As the World Economic Forum (WEF) kicks off in Davos, Switzerland, US President Donald Trump’s first day back in office has sparked a flurry of discussions and debates among world leaders, policymakers, and industry executives.
His executive orders and bold statements have set the tone for the event, with various groups contemplating the far-reaching implications of his actions on the global stage.
Trump’s vow to push for increased energy production through his “drill, baby, drill” stance is particularly drawing attention from energy industry leaders. His commitment to expanding US territory, along with his controversial plans to pull out of the Paris climate agreement, is also high on the agenda.
Environmentalists are already voicing concerns over these policies, which could significantly impact international climate goals. Meanwhile, trade advocates are examining his new proposal for an "External Revenue Service" to manage tariffs and duties, a development that could reshape global trade dynamics.
The WEF's first day is expected to be dominated by Trump's influence, as his actions continue to reverberate across speeches, panel discussions, and informal back-channel talks. One of the earliest sessions at Davos will explore the early implications of Trump's presidency.
This session will delve into the broader impact of his executive orders, particularly focusing on his stance on electric vehicles.
Trump's commitment to revoking policies set by the Biden administration, including electric vehicle mandates, has sparked intense debate, with many questioning the future of US environmental policy.
As Europe grapples with its own environmental ambitions, the US president’s agenda looms large. The European Union (EU) faces the challenge of balancing its green initiatives with the need for economic growth.
Belgian Prime Minister Alexander De Croo, speaking on the first day of the WEF, emphasised the need for Europe to remain steadfast in its commitment to the European Green Deal.
He acknowledged the growing uncertainty in the global political landscape, exacerbated by Trump’s actions, and called for Europe to maintain clarity on its environmental goals. De Croo urged European leaders not to add to this uncertainty by creating ambiguity on the EU's objectives.
European Commission President Ursula von der Leyen and German Chancellor Olaf Scholz are also taking the stage in the early sessions. Von der Leyen’s speech is expected to offer insight into the EU’s response to Washington’s evolving position.
Meanwhile, Scholz is set to address the economic challenges facing Germany, a country grappling with sluggish growth. Scholz has expressed concerns over the influence of US allies, like Tesla CEO Elon Musk, on European politics, particularly the rise of the far-right in some countries.
Scholz’s political future remains uncertain, with upcoming elections in Germany that could see a shift in leadership.
One of the most anticipated moments at the WEF will be the address by Ukrainian President Volodymyr Zelenskyy. Despite Trump’s campaign promise to end the Russia-Ukraine conflict in a single day, he did not mention Ukraine in his inaugural address.
Zelenskyy, however, is expected to focus on the ongoing war and the search for a peaceful resolution, while highlighting the battlefield gains that both Russia and Ukraine are striving for ahead of potential peace talks.
In addition to global leaders, business magnates from major US companies such as Coca-Cola, Bank of America, and Boston Consulting Group will also share their perspectives on the future of the US economy under Trump’s leadership.
These corporate figures will discuss how Trump's policies, including his focus on economic nationalism and trade tariffs, might affect the direction of the American economy in the coming years.
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