Every January, global leaders gather in Davos, Switzerland, for the World Economic Forum to discuss international economic trends and policies. This year, the presence of the Trump administration at the event has raised questions about its purpose for attending, given its criticism of previous globalist approaches.
Howard Lutnick addressed these concerns by stating that the administration is not in Davos to maintain existing global norms. “We’re not going to Davos to uphold the status quo. We’re going to confront it head-on,” he said.
Lutnick argued that past U.S. leadership contributed to a system where American economic power was transferred abroad through policies such as offshoring and weakening of borders. He stated that these strategies harmed American workers and industries while also affecting other countries negatively.
He emphasized that under President Donald Trump’s leadership, U.S. economic policy now prioritizes domestic interests. “This administration is putting America first. We’re aggressively rebuilding domestic manufacturing, unleashing American energy, demanding fair trade with our partners, and restoring the idea that our economic policy should serve American citizens, not the other way around,” Lutnick said.
According to Lutnick, these policies have led to increases in exports and reductions in imports and deficits. “Our exports are up, our imports down, our trade deficit is down by 35 per cent and our budget deficit dramatically lower. Our GDP growth is driven by record investment in the US economy,” he stated.
Lutnick also noted positive developments in global markets alongside America’s recent economic changes: “Stock markets in Japan, the UK, Europe and South Korea are all up, way up...when America shines brightly, the world shines.”
He described a shift away from what he characterized as an outdated model of globalization: “With President Trump, capitalism has a new sheriff in town...The Trump administration is unapologetically taking on that failed set-up.”
Lutnick maintained that strong national economies make better trading partners globally: “America First does not mean America alone. We believe the global economy is at its strongest when nations are strong individually.”
He concluded by outlining two potential paths for international economic policy—maintaining current institutions or focusing on national sovereignty and productivity—and reaffirmed the administration’s commitment to prioritizing American workers: “We aren’t going to Davos to blend in...We are here to declare that the era of America Last has come to an end.”
