In a high-profile address at the World Economic Forum in Davos, Switzerland, US President Donald Trump blamed the Biden administration for leaving behind "economic chaos" and laid out his administration's ambitious plans to tackle "crises" facing the nation.

"What we're doing, and going to do, my administration, is acting with unprecedented speed to fix the disasters we've inherited from a totally inept group of people and to solve every single crisis facing our country," Trump said. He pointed to soaring inflation and a mismanaged border situation as evidence of Biden's failures.

Trump assured the audience that his administration's priorities include stabilizing the economy, addressing border security, and confronting the legacy of what he called "failed policies" under his predecessor.

Energy Strategy and the Russia-Ukraine War

During his speech, Trump tied the ongoing Russia-Ukraine conflict to energy prices, arguing that lowering oil costs would bring the war to an immediate end. "I'm also going to ask Saudi Arabia and OPEC to bring down the cost of oil. You've got to bring it down, which, frankly, I'm surprised they didn't do before the election," he said. "The Russia-Ukraine war would end immediately."

Trump criticized the current high energy prices, claiming they are fueling the conflict. "Right now, the price is high enough that that war will continue. You've got to bring down the oil price. You've got to end that war, they should have done it long ago."

Highlighting America's vast energy resources, Trump said, "The United States has the largest amount of oil and gas of any country on Earth, and we're going to use it." Leveraging these reserves would position the US as a global energy leader, he said, noting that this will strengthen the economy.

Trump also promised tax cuts for manufacturers and incentives for companies to relocate to the US, warning that those choosing to manufacture abroad would face tariffs.

Interest Rates and Economic Reform

In addition to his energy strategy, Trump announced plans to push for immediate reductions in interest rates, both domestically and globally. "I'll demand that interest rates drop immediately," he said. "Likewise, they should be dropping all over the world. Interest rates should follow us all over."

Trump's speech also touched on his vision for the United States as a manufacturing powerhouse and a leader in emerging technologies like artificial intelligence and cryptocurrencies. "It [oil and gas reserves] will make the United States a manufacturing superpower and the world capital of artificial intelligence and crypto," he declared.

The president also addressed European energy security, pledging to ensure liquefied natural gas (LNG) supplies for the continent. "Yes, I would make sure that you get it," he stated when discussing Europe's reliance on energy imports.

Read more: US energy sanctions could drive fuel prices in Europe up: Szijjarto