U.S. President Trump delivered a video speech at the World Economic Forum annual meeting in Davos on Thursday.

Original: The White House

Translation: @myfxtrader

Speech Segment

Thank you very much, Klaus, and hello to everyone in beautiful Davos.

This is a truly historic week in American history. Three days ago, I was sworn in, and we began the golden age of America. The recent presidential election won millions of votes, winning seven swing states, which is a tremendous mandate from the American people that we haven't seen in many years. Even some political commentators, even some of my so-called enemies, have stated that this is the most impactful electoral victory in 129 years. It's just fantastic.

In the past 72 hours, what the world has witnessed is nothing less than a revolution of common sense. Due to this incredible momentum and the things we are going to do and accomplish, our country will soon become stronger, wealthier, and more united than ever before, and the entire planet will become more peaceful and prosperous.

My administration is acting at an unprecedented speed to address the disasters we inherited from a group of completely incompetent people and to tackle every crisis facing our nation.

First, we must address the economic chaos caused by the failed policies of the previous administration. Over the past four years, our government has accumulated $800 billion in wasteful deficit spending and imposed unprecedented national destructive energy restrictions, suffocating regulations, and hidden taxes. The result is the worst inflation crisis in modern history and high interest rates for our citizens and even the world. Food prices and nearly all other goods known to humanity have skyrocketed.

President Biden has completely lost control of what is happening in our country, especially regarding our high-inflation economy and border issues. Due to these devastating policies, this year's total government spending is $1.5 trillion higher than I predicted when I left office four years ago. Similarly, the cost of servicing the debt is over 230% higher than the predictions made in 2020.

The inflation rate we inherited is still 50% higher than historical targets. This may be the highest inflation rate in our nation's history. Therefore, from the moment I took office, I quickly took action to reverse every radical leftist policy that caused this disaster, particularly regarding immigration, crime, and inflation.

On my first day, I signed an executive order directing every member of my cabinet to use all available powers to defeat inflation and lower the cost of everyday living. I implemented a federal hiring freeze, a federal regulation freeze, a foreign aid freeze, and created a new Department of Government Efficiency.

I terminated the ridiculous and extremely wasteful Green New Deal. I call it the Green New Scam. I withdrew from the one-sided Paris Climate Agreement and ended the crazy and costly electric vehicle mandate. We want to let people choose the cars they want to buy.

I declared a national energy emergency, which is very important, to unleash the liquid gold beneath our feet and pave the way for the rapid approval of new energy infrastructure. The United States has the largest oil and gas resources in the world, and we will utilize them.

This will not only lower the cost of nearly all goods and services but will also make America a manufacturing superpower and the world center for artificial intelligence and cryptocurrency.

My administration has also launched the largest deregulation campaign in history, far exceeding the records set during my time in office. Over the past four years, the Biden administration has added $50,000 in regulatory costs to every average American household. I promise to eliminate ten old regulations for every new regulation, which will soon put thousands of dollars back into the pockets of American families.

To further unleash our economy, we will pass the largest tax cut in American history through the majority seats in the House and Senate, including massive tax cuts for workers and families, as well as significant tax cuts for domestic producers and manufacturers. As you may know from reading any newspaper, we are working with Democrats to push for an extension of the original Trump tax cuts.

The message I am conveying to every business in the world is very simple: come to America to produce your products, and we will offer you one of the lowest tax rates among all countries on Earth. We are significantly lowering tax rates, even lower than Trump's original tax cuts. But if you do not produce products in America, which is your privilege, then simply put, you will have to pay tariffs—varying amounts, but they are all tariffs—which will lead to hundreds of billions or even trillions of dollars flowing into our Treasury to strengthen our economy and pay down debt.

During the Trump administration, there was no place on Earth better suited for creating jobs, building factories, or developing companies than the United States.

American economic confidence is soaring, perhaps at levels we haven't seen in many years, or perhaps never before. After my election, it was just announced that small business confidence surged by 41 points in just one month. This is a historic high, never seen before.

SoftBank has announced it will invest $100 billion to $200 billion in the U.S. economy. Just two days ago, Oracle, SoftBank, and OpenAI announced a $500 billion infrastructure investment. Other companies have also announced billions in investments, accumulating to trillions of dollars in investments in the U.S. But today, there are reports in the newspapers that Saudi Arabia will invest at least $600 billion in the U.S. I will ask the Crown Prince (who is a great guy) to increase that amount to about $1 trillion. I believe they will do it because we have treated them very well. I will also ask Saudi Arabia and OPEC to lower oil prices. You must lower them, and frankly, I am surprised they did not do so before the election. They did not do it and did not show much goodwill, which surprised me a bit.

If oil prices drop, the war between Russia and Ukraine will end immediately. Right now, the prices are high enough to keep the war going. You must lower oil prices to end the war. They should have done this a long time ago. They bear some responsibility for the current situation, and millions of lives are being lost.

As oil prices decline, I will demand that interest rates drop immediately, and global interest rates should also decrease. Interest rates should fall in line with our historic victory in the recent presidential election, as you can see. Many things are happening in many countries. They say there has been a glimmer of hope around the world since the last election, and even some countries we are not particularly friendly with are happy because they understand what the future will be like and how wonderful it will be. Under our leadership, America is once again welcoming business activity.

This week, I am also taking swift action to stop the invasion at our southern border. They are allowing people to enter the United States at unprecedented levels. It is ridiculous. I have decided and announced a national emergency at our border to stop the entry of all illegal crossers, many of whom are coming in, and to swiftly send these illegal invaders back to where they came from.

As you may have seen, this action has already begun strongly. I have deployed active-duty U.S. military and National Guard troops to the border to assist in repelling the invasion. This is, in fact, an invasion. We will not allow our territory to be violated. After four long years, America is strong again, sovereign and independent, and a beautiful country. It is a strong, sovereign nation.

Furthermore, I am pleased to report that America is also free again. On my first day, I signed an executive order to stop all government censorship. Our government no longer labels the speech of our citizens as misinformation or disinformation, terms favored by censors and those who wish to stifle the exchange of free thought, which frankly hinders progress. We have saved free speech in America and have done so very strongly.

This week, I took another historic executive action to end the weaponization of law enforcement against the American people and political figures, restoring fair, just, and unbiased rule of law. My administration has taken steps to abolish all discriminatory diversity, equity, and inclusion nonsense, which is absolutely absurd in both government and the private sector. With the recent unexpected great Supreme Court rulings, America will once again become a merit-based nation. You must hear this term: a merit-based nation.

I have officially declared that the official policy of the United States is that there are only two genders, male and female, and we will not allow men to participate in women's sports, and the trend of gender reassignment surgery will be very rare.

Finally, as we restore common sense in America, we are taking swift action to rebuild power, peace, and stability overseas. I will also demand that all NATO countries increase their defense spending to 5% of GDP, which should have been done many years ago. Previously, it was only 2%, and most countries had not paid before I took office. I insisted they pay, and they did pay because, at that time, the United States was effectively covering the shortfall, which was unfair to America.

But for many years, many things have been unfair to America. Before I took office, my team negotiated a ceasefire agreement in the Middle East that could not have been achieved without our involvement, as most people in the room know. Just earlier this week, hostages began returning to their families. They are coming back, and it is a very beautiful scene, and more will continue to return. They have been returning since Sunday.

We are ensuring that efforts for peace negotiations between Russia and Ukraine are now hopefully underway. It is very important to complete this. It is an absolute slaughterhouse. Thousands of soldiers are dying. No one has seen such a brutal scene since World War II. They are falling in flat fields. It is a flat farmland, with millions of Russians and millions of Ukrainians. No one has seen such a situation since World War II. It must end.

In America, we are about to have significant events. Next year marks the 250th anniversary of the founding of the United States. I am honored to serve as president during this time. It is a grand event that has been talked about for ten years. Additionally, we have the World Cup, and I know Gianni Infantino (the FIFA president) is in the room. He played a significant role in helping us secure the World Cup, and I want to thank him.

Then, we will also host the Olympics, which is also an achievement I played a key role in during my first term. Who would have thought that skipping a term could still lead to hosting the Olympics? If the Olympics were to be held in America while I was not in office, I would be very unhappy. But the result is that, whether by luck or otherwise, I will be president during the World Cup, the Olympics, and the 250th anniversary of our founding. Therefore, there will be three major events.

And the achievements we have made in less than four days surpass what other administrations have achieved in four years; we have just begun. It is truly amazing to see our country shining brightly in spirit and brilliance.

During the last administration, our country suffered significant losses, but we will restore the nation and make it greater, larger, stronger, and better than ever before.

I want to thank everyone for being with you. Aside from the inauguration two days ago, I could have come in person. I feel that this may be a bit quick as the first stop after the inauguration, but we will come one day.

I have heard that the audience is outstanding, and many of my friends are in the audience, and now I will ask some very distinguished individuals. Thank you very much.

Q&A Segment

BlackRock CEO Larry Fink: I want to ask about some things I observed in Davos. This is a great forum. As always, I met a lot of people. I think I've been coming here for 30 years. Many European business leaders expressed great disappointment with the EU regulatory framework. They attribute the slowdown in growth here to many factors, but especially to regulation. And you have taken a completely different approach in this area. If you could explain the theory behind what you are doing, how you plan to do it, and what results you expect, I would greatly appreciate it.

Trump:

Thank you very much. Congratulations, Steve. You are my friend, but you also have a great career. You have had an amazing career and are still going strong. I just want to congratulate you. You inspire a lot of people.

I want to talk about the EU because you specifically mentioned it. I have many friends and national leaders. I got to know them during my first term and over these four years, and I really like them. But they are very frustrated because everything seems to take a long time to get approved, for things that really don’t need environmental impact assessments, and many other aspects that take time.

Let me give you a simple example. In my private life, before all this happened, the world was a little different. I was living a simple and beautiful life. You know that too.

But when I was living that simple life, I was doing projects. I had a big project in Ireland. To make this project better, I had to get some approvals. I got approval from Ireland in a week, which was a very efficient and good approval. And they needed four years to process it. The problem is you need to get approval from the EU, and we thought that would take five to six years.

I said, this is unbelievable. This is before politics. So I said, wait a minute, is this so important? I don’t want to wait five or six years, but this would be a huge investment, and it would be good for the project. I sent someone to the EU to see if we could speed up the process; basically, just a simple approval that would take five or six years, while Ireland gave me approval in a week.

I realized at that moment, that was the first time I really dealt with the EU, but I realized this is a real problem, and I was even too lazy to apply. If I applied, I would have quickly withdrawn. I had to be very precise because I didn’t want to be criticized. We did apply, actually. Now I want to say very precisely. So I don’t think I didn’t apply, but if I did apply, I quickly withdrew. This is something you cannot wait five or six years to get approved. So from a very large business perspective, many people think this is the problem.

From the perspective of the United States, the EU treats us very unfairly, very poorly. They have a large tax that we know about, as well as a value-added tax, which is very substantial. They do not accept our agricultural products or our cars, but they export cars to us in the millions. They impose tariffs on what we want to do. For example, I think they have actually imposed very poor impacts in these non-economic or non-monetary tariffs, making it very difficult to bring products into Europe, but they expect to sell their products in the U.S., and they are indeed selling them. So we have a multi-billion dollar deficit with the EU, and no one is happy about it, and we will take some measures, but no one is satisfied with it. So I think the EU must speed up their processes. I have friends in some EU countries, they are good people, and they want to compete better, but when you cannot get through the approval process quickly, you cannot compete. There is no reason it cannot be faster.

So I try to take a constructive attitude because I love Europe. I love the various countries in Europe, but the process is very cumbersome, and they do treat the U.S. very unfairly with the value-added tax and all the other taxes they impose.

One more thing, finally, I received a call from the head of one of the largest airlines in the world, who said, "Sir, can you help us? Landing in Europe is just terrible. They charge us all these fees, and it’s so unfair."

I asked, how does it compare to China?

He said, it’s much worse.

And one more thing, as you know, they have had some lawsuits with Apple, and they claim to have won a case that most people think is nothing. They won $15 billion or $16 billion from Apple. They won billions from Google. I think they are also claiming billions from Facebook. These are all American companies. Whether you like it or not, these are American companies, and they shouldn’t be doing this. In my view, this is a form of taxation. So we have some very big complaints against the EU.

TotalEnergies CEO: Mr. President, as we understand it, energy is a top priority on your agenda, and I am very honored to represent the energy industry in this panel discussion tonight. TotalEnergies is indeed the fourth largest oil, gas, and power company in the world. I won’t ask you about oil prices.

Your expectations for us are very clear. I will talk more about natural gas. Our company is the largest exporter of liquefied natural gas (LNG) in the U.S. We are strong contributors, and we are investing in a huge LNG project in Texas, amounting to $20 billion. While this is far below $200 billion, it is still $20 billion.

By exporting this LNG to Europe, we contribute to the security of supply for Europe. Some experts are concerned that if too many LNG projects are developed in the U.S., it could have an inflationary impact on domestic gas prices, and they suggest pausing such projects. I would like to ask you the following question. What is your view on pausing LNG investments in the U.S.? What would happen if you observed domestic gas prices rising due to these exports?

The last question, which is very important for Europe, is whether you would guarantee the security of supply of U.S. LNG to Europe?

Trump:

Well, regarding the last part of your question, yes, I will. I will guarantee safety. If we reach an agreement, you will be guaranteed because many people are indeed facing this issue. They reach agreements, and then due to wars and other issues, they cannot supply. So we will absolutely do that.

LNG is very interesting because one of the first things I looked at when I first took office was two very large plants in Louisiana, which treated me very well, and I won a lot of votes there. I am very grateful for that. And they said that the two plants had been in environmental review for over ten years. Their costs—as you said, you know how expensive these plants are. But their costs are about $12 billion; I think it’s $14 billion or $15 billion. But they couldn’t get the permits. They were reviewed for many years, many years, like ten years or more.

I said, this is ridiculous. I know a lot about this because I have been through it in the construction industry, but I later became very good at it. But I went there, I saw these projects, and you said the total investment is about $25-30 billion. It looked like things were going to end. They couldn’t get the permits. And I completed these in less than a week. It was done. In fact, when they announced it was completed, the country—mainly the country—Japan was involved, and there was another country, some very large investors—they couldn’t believe it. They really couldn’t believe it.

I said, "Do me a favor. Don’t pay any consultants because the only one who did it was me." The reason I could do it was that it was the right thing to do for America and the world. Consultants had nothing to do with this, you know. Consultants come in, and they say, give us millions of dollars because Trump did it. No one told me about this. I just heard it was a problem for many years. The reason I could do it was that it was the right thing to do for America and the right thing to do elsewhere. This is related to energy, which is very important.

So I think this is very important. I think, you know, I have a different view on this. I think the more you do, the lower the prices will be. What I want to see is fast approvals. We will get very fast approvals in the U.S. Just like the AI parks, many people want to build them. This will be a very big thing. People will build power generation facilities. They will build them. I will get them approved.

Under an emergency declaration, I can complete the approvals myself without waiting for years.

The biggest problem is that the energy we need is currently double what the U.S. has. Can you imagine? To make AI really that big, because it is very competitive—it will compete with China and other countries. So I will give an emergency declaration so they can almost start building immediately. And I think this is mainly my idea because no one thought it was possible. It’s not that they aren’t smart because they are the smartest.

But I told them I want you to build a power generation plant next to the factory as a standalone building, connected. They said, wow, you must be kidding. I said, no, I’m not kidding. You don’t have to connect to the old grid, which might be torn down. If it’s torn down, they have no way to get power. So we will allow them to quickly build their factories, build power generation plants. They can use any fuel they want to power it, and they might have coal as a backup, good clean coal. You know, if there’s a problem with the import pipeline, like if you’re using gas or oil, and the pipeline bursts or fails for some reason, some American companies store coal next to their factories so that in emergencies, they can use our clean coal for a short time. This is something many people don’t even know. But nothing can destroy coal; not weather, not bombs, nothing. It might shrink, it might change shape, but coal as a backup power source is very powerful. Having such facilities as a backup is very good, and the cost won’t be much higher.

We have more coal than anyone else, and we have more oil and gas than anyone else. So we will enable factories to have their own power generation facilities directly connected to their factories. They don’t have to worry about utilities, they don’t have to worry about anything. We will get very fast approvals.

Bank of America CEO Brian Moynihan: Good afternoon, Mr. President, congratulations, this has clearly been a tumultuous week for you and your family. If you remember five years ago, you came here, and we walked around among 150 CEOs from around the world, and you discussed your policies and procedures with them. This year you are not here, but a lot has happened this week, and the orders you mentioned have literally triggered a wave involving immigration, trade, and many other matters. Therefore, as representatives of the U.S., we are receiving many questions about what all this means and how the President will coordinate this with his clear focus on growth, prosperity, stock market growth, a good bond market, and lowering prices.

So how do you view the impact of all these orders, the speed of their issuance, and how will you balance this with sustained GDP growth, lowering inflation, and achieving good stock price growth for American citizens?

Trump:

I think this will actually lower inflation and create more jobs. We will have a lot of jobs, and many companies will come in. You know, Brian, our corporate tax rate is 21%. It used to be 40%, and I brought it down to 21%. If you look at state and local taxes, in many cases, the rates are actually above 40%. I have brought it down to 21%. Now if you manufacture products in the U.S., we will lower the rate from 21% to 15%, which is a big "if." So we will have almost the lowest tax rate. 21% is already low globally, and 15% is almost the lowest, and among large countries, wealthy countries, it is absolutely the lowest, no comparison needed. If you manufacture products in the U.S., we will lower the rate to 15%. This will trigger a huge response.

We may also restore the annual deduction, which had an amazing impact when it was first implemented. The timely deductions will accumulate over time and then expire. But when we renew the Trump tax reform plan, we will restore this practice. We need to get the Democrats to approve it. But you know, if the Democrats don’t approve it, I don’t know how they can bear about a 45% tax rate increase, because that’s the consequence. So I think they will cooperate well on this. I think it’s hard for any political group to say, let’s raise taxes by 45% on people. I think we are in a good position. We are also actually cutting taxes for corporations and small businesses down to 15%, which is fantastic.

By the way, regarding you, I want to express my gratitude; you are doing an excellent job, but I hope you can start opening your banks to conservatives because many conservatives complain that banks do not allow them to do business in the banks, including Bank of America. They do not accept conservative business. I don’t know if this is imposed by regulators because of Biden or for some other reason.

But I hope you and Jamie (JPMorgan CEO Jamie Dimon) and everyone can open your banks to conservatives because what you are doing is wrong.

Bank of America CEO Brian Moynihan: Mr. President, I want to say that your friend Gianni Infantino sends his regards; he asked me to say hello. We look forward to sponsoring during the World Cup, whether it’s this summer’s clubs or next year. So thank you for securing this for America.

Trump:

Thank you very much, Brian.

Santander Bank Executive Chairman Ana Botín: Mr. President, congratulations on your historic victory. Thank you. I believe you are not as familiar with me as my peers are, so I will say a few words first. Santander is one of the banks with the most customers globally, with 170 million customers. That’s more than my friends Brian or Jamie have.

We are a major investor in the U.S. We have many million customers and 12,000 employees. We are one of the largest auto loan providers. We recently launched a fully digital bank called OpenBank.

We firmly believe that banks play a crucial role in the economy, and we can accelerate growth and help more customers. That’s what we are doing in the U.S. So, as Brian pointed out, we very much welcome your focus on deregulation and reducing bureaucracy. So my question is, what are your priorities in this regard? How fast will this process be? Thank you very much.

Trump:

Congratulations. I know your bank very well; you are doing an excellent job. Congratulations. We will act very quickly. We have already acted swiftly. In the past three days, we have done things that no one thought could be done in years. Everything is taking effect. It will have a huge impact on the economy, a tremendous positive impact.

Money is being wasted on some crazy things. I mean, the Green New Deal is so shameful, the way it has been implemented. And this is proposed by some ordinary students, or even people who are less than ordinary, I might add, who have never taken a course on energy or the environment. It’s just a game.

Remember when the world was supposed to end in 2012? Remember that? Well, 12 years have passed. It was supposed to be over, supposed to sink into the earth. But you know, the time has come. These people really scare the Democrats. I can’t say the Republicans. The Republicans might work harder to stop it, but it’s a huge waste.

You know, during my four years in office, we had the cleanest air and the cleanest water, but our economy was the most productive in our nation’s history. We had the most productive economy. Before the pandemic, our economy was far ahead in our nation’s history. In fact, you can look at the global situation. We beat everyone from China to every other country. We believe that with what we have learned and all the other things that have happened, we think we can go even further beyond this, actually far beyond.

But we do have one thing we will demand, and that is we will demand respect from other countries. Canada, we have a huge trade deficit with Canada. We will no longer have that situation. We cannot continue like this. I don’t know if that’s good for them. As you may know, I said you can always become a state. If you were a state, we wouldn’t have a deficit, and we wouldn’t need to impose tariffs on you, etc. But for years, Canada has been difficult to deal with, and it’s unfair that we should have a $200 billion or $250 billion deficit. We don’t need them to make our cars; they do make a lot. We don’t need their lumber because we have our own forests, etc. We don’t need their oil and gas. We have more than anyone else.

So, you know, as an example, our relationship with Mexico, I think, has been handled very well. We just… we just want to be treated fairly in our relationships with other countries because there is hardly a country in the world. I attribute this to us, to politicians for some reason, which is likely mainly due to stupidity, and you could say other reasons, but mostly stupidity. They allow other countries to take advantage of the U.S., and we can’t let that happen anymore. You know, we have debt. When you compare it to the value of the assets we have, it’s a very small debt. But we don’t want it that way. We want the debt to be eliminated, and we will be able to do that quite quickly. Many good things will happen. Frankly, good things will happen in the world, and those who trade with us will see good things happen, whether they are allies or non-allies. One very important thing is that I really hope to meet with President Putin soon to end that war.

This is not looking at the issue from an economic or any other perspective, but from the perspective of millions of lives being wasted. Beautiful young people are being shot on the battlefield. You know, bullets fly over very flat land, as I said, with no place to hide, only human bodies to block the bullets. You have to see, I have seen the photos of what has happened; it’s just a massacre. We really have to stop this war. This war is terrible. I’m not talking about economics; I’m not talking about economics; I’m not talking about natural resources. I’m just saying that many young people are being killed in this war. And that doesn’t even include the people who die as cities are destroyed one by one. So we really should put a stop to this.

Similarly, in the Middle East, I think we have made great progress in the Middle East, and I think everything will go well.

World Economic Forum President Børge Brende: Thank you, Mr. President. We know that the most important relationship in the world is between the U.S. and China. The U.S. accounts for 28% of the global economy, while China is close to 20%. Together, they account for almost half of the global GDP. We know you called President Xi last Friday, and we heard you had a good discussion. How do you see the U.S.-China relationship under your leadership in the next four years?

Trump:

He called me. But I think the relationship will be very good. I think we will have a very good relationship. All we want is fairness. We just want a fair competitive environment. We don’t want to take advantage. We have a huge deficit with China. Biden has let this situation get out of control. His $1.1 trillion deficit is ridiculous; it’s an unfair relationship. We have to make it fair. We don’t need to make it extraordinary. We need to establish a fair relationship. Right now, it’s not a fair relationship. The deficit is huge, just like with other countries; in fact, many Asian countries are like that.

Our deficit is very large, and we cannot continue like this, so we will not continue like this. But I really like President Xi. I have always liked him. We have always had a good relationship.

When the pandemic emerged from Wuhan, this relationship became very tense, obviously, which made a lot of people nervous, but it also made our relationship tense. But I can say we have always had a good relationship, and we look forward to good cooperation with China and getting along well. I hope China can help us stop this war, especially the war between Russia and Ukraine. They have a huge influence on this situation. We will work with them; I mentioned this in my call with President Xi, hoping we can work together to stop the war. We want to see denuclearization.

In fact, before the election results, the talks with President Putin were very ridiculous; we were discussing denuclearization between the two countries, and China would be involved. China currently has far fewer nuclear weapons than we do, or its scale is much smaller than ours, but they will gradually catch up in the next four to five years.

I tell you, President Putin really likes the idea of reducing nuclear weapons, and I think other countries will follow suit, and China will be involved. China is also interested in this. A lot of money is being spent on nuclear weapons, and the destructive capability is something we don’t want to talk about today because you don’t want to hear it; it’s too frustrating. So we hope to see if we can achieve denuclearization; I think it’s very possible. I can tell you that President Putin wants to do this. He and I both want to do this. We have had good dialogue with China.

They will be involved, and this will be an incredible thing for the planet; I hope we can restart this.

World Economic Forum President Børge Brende: Mr. President, when you return to Davos next year, will there be a peace agreement between Ukraine and Russia?

Trump:

Well, you have to ask Russia. Ukraine is ready to reach an agreement. To help you understand, this is a war that should never have started.

If I were president, this war would never have started. This is a war that absolutely should not have started. During my administration, there was never even a mention of going to war. I know this is President Putin’s favorite topic, but I also know he would never send troops in. He wouldn’t go into Ukraine. Then after I left, some bad things happened, a lot of stupid comments, and ultimately led to the current result. Now you have all these bombed cities that look like demolition sites, and many lives have been lost. I think you will see that regarding Ukraine, the actual number of dead is far greater than what is reported; I have seen that too. But the actual number of dead is far, far greater than that.

When you see a city that has turned into a demolition site, where buildings have been destroyed by missiles, and everything else is like that, and they say only one person was slightly injured, no, no, many people have perished. These are large buildings. I am surprised by this—this was my industry. These buildings stretch two to three streets, 20 stories high, they are huge and powerful buildings, yet they have been destroyed, with many people inside, and they announce that only two people were injured. That’s not true. So I think you will find that the number of people killed in the Ukraine war is far more than anyone imagines.

But if you look now, many of the killed are soldiers, facing each other with guns, rifles, and drones; drones are a new form of warfare. This is a very tragic thing. When you see the photos of those fields that I have seen, no one wants to see such scenes. You will never be the same again.

World Economic Forum President Børge Brende:

Thank you very much, Mr. President, on behalf of the 3,000 participants here in Davos.

We are truly grateful to you for doing this live stream on the third day of your presidency and for answering questions here. We are ready to welcome you in person next year.

So thank you very much, and I wish you all the best.

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