borders. We are also securing
our immigration system, as a matter of both national and economic security.
America is a cutting-edge economy, but our immigration system is stuck in the past. We must replace our current system of extended-family chain
migration with a merit-based system of admissions that selects new arrivals based on their ability to contribute to our economy, to support themselves
financially, and to strengthen our country.
In rebuilding America, we are also fully committed to developing our workforce. We are lifting people from dependence to independence, because
we know the single best anti-poverty program is a very simple and very beautiful paycheck.
To be successful, it is not enough to invest in our economy. We must invest in our people. When people are forgotten, the world becomes
fractured. Only by hearing and responding to the voices of the forgotten can we create a bright future that is truly shared by all.
[08:20:03] The nation's greatness is more than the sum of its production. A nation's greatness is the sum of its citizens, the values, pride, love,
devotion, and character of the people who call that nation home.
From my first international G7 Summit, to the G20, to the U.N. General Assembly, to APEC, to the World Trade Organization, and today at the World
Economic Forum, my administration has not only been present, but has driven our message that we are all stronger when free, sovereign nations cooperate
toward shared goals and they cooperate toward shared dreams.
Represented in this room are some of the remarkable citizens from all over the world. You are national leaders, business titans, industry giants, and
many of the brightest minds in many fields.
Each of you has the power to change hearts, transform lives, and shape your countries' destinies. With this power comes an obligation, however -- a
duty of loyalty to the people, workers, and customers who have made you who you are.
So together, let us resolve to use our power, our resources, and our voices, not just for ourselves, but for our people -- to lift their
burdens, to raise their hopes, and to empower their dreams; to protect their families, their communities, their histories, and their futures.
That's what we're doing in America, and the results are totally unmistakable. It's why new businesses and investment are flooding in.
It's why our unemployment rate is the lowest it's been in so many decades. It's why America's future has never been brighter.
Today, I am inviting all of you to become part of this incredible future we are building together.
Thank you to our hosts, thank you to the leaders and innovators in the audience. But most importantly, thank you to all of the hardworking men
and women who do their duty each and every day, making this a better world for everyone. Together, let us send our love and our gratitude to make
them, because they really make our countries run. They make our countries great.
Thank you, and God bless you all. Thank you very much.
(APPLAUSE)
QUEST: Donald Trump giving this address to the World Economic Forum, subdued in delivery, the content perhaps we've heard before. Becky?
ANDERSON: Let's have a listen to what he says next.
SCHWAB: As it is tradition at the forum, I will ask you one or two questions.
And my first question is, why is the tax reform -- why has it been of such a high priority for your administration?
TRUMP: Well, first of all, Klaus, I want to congratulate you. This is an incredible group of people. We had dinner last night with about 15 leaders
of industry, none of whom I knew, but all of whom I've read about for years. And it was truly an incredible group. But I think I have 15 new
friends. So this has been really great what you've done and putting it together, the economic forum.
The tax reform was a dream of a lot of people over many years, but they weren't able to get it done. Many people tried, and Ronald Reagan was
really the last to make a meaningful cut and reform. And ours is cutting and reforming. We emphasize cut, but the reform is probably almost as
important. We've wanted to do it. It is very tough, politically, to do it. Hard to believe that would be, but it is very, very tough. That's why
it hasn't been done in close to 40 years.
And once we got it going, it was going. And the big -- and I wouldn't say a total surprise, but one of the big things that happened and took place is
AT&T and some others came out very early and they said they were going to pay thousands and thousands of dollars to people that work for their
companies.
[08:25:00] And you have 300,000, 400,000, 500,000 people working for these companies, and all of a sudden it became like a big waterfall, a big,
beautiful waterfall where so many companies are doing it. And even today they just announced many more. But every day they announce more and more.
And now it's a fight for who's going to give the most. It started at 1,000, and now we have them up to 3,000.
This is something that we didn't anticipate. Oftentimes in business, things happen that you don't anticipate. Usually that's a bad thing, but
this was a good thing. This came out of nowhere. Nobody ever thought of this as a possibility even. It wasn't in the equation. We waited -- we
said, wait until February 1st when the checks start coming in. And people, Klaus, have a lot more money in their paycheck -- because it's not just a
little money, this is a lot of money for people making a living doing whatever they may be doing.
And we really though February 1st it was going to kick in and everybody was going to be -- well, we haven't even gotten there yet and it's kicked in.
And it's had an incredible impact on the stock market and the stock prices. We've set 84 records since my election -- record stock market prices,
meaning we hit new highs 84 different times out of a one-year period. And that's a great thing. And in all fairness, that was done before we passed
the tax cuts and tax reform.
So what happened is really something special. Then, as you know, and as I just said, Apple came in with $350 billion. And I tell you, I spoke with
Tim Cook; I said, Tim, I will never consider this whole great run that we've made complete until you start building plants in the U.S. And I will
tell you, this moved up very substantially. But when I heard 350, I thought he was talking -- I thought they were talking $350 million. And,
by the way, that's a nice-sized plant. Not the greatest, but not bad. And they said, "No, sir. It's $350 billion." I said, that is something.
Well, we have tremendous amounts of money, including my newfound friends from last night -- great companies. They're all investing. When one of
the gentlemen said he's putting in $2 billion because of the tax cuts, I said to myself, "Wow, he's actually the cheap one in the group" -- because
they're putting in massive numbers of billions of dollars.
So I think you have a brand-new United States. You have a United States where people from all over the world are looking to come in and invest, and
there's just nothing like what's happening.
And I just want to finish by -- I have a group of people that have been so -- I have a whole lot of them, so I won't introduce because then I'll
insult at least half of them. But I've had a group of people that worked so hard on this and other things.
And we're really doing -- we had a great first year -- so successful in so many different ways. And there's a tremendous spirit. When you look at
all of the different charts and polls, and you see, as an example, African American unemployment at the historic low -- it's never had a period of
time like this. Same with Hispanic. Women at a 17-year low. It's very heartwarming to see. But there's a tremendous spirit in the United States.
I would say it's a spirit like I have never witnessed before. I've been here for awhile. I have never witnessed the spirit that our country has
right now.
So I just want to thank you all, and all those that are pouring billions of dollars into our country, or ten dollars into our country, we thank you
very much. Thank you.
SCHWAB: Mr. President, I will ask you, maybe, a personal question. But before doing so, I'd just like to --
TRUMP: Sounds very interesting.
SCHWAB: -- acknowledge that --
TRUMP: I didn't know about this one.
SCHWAB: I would like to acknowledge the strong presence of your Cabinet members.
TRUMP: Yes.
SCHWAB: -- who tremendously contributed to the discussions the last --
TRUMP: Good, I would like to do that. That's very nice.
SCHWAB: Yes. Now --
TRUMP: Steven, Wilbur, Gary, Robert, even my General and my various other generals, you know. We're making our military protection a little bit
better for us too. So thank you very much. Does everybody understand that? I think so. Thank you all for being here.
SCHWAB: Now my, maybe personal, question would be, what experience from your past have been most useful in preparing you for the Presidency?
TRUMP: Well, being a businessman has been a great experience for me. I've loved it. I've always loved business. I've always been good at building
things, and I've always been successful at making money. I'd buy things that would fail --that would be failures -- and I'd turn them around and
try and get them for the right price, and then I'd turn them around and make them successful. And I've been good at it. And that takes a certain
ability.
[08:30:15] And, you know, historically, I guess, there's never really been a businessman or businessperson elected President. It's always been a
general or a politician. Throughout history, it's always been a general -- you had to be a general -- but mostly it was politicians. You never have a
businessman.
And then, in all fairness, I was saying to Klaus last night, had the opposing party to me won -- some of whom you backed, some of the people in
the room -- instead of being up almost 50 percent -- the stock market is up since my election almost 50 percent -- rather than that, I believe the
stock market from that level, the initial level, would have been down close to 50 percent. That's where we were heading. I really believe that --
because they were going to put on massive new regulations. You couldn't breathe. It was choking our country to death. And I was able to see that,
Klaus, as a businessperson.
The other thing is, I've always seemed to get, for whatever reason, a disproportionate amount of press or media.
(LAUGHTER)
Throughout my whole life -- somebody will explain someday why -- but I've always gotten a lot.
(LAUGHTER)
And as businessman I was always treated really well by the press. The numbers speak and things happen, but I've always really had a very good
press. And it wasn't until I became a politician that I realized how nasty, how mean, how vicious, and how fake the press can be. As the
cameras start going off in the background.
(LAUGHTER)
But overall -- I mean, the bottom line -- somebody said, well, they couldn't have been that bad because here we are -- we're President. And I
think we're doing a really great job with my team. I have a team of just tremendous people, and I think we're doing a very special job. And I
really believe it was time, and it was time to do that job, because I don't think the United States would have done very well if it went through four
or eight more years of regulation and, really, a very anti-business group of people.
We have a very pro-business group. We have regulations cut to a level -- in the history of our country, Klaus -- this was reported recently. In one
year we've cut more regulations in my administration than any other administration in four, eight, or sixteen years, in the one case. We've
cut more regulations in one year, and we have a ways to go. I mean, we're probably 50 percent done.
And we're going to have regulation. There's nothing wrong with rules and regulations; you need them. But we've cut more than any administration
ever in the history of our country, and we still have a ways to go. So I think between that and the tremendous tax cuts, we've really done
something.
And one other thing I said -- and I saw it last night with some of the leaders and the businesspeople -- I think I've been a cheerleader for our
country, and everybody representing a company or a country has to be a cheerleader, or no matter what you do, it's just not going to work. And
the reason I'm a cheerleader is because it's easy -- because I love our country and I think we're just doing really well.
And we look forward to seeing you in America -- special place -- and where you are is a special place also.
Thank you all very much. I appreciate it.
(APPLAUSE)
SCHWAB: Thank you. Thank you very much, Mr. President, for being with us.
The World Economic Forum community, who is assembled here, will be certainly -- and I quote you from the last piece of your remarks -- will be
certainly among "the hardworking men and women who do their duty each and every day making this world a better place for everyone."
Thank you very much for being with us.
TRUMP: Thank you. Thank you very much everybody. Thank you.
(APPLAUSE)
ANDERSON: Well, the U.S. President has spoken. He is leaving the stage in Davos at the World Economic Forum, with its founder Klaus Schwab, not sure
that Klaus has had bigger moment at his --
QUEST: No, and --
ANDERSON: Exactly nine years.
QUEST: The way in which those questions were asked we -- look, as he deliver the speech, it was in a subdued scuffle, I'm going to pretty stick
to what's writing in front of me and the auto script.
[08:35:03] In the Q&A afterwards we got flashes all be at in more moderate way of what he is like, Abby?
ABBY PHILLIP, CNN WHITE HOUSE CORRESPONDENT: Still pretty muted, I would say. I mean, I think this was not the Trump of the campaign rallies. He
read what was in front of him and he was delivering and completely different message. I mean -- and you have to go back to the Trump of 2016,
he literary run against the globalist system. He called it "corrupt" and now here he is and what he's doing is opening his arms to this people who
he basically said, we're on the wrong side of the American people. And he is saying, come on in. Come and see the United States, it's a very
different person.
ANDERSON: American says, he said but not to America alone.
John Defterios is in the House, quite literary he is at the Congress and as President Trump leaves with his U.S. delegation, John, around people who
have been listening in. John, what are they telling you about what they thought about this speech?
JOHN DEFTERIOS, CNNMONEY EMERGING MARKETS EDITOR AND ANCHOR: Well, it was what we were expecting actually, Becky. It was a victory lap for Donald
Trump, we spoke to couple of different business as the speech was talking place and they said, look, no real surprise, he talked about bilateral
trade agreements, which is not bad, although people want him to work with him, the global architecture but he really saying his own braces. Let's be
candid here. The tax cut, the deregulation, being grow business, Apple coming back $3000 tax cut for the average American.
A victory lap of all source, but it's something that resinates well. He was speaking for the business leaders here, not the policy makers when it
comes to the global architecture on trade and even the Paris agreement, which was not mentioned at all. Lower tax against the U.N., lower tax
against the World Trade Organization, a very clear as Richard suggested, he's stuck to the script here and answer very candidly in his Q&A, he was
even surprise that the upside of the stock market because of this deregulatory measures.
QUEST: John, just drop --
(CROSSTALK)
DEFTERIOS: Yes, I did. Somebody, I know, it's John Chipman of the Institute of International Strategic Studies, basing in the United Kingdom
obviously follows Transatlantic Relations.
I didn't mean to surprise you but it's good to get on the spot reaction. A Pretty centrist speech, a very pro business speech but a very domestic
oriented speech by Donald Trump, what are your views John?
JOHN CHIPMAN, DIRECTOR-GENERAL AND CHIEF EXECUTIVE, INTERNATIONAL INSTITUTE FOR STRATEGIC STUDIES: Yes, I think it was 15 minutes were very well
scripted. Stick to what he carefully starts from the transatlantic perspective. He repeated his call for allies to pay their fair share for
security but at the same time he thanks all the nations that worked alongside the United States in fights against terrorism.
So I think most people for security and defense specialists thought that was a fair comment and a welcome thanks.
DEFTERIOS: He's not breaking down the barriers of the Post-World War II architecture, lower tax on the U.N., lower tax on the World Trade
Organization, lower tax on the IMF, that's pretty good for Donald Trump because last year as you know at the inaugural speech, it was blistering
effect against all trade?
CHIPMAN: Well, he did try to rebut the notion that America First was America alone.
DEFTERIOS: Yes.
CHIPMAN: And therefore stress the importance of working collaboratively and with partners. And he did speak about the need to have free but also
fair trade and indicated that there also took trade partnership that he might well reenter if they were right, in infect that transpacific
partnership was not necessarily close to the United States if a new path would open into it.
DEFTERIOS: Can I use the term a conditional president, he is willing to go and the TPP and NAFTA and have bilateral deals on his conditions and he
says it's America First but it should also be Germany first or French first as well or China first, what do you make of that as he trying to straddle a
comfortable line for himself?
CHIPMAN: Well, I think he is trying to squire a difficult shackle. It is difficult to say that absolutely every country should put its own priority
first and also argues for collaborative international system since the collaborative international system requires compromises and sometimes even
the sharing of sovereignty.
DEFTERIOS: Great to see you, thanks for stopping on the way.
QUEST: John, can I --
CHIPMAN: Great to see you.
DEFTERIOS: Yes, go ahead Richard?
QUEST: Forgive me John, I need to interrupt you, do forgive me. As we come up.
Nic Robertson is with us at the moment.
Nic, firstly, can you hear me?
NIC ROBERTSON, CNN INTERNATIONAL DIPLOMATIC EDITOR: I can, indeed, Richard. Loud and clear.
QUEST: Good. The mode as that speech was given, Nic.
ANDERSON: You're inside the room of course?
ROBERTSON: I was inside the room. I think it was muted. I mean people were waiting and they were waiting and, you know, people knew some of the
lines in the speech. They have been told us in advance.
And I think there was a sense of waiting for something. And something didn't really seem to arrive. This whole themes and lines that President
Trump talked about before. And I got a sense of that in the applause at the end, you know, that was a very, very large audience, several thousand
people inside that at least from the rost counting that I could -- that we've done, precise speaking, yes.
[08:40:16] But it's a very hall, a lot of people and that round of applause, if you've been on the West End shows in London you would have
solely disappointed with that level of applause. It wasn't so loud.
I meet with -- just the speech was over, I told to a former minister from a Middle East country and I said to him, well, what did you think of it?
What did you make of it? And he said, well, there was nothing on the world, there was nothing on the globe but it was all about the United
States as we heard that.
So here was another one in the audience there, who really was waiting and expecting for something. So you're going to say, you know, the lines of
people waiting to go and the response of people waiting to go in for that, there was an expectation that they might hear something news, something
different and there wasn't.
I think we need to talk to more people to get a play of everything and President Trump there talked about fake news that were boost but when he
raise a joke about the contribution from a businessman at the dinner last night about being 2 billion and not being very much. There were laughs as
well. So he got both.
ANDERSON: Nic, it's fascinating to find out what other people talks. So we'll let you go and if you can just sort of do the round as it were and
get a real some litmus test of how people in that room feels about this because it's important.
Abby Phillip with us still, our White House Correspondent. If ever the guys have sat down on the floor as it were, does any of this surprise you?
PHILLIP: No, I mean, I think that this is pretty much what we expected that people were waiting to see what he had to say but that -- not a whole
of this is totally new, it is --
(CROSSTALK)
PHILLIP: -- it is regurgitation of what we hear often from him.
ANDERSON: I mean, what was new was some boosting (ph), is he? He won't used to that, really?
PHILLIP: Yes. You know, at the end there in the Q&A, you heard of a familiar refrain, the press is so dishonest, they're fake news. I mean,
look these people are not here for that. They're not here for that side of Trump and the White House was able to restrain him in the scripted part of
the speech but not in the Q&A and I think the audience made their displeasure known.
QUEST: Let's transcript the speech back to what it was. He didn't say anything on economic issues of trade and likewise that he hasn't said
before and when he signed those tariffs, he said it's virtually word for word but he said it with more aggression, and with more excitement.
So people here know that they have not heard anything different. Others may disagree but people have not heard anything different on trade or
economic policy today and they thought they knew.
PHILLIP: That's very true. And I -- you almost wonder if people were expecting him to put a thumb in their eye and he didn't do that today. He
just kind of give them what he is been saying. I mean, I think the White House for this day, the White House, this was about tone. This was about
coming here in peace.
ANDERSON: I mean, I wonder Abby whether he'd already got what he wanted on day one of this.
PHILLIP: Yes.
ANDERSON: With the bilateral that he had, with the (inaudible) that we got with Euro.
QUEST: Right.
ANDERSON: Remember he said, I went to talk last night with a whole lot of leaders who I've always wanted and never had the opportunity to almost like
they could in the playground, who certainly gets us to play, you know, I mean it was -- so perhaps he got what needed?
QUEST: Of course, yes. I mean, nearly beating him I think.
PHILLIP: Right. I mean, we shouldn't down play that there was real work done. I mean sometimes you can come to these things, give a speech and
then leave and nothing happens. I do think it's worthwhile that you know that dinner, he made all the CEOs go around and talk about what they're
doing and what they're investing in the United States. And they all had to come to the table with some deliverables and you saw that they were
genuinely grateful for the tax cut bill, for example. They genuinely wanted to talk about that. And I think that, you know, a lot of folks
criticized this White House for how they talk but what they're doing this week is actually -- there are some substance to it.
ANDERSON: So he picks the beat he likes and sort of go a bit sort of (inaudible) to what you don't at the moment, that's my sense of what we're
seeing here.
QUEST: What I heard was --
(CROSSTALK)
QUEST: As we've been thought, Europe set to more President Trump than most of us. I have to sit -- but I heard was the -- familiar that people would
able to say, now let's see what you does. Now let's see what --
ANDERSON: Of course.
QUEST: This is going to be about the actions, not the words.
PHILLIP: And the truth is, this has been on a vast majority of the least of things, a very conventional Republican administration, the regulatory
agenda has been exactly what companies and what Wall Street wants.
[08:45:02] The big question mark is on trade and I think that the White House is still trying to be on the line with this. They haven't said, what
are they going to do with NAFTA? What are they going to do with --
ANDERSON: It's because they don't know.
PHILLIP: It's because they don't know. It is under negotiation but that's still even after all of this a big question. That's the place where the
action still happened.
ANDERSON: But those were big Bannon moments, the trade moments. So, that was a real Steve Bannon. Sort of, you know narrative.
PHILLIP: And truly people are still worried about NAFTA. The NAFTA negotiations are worrying people who want the United States to stay in it.
QUEST: We're going to Nic Robertson, but one number just to bring you last year, the Commerce Department says, the U.S. economy grow 2.3% last year.
ANDERSON: It was looking for three to four?
PHILLIP: Yes.
QUEST: But the goal was 3% from the President and -- but it better than 1.5 the previous year but not as good as the President's going to 3%.
And Nic Robertson, are you with us?
ROBERTSON: I am, indeed.
ANDERSON: What are people telling you, Nic?
ROBERTSON: Well, the general sense of single people's faith is living here at the moment. As people are just walking away I don't get the people
hanging out here to have conversation and discuss some great revelation that they heard. As I said before, the former minister from the Middle
East country I've talked to actually left before the whole thing was over. I mean he clearly seems to feel that there was nothing more to be gained
from the questioning of the end. And he felt for him that the issue to deal with the globe by President Trump is going to deal with the world were
there. And that's what he was waiting to hear is someone who operates in the Middle East. Who operates across the number of countries, you know,
who understand the big scope of the global economy, the big scope of the global issues at the moment. He wants you to hear something.
And my sense is looking at people here walking away right now. Yes, they heard, they came to see President Trump. They were in the same room. They
had to speak but they are not hanging around to have conversations about it, all beetling after the door.
ANDERSON: Yes, fascinating, Molly Ball is with us. Molly?
MOLLY BALL, POLITICAL ANALYST: Well, I couldn't help but think about that speech. How much of it Hillary Clinton could have given. I really think
probably more than 50% of the lines in that speech were things you could have heard come out of Hillary Clinton.
ANDERSON: Apart from the line which was if this would be the Clinton administration, the markets would have gone down 50% --
BALL: Well, that was not in the prepared text. No, I'm talking about the prepared text for the speech but the parts about fair trade, the parts
about international collaboration really extending an olive branch to the international community in a lot of way.
QUEST: But the repetition of this fair trade, America First made to the real America alone. There wasn't anything we haven't heard before. The
fact he said it's in the more subdued red fashion. Do you think that's significant in that way and it does come back to what he does or what he
says?
BALL: It does come back to what he does and I think the people in this room know that and the people in this room are happy with a lot of what his
done. Particularly in the economy, I mean part of the reason that these people were very offended by Trump on some level. But they're making a lot
of money and they're happy about that. And so on trade they don't have any assurance from the speech about what he is or isn't going to do next. They
just have to wait and see.
ANDERSON: So how long do they wait?
BALL: As long as they have to. No I think it -- something we've become accustom to. Whether it's the reporter's covering Trump or the CEOs of the
world is you're always a little bit on the edge of the sit. You'll never know what he's going to tweet or what he's going to do.
QUEST: Was this a missed opportunity in what he said?
BALL: It depends what your priorities are.
ANDERSON: We'll give you the stage, through.
BALL: I mean it's what -- if you are Steve Bannon, you are chasing that he didn't come here and really give the elites the middle finger. That
clearly -- if that what you wanted, you missed that opportunity. He also didn't really reverse himself even though I do said, the tone was
conciliatory. He didn't get up there and say I was wrong let's have a global order. Let's all joint hand with the U.N. and do Paris and TPP. So
it depends what you were expecting and what your policies are?
ANDERSON: I don't want to overdo this but clearly that was a little bit of ill-will. Let me call it in the room, a couple of comments said that
partly doesn't booing, a little bit a hedge. We don't overplay of course, the room sort of, you know, shouting and screaming out there. He wouldn't
like that, though really?
BALL: Well, no but I think he -- it was in the part about fake news that you could hear a little bit of heckling. And I think he's accustomed to
that.
QUEST: It was like hit.
Joining us, John Defterios, good to see you.
ANDERSON: Thank you, Molly.
BALL: Thank you so much.
QUEST: John Defterios is with us with what they thought. We watched, we listened, you were there. John?
[DEFTERIOS: Yes, indeed Richard and I'm trying to get poll here, quite interesting. I approach seven different CEOs in the United States and from
Europe. Most didn't want to talk but someone I do know here from the Davos community and elsewhere Stephan Gemkow from Franz Haniel, a German company,
an asset manager.
[08:50:14] What do you think? I thought it was fascinating. He started domestically. And that was about 70% of the speech, kind of a victory lap
of Donald Trump on what he did in year one, how would you see it, does he?
STEPHAN GEMKOW, CHAIRMAN OF HANIEL'S MANAGEMENT BOARD AND CHIEF HUMAN RESOURCES OFFICER: Well, certainly he was very successful in presenting
his success that he's had so far. The speech had a very from domestic focus. No surprises really, I thought it was little news valued to the
international community and what I would love to hear more about is the months he led his last speaks and how invests in United States which she
was absolutely asking for, demanding for how this investments in United States would really contribute to the wealth of the rest of the world.
Because I think this was-- part of the speech which could have been more exploits. It was very one dimensional I should say and I would have wish
to hear more abut the international multilateral aspects.
DEFTERIOS: You know, you're crystal clear but the good news is 12 months ago he was attacking everybody including German companies and the tone was
not there and in fact sources I sat down has spoke with that were at the dinner last night said he was very conciliatory and open?
GEMKOW: Yes, absolutely. I think it was certainly a learning curve. It was very elegantly phrase. It was thought through what he said, so no
aggressiveness whatsoever and no attacks whatsoever. I think that can be a good step for the future.
DEFTERIOS: Great, nice to see you. Thanks for stopping, Stephan Gemkow of Franz Haniel Company in Germany.
So that was a very clear analysis. They'd like to see a softer touch from Donald Trump and something to reach across the Atlantic to say he'd like to
do more with business so with those in Europe. But what are the policy measures to encourage that investment to come into the United State?
ANDERSON: Good John, all right. Keep talking and report back as you hear more about how people felt about that speech. That speech is this. Let's
have a listen to what the U.S. President just delivered. Well, certainly part of it here in Davos.
(BEGIN VIDEO CLIP)
TRUMP: The world is witnessing the resurgence of a strong and prosperous America. I'm here to deliver simple message that has never been a better
time to hire, to build, to invest and to grow in the United States. America is open for business and we are competitive once again. I believe
in America. As President of the Unites States, I will always put America first just like the leaders of other countries should put their country
first also but America first doesn't not mean America alone.
(END VIDEO CLIP)
QUEST: All right. Let's hear from Minerva Laurens (ph) and the economist, it's Joseph Stiglitz. It's always good to see you.
JOSEPH STIGLITZ, ECONOMIST: Nice to be here
QUEST: What could you make of it?
STIGLITZ: Well, basically very much what I expected. They keep it short because he has hard time keeping on script. When he came to the part of
the end where he was all script you saw a lot of problems. He repeated himself over and over again and most importantly he couldn't help but
attack the press for the fake news. I don't know during that speech. I wasn't able to fact check but as I listen to it, I had the feeling that you
fact checkers are going to have a few days about the number of claims, you know, the lowest -- the most deregulation in any administration in 12
years, in 16 years that he's done and in one year --
ANDERSON: Look, I'm sure you all being relatively fear but it feels like you're being slightly unfair because in all whole lot of leaders at the top
of his hill who have been here this week who have said, look this tax reform is deregulation, unraveling of what is very complicated regulation
has really work for us. Look for the speech that telling us it was.
STIGLITZ: No, look, the CEOs are basking. They're licking your lips and the billions of dollars, hundreds, you know. We're talking about a tax cut
of costing U.S. tax payers deficits of between $1 and $2 trillion at the expense of the middle class. A majority of the middle class, the majority
for those in the second, third and fifth -- the fourth quintiles we'll see their taxes increased when the tax is fully implemented. So this is not a
tax cut for ordinary American. It's a tax increase --
ANDERSON: I wasn't suggesting that for a moment. I'm just saying --
(CROSSTALK)
STIGLITZ: I know the guys here. They're wielding their whip.
QUEST: Right, but if they were so licking of the lips, that was muted reaction. It was polite to applause rather than enthusiastic ovation.
[08:55:02] STIGLITZ: Exactly, a very muted, a lot -- some hissing when he was saying the things that we're just so outrageous that they couldn't help
it. Interesting, no main -- here a lot of talk about global cooperation, what is the most important thing for global cooperation? Saving the planet
and the United States has withdrawn from the most successful global cooperation, the Paris Accord where every country is in there except United
States.
You've saw a little bit of that jealousy about the rest of the world getting together with TPP without the United States. Still a year after he
cancelled it, not articulated. What was his objection? So we have this incoherent trade policy. He's -- you guys takes wrote to rules of
globalization. They wrote the trade rules. They wrote them to benefit United States and as a politician, he founded convenient to bash this trade
agreements. Didn't know what he was talking about.
ANDERSON: He fault but he hasn't beaten that one day.
STIGLITZ: I think he just doesn't understand. He didn't know what he was complaining about. And he doesn't know how to rewrite these rules and ways
that he thinks will work. So take NAFTA which is complain a lot about. The fact is our farmers are benefiting enormously. Millions of jobs were
created by NAFTA in Unites States.
QUEST: Still quite an achievement he came and did it. And now he said --
ANDERSON: Just by being here, perfectly right.
QUEST: Joseph, I mean there is an element of mere presence.
ANDERSON: As in you share a (inaudible) -- and I mean business?
STIGLITZ: Well, what was also the drama never seen this before where you have a whole bam explain. So this is --
QUEST: And then you can come into 25 years. I've got 15 in --
(CROSSTALK)
STIGLITZ: It's a comical sort of and it's a quite frankly is the America a little embarrassing. You know, you don't have to have hail to the chief or
whatever that music was that they were playing. You know, the message that your caring is what your suppose to respected for. You compare him with
Macron, there's no comparison, you know, and I think that's what people will be living. This audience say, we've seen this week's several leaders
and poor America is wound up with a guy who is a bigger than a misogynist and a racist and --
QUEST: But to be fair you've never been his supporter?
(CROSSTALK)
STIGLITZ: I've never been his supporter.
QUEST: It's fortunate having you on.
STIGLITZ: Good to see you tonight.
ANDERSON: Great to see you.
QUEST: All right and that is where we do love you and leave you for this time I think I'm on the other side.
ANDERSON: You are on the other side.
QUEST: And there you welcome --
ANDERSON: And it's been a great -- we arrived and we're packing up because that it's for me. We've been here all week as being a great for it. Well,
as being here with the team. I leave it to Ricard to pick thinks up the other side of this hour. For those of you who've team with us all week.
Thank you. Stay with us.
QUEST: This is CNN.
(COMERCIAL BREAK)
END
