WASHINGTON — President Trump said Thursday he wants interest rates to “drop immediately” — and that he plans to “demand” reductions alongside an anticipated dip in global oil prices.
Trump, 78, said he intends to pressure oil-producing nations to boost their output to lower global costs — after crude oil prices already dropped about 3.6% since his inauguration on Monday.
“With oil prices going down, I’ll demand that interest rates drop immediately. And likewise, they should be dropping all over the world. Interest rates should follow us,” Trump said in a webcast speech to the World Economic Forum in Davos, Switzerland.
Shop Commemorative Covers
The iconic photo from Trump’s failed assassination attempt can now be yours, from $99.
Trump, who spoke with Saudi Crown Prince Mohammed bin Salman on Wednesday, said he’s “going to ask Saudi Arabia and OPEC to bring down the cost of oil.”
The newly sworn-in president said lower oil prices additionally would facilitate an end to the Russia-Ukraine war by lowering Moscow’s revenue.
“If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that that war will continue,” Trump said.
“You got to bring down the oil price, you’re going to end that war. They should have done it long ago. They’re very responsible, actually, to a certain extent for what’s taking place.”
This is a developing story, please check back for updates.