Appearing in a videoconference with business leaders at the annual conference in Davos, Switzerland, Trump said that companies should set up manufacturing operations in the United States.
"My message to every business in the world is very simple: come make your product in America and we will give you among the lowest taxes of any nation on earth."
US President Donald Trump has made his first major speech to a global audience since being elected. (AP PHOTO)
"But if you don't make your product in America, which is your prerogative, then very simply, you will have to pay a tariff," Trump said.
"Differing amounts but a tariff which will direct hundreds of billions of dollars and even trillions of dollars into our Treasury to strengthen our economy and pay down debt."
Trump began his presidency on Monday without immediately imposing the tariffs he had promised voters, including a 10 per cent duty on global and 60 per cent on Chinese goods.
But he said that Canada and Mexico faced a 25 per cent duty on February 1 on goods they ship to the US because of illegal immigration and illicit drug shipments across US borders.
Trump on Tuesday extended the February 1 deadline to China, threatening a 10 per cent duty, and said the European Union would also face tariffs.
"We're going to be demanding respect from other nations."
Trump also said he would promote the fossil fuel industry and roll back climate rules put in place by his predecessor Joe Biden.
He said he would put pressure on the Saudi-led OPEC oil cartel to bring down prices.
"I'm also going to ask Saudi Arabia and OPEC to bring down the cost of oil. You got to bring it down, which frankly, I'm surprised they didn't do before the election," he said.
with DPA
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