U.S. President-elect Trump rings NYSE opening bell, talks economy, crypto
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U.S. President-elect Donald Trump on Thursday reiterated his belief in the strength of the economy, reaffirmed his plan to cut taxes, and promised to do “something great” with crypto in an appearance at the New York Stock Exchange.
Ahead of ringing the exchange’s opening bell, Trump was recognized by TIME magazine as its Person of the Year.
“I think we’re going to have a tremendous run. We have to straighten out some problems, some big problems in the world,” Trump said in an address before ringing the bell.
“When we left, we didn’t have any of these problems, we didn’t have Russia with Ukraine, we didn’t have Israel October 7, we didn’t have the Afghanistan disaster, we didn’t have inflation. We had no inflation, and we had a very strong economy. And we’re going to do that again, but I think we’re going to even up it because now we have experience that we didn’t have,” the former President added.
Trump said that he believed the “power of weaponry” was the biggest threat facing the U.S. at the moment. He also doubled down on his plan to cut taxes after he takes over.
“We’re going to give tremendous incentive like no other country has. We’re cutting your taxes, we’re going to cut them very substantially. We got them down to 21%…now we’re getting them down to 15%, but only if you make your product here,” Trump said. He also touted his administration’s proposal to expedite approvals for manufacturers investing at least $1B at home.
After the address, the President-elect rang the New York Stock Exchange’s opening bell to cheers of “U.S.A.”
Afterward, he was asked by CNBC’s Jim Cramer “what do you have to say to the American investor in this country?”
“I think you’re going to see some very good days ahead, a lot of incentives are going to be given,” Trump said. “I’ve always said, to me, stock market is very all of it, all of it together, it’s very important,” he added.
He also touched upon cryptocurrencies with his remark about doing “something great.” Bitcoin (BTC-USD) and crypto in general have been major beneficiaries of the “Trump trade” since the former President’s election win.
“We’re going to do something great with crypto because we don’t want China or anybody else, not just China, but others are embracing it, and we want to be the head,” Trump told CNBC’s Cramer.
The President-elect also brought up artificial intelligence: “We’re going to be ahead of AI, we’re going to be way ahead of AI, and we’re going to produce tremendous amounts of electricity. It’s unbelievable when you think that we need more than twice what we already have.”
Additionally, Trump said Meta Platforms (META) top boss Mark Zuckerberg had been over to see him, and so had Tesla (TSLA) chief executive Elon Musk. Former Amazon (AMZN) CEO Jeff Bezos was “coming up next week.”
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