US President Donald Trump told business leaders at the World Economic Forum in Davos that he is working to curb inflation and illegal immigration by increasing fossil fuel production in the United States.

"What the world has witnessed in the last 72 hours is nothing short of a revolution in common sense," Trump said via video conference.

In his opening remarks, Trump heralded his election victory as the beginning of a “golden age” for America. He said his administration had launched a “reasonable revolution” and promised that America and the world would become “wealthier” and “more peaceful” under his presidency.

He accused the previous administration of "failed policies" and "economic chaos," criticizing deficit spending, regulations and "hidden taxes."

He stressed that prices had "skyrocketed" and blamed Biden for losing control of the economy, promising to turn things around and stop the policies of the "radical left."

Trump said that "economic confidence is now booming" in America and that many companies have announced investments "in the billions" in the American economy.

He warned that companies that don't manufacture in America will face tariffs, while those that outsource production will get "huge" tax breaks. He also promised the biggest tax cut in U.S. history.

He mentioned the $500 billion investment in artificial intelligence development in the US and added that Saudi Arabia had announced investments in his country, jokingly asking Prince Mohammed bin Salman to round that amount to a trillion dollars.

Trump told the rest of the world that if they don't make their products in the US, they will face tariffs worth "trillions of dollars." This would mean the introduction of universal tariffs, which many fear would affect the entire world.

"The US will be the world capital of artificial intelligence and cryptocurrency... Come and make your products in America, but if you don't, that's your decision. But very simply, you will pay tariffs in varying amounts, which will drive hundreds of billions, even trillions of dollars into our coffers," Trump said, addressing the elites in Davos directly and their biggest concerns.

Earlier, Santander's executive chairman, Ana Botín, asked Trump about his priorities regarding regulation and reducing bureaucracy, as well as how quickly these changes could happen.

Trump said he would "move very quickly," then went on to list how quickly he believes his administration is getting things done just three days after his inauguration.

The next question for Trump was whether there would be a peace deal in the war between Russia and Ukraine when the US president speaks again in Davos next year.

"You should ask Russia. Ukraine is ready to make a deal," the US president replied.

Trump said he hopes China can help the US end the war between Russia and Ukraine.

"They have a big impact on that situation," he said.

Trump was asked about relations between the US and China. He said they "just want a level playing field," adding that he doesn't want China to take advantage of the US.

He added that he wanted to work with China on denuclearization, noting that other world leaders, including Russian President Vladimir Putin, would support the idea.

When asked whether the US under his leadership would guarantee gas supplies to Europe, Trump responded positively.

"We would definitely make an energy deal with Europe and achieve it."

He stressed the importance of American supplies of liquefied natural gas to the EU.

The United States is already the main supplier of liquefied natural gas to the 27 EU members and its role is expected to grow further.

Trump reiterated that Canada could become an American state.

"We don't need their cars and we don't need their wood," he said.

Trump responded by saying he would lower the corporate tax rate to 15% for companies that manufacture their products in the US.

"I will lower the corporate tax to 15%. This will create great interest in the US," he said.

Responding to a question from the founder of Blackstone Group, Trump detailed his complaints about the EU.

In general, he said that customs duties and taxes in European countries are too high, their regulations are restrictive, the trade deficit with the US is too large, and that lawsuits against American companies like Google are unfair.

"We plan to do something about this. I'm trying to be constructive because I love Europe. I love European countries, but the process is very complicated and they treat the United States very unfairly," Trump said.

Trump has said he will ask NATO allies to contribute more. He said most countries were not paying until he came to power.

He also noted that he was responsible for the ceasefire in Gaza reached in the final days of the Joe Biden administration and the return of hostages to their families.