President Trump has Dinner with European Business Leaders


The President: Well, I just
want to thank everybody. The receptivity that we’ve
had and the United States has had being here
has been incredible. Sitting around this table
are some of the greatest business leaders in
the world, some of the greatest companies
in the world. Probably, I can think of
no other place or time where you’ll have
executives of this stature. And I thought what I’d do
is, first of all, I want to thank the professor for
having done a fantastic job. Klaus, thank
you very much. You have really
done outstandingly. And putting this together
at this level over many years has been a great
tribute to you and your entire group and
your entire family. So, thank you very much. It’s an honor to be here
representing the United States. Mr. Schwab: Thank
you, Mr. President. The President: I just want
to say that there’s been a lot of warmth, a lot of
respect for our country. And a lot of money – billions
and billions of dollars – is coming
into the U.S. And people are very happy
with what we’ve done, not only on the tax bill, but
also cutting of regulations, and I think
also being a cheerleader for our country. You know, if you’re not
a cheerleader for your company or for your
country, no matter what happens, it’s not
going to work. And that’s what I’ve been
and that’s what my whole group has been. So perhaps I’ll start on
my left and you can go around. And here’s one of the
very big, powerful businesspeople
of the world. And just say a few words
about your company and whatever you’d like to do. Go ahead. Mr. Kaeser: Thank
you, Mr. President. Thank you for
inviting me today. Obviously, I
work for Siemens. We’ve got 56,000 people
working in the United States; $34
billion revenues. (Inaudible) So, congratulations
on your tax reform. You said this is what
you’re going to do. (Inaudible) The
President: We said it. And, by the way, when he
says he works for Siemens, he’s the president of
Siemens, but that’s okay. (Laughter) It’s a good
way of saying it. But go ahead. Mr. Kaeser: But don’t you
work for your country? The President: Yeah, we
work for our country. That’s right. (Laughter) Same thing. And Siemens is doing good? Mr. Kaeser: We’re
doing really well. As a matter of fact, we’ve
been investing quite a lot into the country. And since you have been
successful with tax reform, we decided to
develop next-generation gas turbines in
the United States. The President: Oh,
that’s a big thing. That’s very big. That’s fantastic. Mr. Kaeser: It is. The President: Where
will that be developed? Mr. Kaeser: Charlotte. The President: Oh,
Charlotte is great. That’s fantastic. Well, thank you. On behalf of Charlotte,
thank you very much – and our country. Mr. Kaeser: Our pleasure. Thank you. Mr. Renjen: Mr. President,
thank you for having me. Punit Renjen
from Deloitte. On behalf of 265,000
employees across the globe, 70,000 in the U.S.,
thank you again for having us. The President:
Great company. Thank you very much. Great job. Mr. Renjen: Thank you. Mr. Schneider: Mr.
President, thank you for the invitation. Mark Schneider,
CEO of Nestle. Nestle was co-founded – this
is something that few people know – by American
brothers who moved to Switzerland after
the Civil War. Today, we employ 50,000
people in the United States. We operate 77 plants. Almost everything we
sell is locally made. We offer 10 R&D centers,
and we’re excited about what’s going in the U.S. market. The President: And people
think of Nestle for candy, but I read the other day
that’s actually only 3 percent of your company. So, what is your
primary product now? Mr. Schneider: Coffee, infant
nutrition, water, pet food. Those are the (inaudible). The President: Yes. Fantastic job you’ve done. Thank you very much. Professor. Mr. Schwab: Yes. Well, (inaudible) fully engaged
also in the United States. But what you probably
do not know, one of (inaudible) staff is
working in the (inaudible) – 800 people. But tiny compared to you. But one of the staff is
working in New York and in our Center for the Fourth
Industrial Revolution in San Francisco. The President:
That’s very good. Has this been a very successful
one, right here, now? Mr. Schwab: Yeah. The President: Has it
all gone very well? Because it seems to
really be going smoothly. A lot of really
good relationships. Mr. Schwab: Yeah. And even more what
I mentioned before, Mr. President – the World
Economic Forum is a very business-driven approach
to global cooperation. And I think many of the
issues can be much faster and much more efficient
if business is involved. So that’s what we
are doing – creating coalitions between
governments, business, and, to a certain extent,
also the young generation, to make sure that we
really have a pragmatic approach in global
governance. The President: Well,
we’re honored to be here and be with you. Thank you for this. Mr. Suri: Good evening,
Mr. President. I’m Rajeev Suri
from Nokia. We’re the leading networks
– telecom networks company in the world, number two. We have 15,000 people in
the U.S., and it’s one of our strongest R&D setups
in the world, spread throughout the U.S. We have half of
the acquisition of Alcatel-Lucent. We own Nokia Bell Labs,
which is in New Jersey. We do a lot of stuff
in the West Coast, in Chicago, and throughout
the country, really. So just under half of our
people do research and development, and the rest
are doing services and 4G networks and 5G. So, I’m very happy
and pleased with your infrastructure focus,
and (inaudible). The President:
Thank you very much. Appreciate it. Mr. Lundstedt: So, thank
you, Mr. President, for inviting all of us. My name is Martian
Lundstedt; I’m the president of
the Volvo group. The President: Volvo. Mr. Lundstedt: Yeah. And among other things, we
are the proud owners of Mack trucks. The President:
That’s right. Which are 100 percent
made in the U.S. Mr. Lundstedt: Absolutely. And Volvo trucks
(inaudible) North America is 100 percent made in the
United States, as well as our construction
equipment in Pennsylvania; as a matter of fact, in
Allentown and Shippensburg and in Middletown, and New
River Valley in Virginia. So, we are primarily
focused on the East Coast. We are just now running
the biggest investment program in our company’s
history, in the United States, for R&D. The President: How much with
you will be investing? Mr. Lundstedt: For the
time being, just north of 2 billion U.S. dollars into – in that
specific program. But we have a big
(inaudible) – very, very good (inaudible) infrastructure
and transportation. The President:
That’s great. Absolutely. Well, we’re going to be
doing a lot of that. I asked the question
before, when I heard Volvo, and I know they
own Mack truck – I said, what’s the difference in
price between a Mack and a Volvo comparable truck? And you said – Mr. Lundstedt:
I said, (inaudible) very strong (inaudible). (Laughter) The President: He said
they’re both great, but a Mack is
about 15 percent more. (Laughter) That
was very good. Thank you very much for
that investment in the U.S. $2 billion is great. Thank you very much. Mr. Rorsted: Mr.
President, thank you for the invitation. I represent the
Adidas team. The President:
Adidas, good. Mr. Rorsted: America
is our single biggest country, and we (inaudible) 30
percent in the U.S. And some of the most
famous creators of our products are coming out of
the U.S., starting with Stan Smith in the
seventies; Kanye West, probably one of the most
(inaudible) shoes in the world. And we just opened a
fully automated shoe and (inaudible) plant in the
state of Georgia and Atlanta. The President:
That’s fantastic. Great job. Mr. Baumann: Hello, I’m
Werner Baumann, and I’m the CEO of Bayer. That’s a company that, in
the future, it will be known as the company that
is formally the aspirin company. So, we are working heavily
on (inaudible), national icon in the U.S.,
making good progress. And hope to close this
transaction in early 2018, so it should be a minute. The President: So what
percentage of your company is the aspirin? Mr. Baumann: Aspirin is a
1.1 billion euro, so $1.4 billion. The President: So that’s a
pretty small percentage. Mr. Baumann: It’s
relatively small, but it’s one of the few brands
that has been growing for 120 years. It’s very profitable. And I think you
take it as well. (Laughter) The
President: I do. I take one a day. (Laughter) I generally – I should
say, I only take Bayer. (Laughter) One
aspirin a day. So far, it’s been working. But it’s a great company. So are you going to be
investing in the U.S.? Mr. Baumann: Yes, we are. We will actually
consolidate most of our activities also into
(inaudible) headquarters in St. Louis. We’re going to invest about
$16 billion, if you look at – The President:
$16 billion, wow. Mr. Baumann: (Inaudible)
R&D investment in crop alone. And 60 percent out of that
is going to be in the U.S. over the next six years. The President:
Thank you very much. That’s really great. Thank you. Mr. Tucker: My name is
Mark Tucker from HSBC. HSBC, you know well. The President: I do. Mr. Tucker: Our
business in the U.S. began in 1865. And we’re the largest
foreign bank in the U.S. We had a business – we have a balance
sheet of $2.6 trillion. The President:
That’s right. Mr. Tucker: We work in 70
countries, and we have a market capital of
around $250 billion. The commitment to the U.S. – we have a very strong
business here, and a business that will
continue to grow. The President: And you
founded one of the most successful
businesses in China. That is a big statement. You did a great job. So it’s a great
honor to have you. Thank you very much. It’s a fantastic
job you’ve done. I know all about you. I know everything
about you. (Laughter) Thank you. Mr. Tucker: That’s
dangerous, Mr. President. (Laughter) The
President: I know. You people have done
what you’ve done. Congratulations. Mr. Pouyanne: I’m Patrick
Pouyanne, chairman and CEO of Total,
which is an oil and gas company, the fourth largest
in the world. Out of 50 countries,
we are in the U.S. – 7,000 people. We do almost everything
in your country. We produce oil,
we explore. We are just making a big
discovery in the Gulf of Mexico, oil discovery. We produce gas in Texas. We are investing in an
energy plant in Louisiana to export gas
from the U.S. What else – we are just
deciding to invest $3 billion in
petrochemicals in Texas. A big (inaudible), a big
plant, creating 1,500 jobs. We have 7,000 people in
your country and in 23 states. The President: So, you’re
fourth in the world. Mr. Pouyanne: Yeah, we
are fourth largest in the world, and third by
reserves – more than 10
billion-barrel reserves. (Inaudible) we invest
around $15 billion each year, and at least $1
billion as an average in the U.S. And, of course,
for us – U.S. (inaudible) gas
revolution, (inaudible) revolution. (Inaudible) – lost-cost
energy, lost-cost (inaudible). So we come, and even we will
do more with your tax reform. The President: It’s
a great company. Mr. Pouyanne: And we are
also invested in renewables. Maybe you disagree, but in solar
business, in a U.S. company. We are (inaudible) solar
power, California company, high-tech company. And so we are heavily
invested in – we’ve invested more than $2
billion in that company to develop solar in the U.S. The President: And we’ll
rebuild that business. That whole thing is going
to get rebuilt now, the solar panels. And you’ll see a
big difference. But that’s very good. So, from the U.S. standpoint, you’re
very happy about it? Mr. Pouyanne:
Yes, I’m happy. To be honest, for some
(inaudible), there is competition with
(inaudible). The President: You
have competition? Mr. Pouyanne: Yes. (Laughter) The President:
That’s what we wanted. (Laughter) No, but
you’ve done a great job. Thank you. Mr. Pouyanne: Thank you. Thank you, Mr. President. The President:
Appreciate it. Mr. Hiesinger: Mr.
President, thank you for the invitation. Heinrich Hiesinger,
CEO of Thyssenkrupp. We are strongly
localized in the U.S. in elevator engineer
automotive. Eighty percent is
already localized. Very proud that we have all the
elevators in the Freedom Tower – The President: Wow. Mr. Hiesinger: – which is,
for our people, our big pride. They worked six
years on that one. And our other thing is, we
have 3,000 apprenticeships for young people
each and every year. The President: So, Otis
compared to the size of what you do, where are you – Mr. Hiesinger: We are
quite similar in size. The President: It’s
a great company. Mr. Hiesinger: We are
heading to one to one, because years ago we have
acquired Dover, and this made us quite stronger. The President: Great. That’s good. Great product. I’ve used your
product, as you know. Great product. Thank you very much. Mr. Saetre: So, thank
you, Mr. President. Thank you for
the invitation. It’s an honor. My name is Eldar Saetre. I’m the CEO of Statoil –
(inaudible) oil and gas coming from Norway –
Norwegian, Norway. We’ve been present
in the U.S. for 30 years now. Substantial investment
over the years. So, we’re engaged both in
the onshore, the offshore, trading, extensive trading
business, and also renewables. Primarily in solar, but
offshore wind, actually. So quite sizeable
business, not as big as Total yet, but we’re
working on it. So, we are growing and
increasing our production in three areas onshore;
increasing to eight fields offshore; 300,000-plus
barrels a day. Currently growing to
around 400,000. So it’s our second biggest
location outside of the Norwegian (inaudible). So, we are growing in
terms of production, and obviously also in
terms of investment. So, I would like to
congratulate you on the tax reform. I think that is really
good news, I guess, for all of us here, but also
for the oil and gas, and our industry. The President: Good news
for a lot of people. Mr. Saetre: Oil and gas is
also a heavily regulated business. So, your thinking and your
actions on what you’re doing on regulations
is good news. The President: We’re
opening it up, and we’re becoming energy
self-sufficient very rapidly. We really, just about
are hitting that mark. And as you know, we’re
opening up a lot of different places in the
U.S., including the plants that you’re building. A lot of places are
opening that would never even have – they wouldn’t
have even conceived of them. So, a lot of things
are happening. Thank you. Great job you’ve done. Thank you very much. Mr. Narasimhan: Mr.
President, thank you very much for the
honor of being here. I’m the CEO of Novartis. We’re one of the largest
healthcare companies in the world. We focus on innovative
medicines, generics, as well as eye care. Today, we have about
22,000 employees in the U.S. across 21 sites. We invest about $14
billion every year into the United States,
including $3.5 billion in research. It’s one of our key,
obviously, markets, but also key places where
we drive innovation. And we’re really pleased
with the tax reform, but also very pleased with the
great progress being made at FDA. We believe you have a
great leadership team there and they’re doing
all the right things to accelerate innovation. The President: Scott is
great, and Alex is great. You know, Alex is just starting,
and he’s highly respected. So that’s fantastic. Scott Gottlieb, as
you know, is a star. Mr. Narasimhan:
He is a star. And I think his vision
for tobacco and trying to improve – reduce the use
of tobacco around the world is also
very inspiring. The President:
That’s very good. Thank you very much. Mr. Spiesshofer: Mr.
President, thank you very much for
having me tonight. I serve the people of ABB. We have business in more
than 100 countries of the world, but we have made,
the last eight years, the U.S. an investment focus. We have deployed $13
billion of capital, and bought some iconic brands
in the U.S., like Baldor in Fort Smith, Arkansas,
a motor company. And we are just now in the
process of closing the transaction to acquire GE
Industrial Solutions, a fantastic business, in
terms of install base. It needs a little bit of
investment, in terms of technology and – The President:
Did you get a good price? Did you get a good price? Mr. Spiesshofer: I got
a good price, yeah. The President: I know you
got a – you always get a good price. (Laughter) I know
who I deal with. He always gets
a good price. That’s good. Mr. Spiesshofer:
Altogether – so we have today now, including the
(inaudible) have 26,000 people in the U.S., in
more than 60 sites, nicely spread over all the U.S. We have the classic copper
and iron activities, the motors. And just last week, we
(inaudible) the entire executive committee team
time in Silicon Valley, because there we have an
AI and robotics center that we firmly intend to
grow further and invest significantly to
support the U.S. in the next level of
industrialization. The President:
One-year write-off. Big difference, right? Mr. Spiesshofer: Yes. The President: That’s
probably the biggest sleeper in the
whole tax bill. Mr. Spiesshofer:
Absolutely. The President: Thank you. Great job. Good luck with
the GE purchase. Well done. Mr. Spiesshofer:
Thank you. We need that. The President:
Sounds good. You’ll be just fine. (Laughter) Go ahead. Mr. Brito: Mr. President,
thank you very much for the invitation. I’m the CEO of
Anheuser-Busch InBev, a beer company. The President: Yes. Anheuser-Busch. Mr. Brito: We have (inaudible)
more than 50 countries around
the world. We sell beer in more
than 100 countries. Our number one local beer
brand is Budweiser, out of St. Louis. The President: Right. We know it well. Mr. Brito: We started
there in 1852, and we’ve been in the beer business for more than 600 years. Our Belgian business dates back
to 1366, our Belgian company. And our biggest market is
the U.S., where we employ 18,000 people in
more than 50 sites. And we’ve just announced
last year a program through 2020 to build
our investment and our facilities in the U.S. The President:
That’s fantastic. That’s good. Thank you very much. That’s fantastic. Thank you very much. Mr. Brito: Thank you, sir. Mr. McDermott: Hey,
Mr. President. I’d like to thank you,
first of all, for having me, but also for spurring
on all this growth because these are all
my customers. The President: I know. (Laughter) Mr. McDermott:
I mean, it’s kind of amazing to have all your
customers talking about adding jobs and growing
their business. And it’s just a real
tribute to the momentum that you’ve created
in a global economy. So, I thank you very much. SAP is the leading
enterprise sulfur company. We have 90,000 people
around the world. In the United States,
we’re quickly approaching 25,000. It’s the fastest-growing
region in the world, especially in jobs. I’m very proud to share
with you that, when you think about the Army and
the Navy, and the missions they run to protect the
world, they run on SAP. And when you think about
the Vice President, in the state of Indiana, for
example, solving infant mortality
issues and things like that, we were working hand-in-glove
with him there as well. So, it’s a real honor, and
thank you for having me. And we look forward to
helping in any way we can. The President: And you
have done a really spectacular job. I guess pretty much
everybody at this table is your customer, so
that’s not so bad. Mr. McDermott: Exactly. The President:
I want to congratulate you – Mr. McDermott: Thank
you, Mr. President. Thank you. (Laughter) The President:
I want to thank everybody. Really, you have done
incredible work, incredible jobs. These are some of the
great companies of the world, many of the great
companies of the world. And congratulations. And now we’ll talk. And thank you very much. Appreciate it. Thank you very much.

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Comments

  1. And people think of Nestle for candy, but I read the other day that's actually only 3% of your company. So what is your primary product now?

  2. The President is so much more comfortable in these types of loose situations. I like this Trump better then teleprompter Trump. But I understand words matter and he needs to say exactly what he needs to say. But I prefer off the cuff Trump. He seems to enjoy shining light on other people….see it in his rallies as well.

  3. Lowering taxes without marketing america to the world is bad . This the reason why trump's tax-cut move is successful because he himself is selling and marketing America for more investors to come to the US

  4. maybe I wasn't paying attention, but I never saw Obama meeting with business leaders encouraging business in the US, did you guys?

  5. Mr. President Trump President of the United States of America! And the officials of the United States administration. 2018 USFK training should never be postponed. And it must be done on a much larger scale than before. Moon Jae-in of the Republic of Korea and some of his staff are composed of people with a deep left color and are playing with the North's trickery. This is an article written by a citizen of the United States and a liberal Korea.

  6. thank you PRes. TRump for,all these companies investing billion dollars in America! YOu are a great inspiration for us poor working people! thank you for a few extra bucks in our paycheck!We the people are starting to feel how good it is to win,,win, win!

  7. I wonder how CNN is going to spin this dinner? Did he have two shakes of the salt? Ooh the Russians sat two seats near trump! Collusion!

  8. The let him sit at the big boy table. Read any non-US news source to see things about them snickering behind his back and then flattering him to his face.

  9. Bayer's chemicals are responsible for damaging bee colonies. Nestle is one the most hated companies in the US . Unethical behavior, child labor, environmental damage, price fixing, pollution, mislabeling.

  10. he cant repeal obamcare cant get the trade deficits down cant repeal nafta what a failure, not to mention his Keynesian economic policy

  11. In European we do not eat with the fingers. fork and knife first! And the whine is easy to understand red meat fits with red meat. White wine for white meat like chicken, fish etc

  12. DAVOS 2018 Conference – venerable conglomeration of the world's most powerful business tycoons who essentially rule industrial- business world; respectable gathering of the world most powerful CEO's, industry-corporate and business MOGULS.

    And yet, for all the years past, its powers that be has been resentful to invite DONALD TRUMP, the world's most successful real estate tycoon. It would have been impossible not to have heard of TRUMP success in the real estate world, afterall, the TRUMP name is etched in many of the tallest building all over the world, singlehandedly metamorphosis of NYC skyline – an achievement no other has attained.

    Truth be said – Trump was PURPOSELY IGNORED. During the Obama years, the World Economic Conference would rather hear Street coordinator lectures that had nothing to do economy, nor business creation, nor fair trade – rather touted "shovel ready job" fairy tale. The sad fact is Obama had not created one lousy private job in the 8 years of his presidency – zip-zap-zilt-zero, WORSE, Obama unilaterally declared jobs and industries are lost forever to China, Japan and Mexico.

    And yet, World Economic Forum invited Obama who has absolutely zip-zap-zilt-zero Business ACUMENS 8 times, while DONALD TRUMP, the one with proven Business ACUMENS was PURPOSELY IGNORED.

    President Trumps' first time addressing this body of business-'elites" came prepared with true Economic agenda, lecturing these SMUG business elites his goal – when AMERICA succeeds, the entire business world benefits too – TRUMP speech was so far removed from Obama's self serving lectures that had nothing to do with generating wealth and promoting prosperity. Obama has all the charms, but zip-zap-zilt-zero business acumens.

    TRUMP first invite was a success, primarily with a proven success that AMERICA IS AGAIN OPEN FOR BUSINESS. Just look at his record ACCOMPLISHMENTS in less than 1 year !

    ' enough said.

  13. Wow Mrs President Donald trump is the man,! I wish he could of been elected 9 years ago, Barak Obama was a real loser. Empty suit

  14. here they sit around a table. All those who, like Siemens, dismiss people for profit, Nestle who cultivate cacao plantations in Africa, where children work. Bayer, which is very questionable because of Monsanto. There are those who suck us, lie to us, and sell their own mothers for more return. All lobbyists who know exactly who to sit at the table with to increase their sales.
    These are the ones who make us sick, cheat and exploit us.
    I can only hope that humanity will eventually get smarter.
    And if they respect the president, it does not matter. There are criminals who do not care about the future of our children, nor worry about fair working conditions. Including Donald Trump. I do not know who the worst guy is.

  15. LOOK AT HOW MUCH DONALD J TRUMP HAS DONE IN ONE YEAR . THE LAST PRESIDENT WOULD BE OUT GOLFING OR SKREWING AROUND WITH AL SHARPTON TELLING LIES . 8 YEARS WASTED BY A MORON AND THE STORK HIS BOYFRIEND OR WIFE .

  16. When the corrupt terrorist NAZI trump goes to the UK and meet the terrorists corrupt NAZI tory bitch Theresa May, the both of them will be fucking killed! Death to the two corrupt bigoted conservative Nazis!

  17. trump and Republicans are defined as: Representing, Exclusively, Private, Ultra-Conservative, Billionaires and, Lacking, Interest in, Caring for Average Americans and, NEGLIGENT in their duty to the country!!!!! DUMP THE trump!!!!!!!

  18. i didn't vote for him… or the that devil woman… but man he's really changed my mind… you can see his business savvy here too. every president ive been alive for are scum deceitful war criminals. all the left dems said we'd be in WW3 by now… idk man… i don't see it yet lol .. ben shapiro should run for his vice president in 2020… love how he's bringing business back to the states too

  19. 위대하고.훌륭하신
    미국대통령이시지만.진실은~
    *president of the world *
    Respect Help me south Korea GOD BLESS YOU GOD BLESS AMERICA

  20. Human evolution and development homosepian and neanderthal the mitochondrial eve and it's latin roots
    The woman the men it's development and evolution law of literature and language barrier latin roots Money power respect life's key locks game so simple (REST IN PEACE POLISI & MAYAT-PEREMPUAN-DIBUANG-DI-CIBUNGUR.HTML)

  21. The people in this meeting might think they`re on to something but american simple applied political solutions would never work very well in europe. Civic things aren`t that simple to solve. The american conservative standard measure of building more factories to create jobs works poorly

  22. President Trump needs to take away the security clearance of Robert Mueller and his minion of lawyers they know it's a bogus investigation they're just getting paid kickbacks from past devious Deeds for the DNC and Hillary Clinton that's how they're paying them with the American taxpayers millions of dollars

  23. On behalf of the many friends of US in Canada, I would like to apologize for the behavior of our Prime Minister and our Minister of Foreign affairs. Let's hope Canada is Made Great Again after 2019.

  24. Allah is Odd and Likes Odd Figures, so

    9 represents as composed by 1 + I_I_I + I_I_I_I I, thus

          I

       I_I_I

    I_I_I_I  I

    Undeniably, 5 is central point of 9, so 3 is of 5 & 2 is
    that of 3

    Totaling 9 + 5 + 3 + 2 = 19 &

    19 represents THE ONENESS of THE BIGGEST ALLAH

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