Rolling coverage of the final day of the World Economic Forum in Davos, including Donald Trump’s speech
1.5 hours to go until Trump speaks at #Davos people are already going in.
(That didn’t happen for any of the other speakers or world leaders) pic.twitter.com/8AQ8l7C7ky
Just in: Donald Trump has given an interview to CNBC.
The US president says he came to the World Economic Forum to encourage firms to invest in America:
So when I decided to come to Davos I didn’t think in terms of elitists or globalists. I think I thought in terms of lots of people that want to invest lots of money, and they’re all coming back to the United States, they’re coming back to America. And I thought of it much more in those terms. After I said that I was going there were massive stories about the elite, and the globalists, and the planes flying in, and everything else. It’s not about that. It’s about coming to America, investing your money, creating jobs, companies coming in.
I like bilateral because if you have a problem, you terminate. When you’re in with many countries, like with TPP— so you have 12 if we were in— you don’t have that same, you know, you don’t have that same option. But somebody asked me other day would I do TPP. Here’s my answer. I’ll give you a big story. I would do TPP if we made a much better deal than we had. We had a horrible deal. The deal was a horrible deal. NAFTA’s a horrible deal, we’re renegotiating it. I may terminate NAFTA, I may not. We’ll see what happens. But NAFTA was and I went around and I’d tell stadiums full of people, “I’ll terminate it or renegotiate it.”
“NAFTA’s a horrible deal, we’re renegotiating it. I may terminate NAFTA, I may not. We’ll see what happens.” – President @realDonaldTrump on NAFTA at #wef18 https://t.co/DJKhrpEg97 pic.twitter.com/zrA3jASiVe
Prime minister orders officials to make plans for visit by the US president later this year after pair meet at Davos
Theresa May has taken the gamble of inviting Donald Trump to make his controversial visit to Britain later this year after a meeting between the prime minister and the US president at the World Economic Forum in Davos.
Related: Davos 2018: UK and US ‘finalising details’ of Trump visit to Britain this year – live updates
The snatched Davos assignation is the latest in a series of missteps that have made the relationship special in all the wrong ways
Theresa May’s assignation with Donald Trump – in which he declared the countries were “joined at the hip” – looks at best like a snatched opportunity, at worst like an afterthought. But it is just the latest in a series of diplomatic missteps made by the UK in its dealings with the present US administration that have left the relationship looking special in all the wrong ways.
One can only imagine the response in the Foreign Office and No 10 after the announcement this week that the first foreign leader to be honoured by a state visit to the Trump White House would be Emmanuel Macron. So near, yet so very far.
The UK prime minister says the relationship with the US is as strong as ever ahead of a meeting with Donald Trump at Davos. May says she will discuss a range of foreign policy issues as well as free trade
Rolling coverage of the third day of the World Economic Forum
Theresa May is now challenging social media companies to do more to protect users – especially children.
We want Britain to be a “World leader in innovation-friendly regulation” she says (not the catchiest slogan).
Companies simply cannot stand by while their platforms are used to facilitate child abuse, modern slavery, or the spreading of terrorist and extremist content.
Theresa May singles out Uber as an example of the potential,and problems, created by technology.
It’s an innovative company, but it has also got things wrong – with safety issues and concerns about its treatment of workers
Those who benefit from migration and globalisation should share the benefits with those bearing the brunt of its effects
The elites have learned their lesson this year, we’re told. “Ahead of Davos”, the Washington Post headlined a report this week, “even the 1% worry about inequality”. That statement is actually unfair. Davos is one of the places where the rise of inequality has been recognised most candidly over the past few years.
The thing is, worrying about inequality doesn’t stop people voting for Ukip, Trump or Brexit. Elites need to put their money where their mouth is and to go from being “committed to improving the state of the world” (the World Economic Forum’s tagline) to actually taking action to improve it. We need new ways to share the proceeds of globalisation more effectively with the people bearing the brunt of its negative effects. If we don’t, we might as well get used to the political ascent of people such as Donald Trump and Nigel Farage and the erosion of democracy they spearhead.
Sundar Pichai tells Davos flawed tax system is to blame for EU countries missing out on revenue
The chief executive of Google has declared he is happy for his company to pay more tax, and called for the existing system to be reformed.
Sundar Pichai told an audience at the World Economic Forum in Davos that the tax system needed to be reformed to address concerns that some companies were not paying their fair share.
Roberto Azevêdo says countries see risks of going it alone despite Trump’s action against China
The head of the World Trade Organization has played down talk of a global trade war after the US said it was planning to take fresh action against Chinese imports.
Speaking to the Guardian in Davos, Roberto Azevêdo said countries were becoming more aware of the risks of a go-it-alone approach that would harm their poorest citizens the most.
Oxfam calls for action on gap as wealthiest people gather at World Economic Forum in Davos
The development charity Oxfam has called for action to tackle the growing gap between rich and poor as it launched a new report showing that 42 people hold as much wealth as the 3.7 billion who make up the poorest half of the world’s population.
In a report published on Monday to coincide with the gathering of some of the world’s richest people at the World Economic Forum in Davos, Oxfam said billionaires had been created at a record rate of one every two days over the past 12 months, at a time when the bottom 50% of the world’s population had seen no increase in wealth. It added that 82% of the global wealth generated in 2017 went to the most wealthy 1%.
Democracies will fall under the spell of populists like Donald Trump if they fail to deal with the fallout of globalisation
The rich, as F Scott Fitzgerald noted, “are different from you and me”. Their wealth, he wrote, makes them “cynical where we are trustful” and their affluence makes them think they are “better than we are”. These words ring truest among the billionaires and corporate executives flocking to the Swiss ski resort of Davos this week. The highs recorded by stockmarkets, the tremendous monopoly power of tech titans and spikes in commodity prices reassure the rich cosmocratic class that they have weathered the storm of the financial crisis. The moguls can talk safely about inequality and poverty. But they will do little about it because they do not think their best interests are aligned with citizens. This is a mistake of historic proportions.
Since 2015, Oxfam calculates, the richest 1% have owned more wealth than the rest of the planet. The very wealthy think they no longer share a common fate with the poor. Whatever the warm words at Davos, no company bosses will put their hands up to the fact they play one country against another in order to avoid taxes; no firm will be honest about their attempts to stymie trade unions or about how they lobby against government regulation on labour, environment or privacy that tilts the balance of power away from them and towards the public. The largest western corporations and banks now roam the globe freely. As memories of the financial crisis recede, they are going back to the myth that they are no longer dependent on national publics or governments. Lobbyists for the corporate world claim that markets are on autopilot, that government is a nuisance best avoided.