Trump says 'America First' will benefit world in Davos speech

[DAVOS] President Donald Trump said Friday that US economic growth promoted by his policies would help the world, seeking to square his "America First" agenda with globalism.

"When the United States grows, so does the world," Mr Trump said in a speech to the World Economic Forum in Davos, Switzerland. "American prosperity has created countless jobs around the globe and the drive for excellence, creativity and innovation in the United States has led to important discoveries that help people everywhere live more prosperous and healthier lives." Mr Trump is the first US president to visit the conference in 18 years, and he made his government's presence felt with a large delegation of Cabinet secretaries and top White House aides.

As he does regularly, Mr Trump claimed credit for the run-up in stocks and economic growth that has occurred in his first year in office. In the last year, the Standard & Poor's 500 Index has surged about 25 per cent.

"After years of stagnation the United States is once again experiencing strong economic growth," Mr Trump said. "Consumer confidence, business confidence and manufacturing confidence are the highest they have ever been in many decades." The International Monetary Fund this week acknowledged Mr Trump's recent tax cuts were a reason it had lifted its forecast for US economic growth this year to 2.7 per cent. Still, it warned the short-term effect would wear off by 2022 as budget deficits materialized and individual tax cuts expired.

"Like all nations represented at this forum, America hopes for a future in which everyone can prosper, and every child can grow up free from violence, poverty, and fear," Mr Trump said. "The world is witnessing the resurgence of a strong and prosperous America."

BLOOMBERG