Trump in Davos: ‘America’s Unprecedented Economic Success’ Is ‘The Talk of the Town'

By Melanie Arter | January 22, 2020 | 8:19pm EST
(Photo by FABRICE COFFRINI/AFP via Getty Images)
(Photo by FABRICE COFFRINI/AFP via Getty Images)

( – Everyone at the World Economic Forum in Davos, Switzerland is talking about the success of the United States economy, President Donald Trump said Wednesday.

“I think Davos has treated us really beautifully.  It’s been a tremendous success.  Everyone is talking about America’s unprecedented economic success.  It’s really the talk of the town, so to speak. Since my election, America has gained over 7 million new jobs.  The unemployment rate is now the lowest in over half a century,” he said.


“The average unemployment rate for my administration is the lowest of any U.S. president in recorded history, which is very nice. We have some good ones.  We have some bad ones too, by the way. Unemployment rates among African American, Hispanic American, Asian Americans has reached a record low in the history of our country -- the lowest,” Trump said. 

“African American youth unemployment has reached the lowest in the history of our country - so proud of that. African American poverty numbers have plummeted to their lowest rate ever recorded,” the president said. “Unemployment rate for women has reached the lowest level in almost 70 years.  And the veterans’ unemployment rate dropped to a record low. 

“Unemployment rate for disabled Americans has reached its all-time record low also,” he said. “Workers without a high school diploma have received the -- and achieved the lowest unemployment rate ever in recorded history, and that’s so important. Without a high school diploma -- we have a lot of great people that don’t have a high school diploma, so we have record-low unemployment.”

According to the latest statistics from the Bureau of Labor Statistics, the unemployment rate for high school dropouts was 5.4 percent with 21,627,000 high school dropouts unemployed in 2019.

Not only that but, Trump said, a “record number of young Americans are now employed.” 
“We have the highest number of people working in our country that we’ve ever had before.  We’ve never had anything even close. We’re almost up to 160 million, and we’ve lifted 10 million people off of welfare,” he said, adding that “millions of people don’t need food stamps anymore.”

“It’s not that we’ve lifted them off, which we have, but they don’t need them anymore. They have jobs. They’re doing really well,” he added.

Not only has the U.S. stock market “reached the highest point that they’ve ever, ever had,” Trump said, “We’ve made at least $19 trillion, in terms of wealth -- in terms of wealth creation for our country, beyond the stock markets.”

The U.S. has also surpassed China as “the biggest economy in the world,” the president said.

“China would have caught us.  They were getting very close.  It was anticipated that, in 2019 -- this is for many years; I’m not telling you any secrets -- that, by 2019, China would become the largest economy in the world, and right now we’re much larger, but we have a great new deal with China, a great deal, and we have, I would say, our best relationship that we’ve ever had with China, on top of everything else,” he said.

“And we’re starting phase two.  Phase one turned out to be much bigger than we anticipated, because we have intellectual property protections.  We have -- many of the financial deals and aspects of the financial deals that we wanted, we got done, and other things,” Trump said. 
“In addition to the farmers, we’ve got the total, complete package for the farmers, and we think that’ll -- we estimate that will be anywhere between $40- and $50 billion.  The number, I think, is going to be closer to $50 billion.  The most they’ve ever done is $16 [billion]. So we go from $16 [billion] to anywhere from $40- to $50 billion that they’ll be purchasing,” the president added.

Trump said he’s had conversations at the World Economic Forum about other leaders moving factories and plants back to the United States.

“We’re an economic powerhouse like, actually, we’ve never been.  Jobs, factories, companies are pouring back into the United States. That’s one of the reasons I’ve been in Davos, is we have had conversations with other leaders of other countries where we’ve traditionally had tremendous deficits,” he said. 
“I say, ‘You have to move factories and plants back here.’ They took a lot of them. They actually took a lot of them, and now they’re going to move them back.  They’re not going to move them back; the companies are coming back because everybody wants to be here, but the countries also understand that we have to balance out our trade, and we’re doing incredibly well in that way,” Trump said. 
The president met with World Trade Organization President Roberto Azevêdo. He said he’s had a dispute with the WTO for quite a while, because the U.S. had not been treated fairly.

“China is viewed as a developing nation. India is viewed as a developing nation. We’re not viewed a developing nation. As far as I’m concerned, we’re a developing nation, too, but they got tremendous advantages by the fact that they were considered ‘developing’ and we weren’t. And they shouldn’t be, but if they are, we are, and we’re talking about a whole new structure for the deal, or we’ll have to do something,” he said.

“But the World Trade Organization has been very unfair to the United States for many, many years. And without it, China wouldn’t be China, and China wouldn’t be where they are right now.  I mean, China -- that was the vehicle that they used, and I give them great credit, and I also don’t give the people that were in my position great credit, because, frankly, they let that all happen, but the vehicle was the World Trade Organization,” the president said.

The WTO president and his representatives will be coming to Washington, D.C., in next week or the week or so, Trump said.

“And Roberto and I have a tremendous relationship, and we’re going to do something that I think will be very dramatic.  He’ll be coming with a lot of his representatives to Washington sometime -- maybe next week or the week after -- and we’ll start working on it,” he said.


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