Europe’s most powerful leaders paraded their influence at the World Economic Forum today — while thousands of protesters marched against Donald Trump.
Germany’s chancellor Angela Merkel and French president Emmanuel Macron were the main speakers at the Davos summit, on what was dubbed Europe Day of the gathering of the world’s business and political elite.
In contrast with Mr Trump’s protectionist policies, European Union leaders proclaimed confidence in the bloc’s post-Brexit future.
Luxembourg’s Prime Minister Xavier Bettel said: “Very often I’ve got the impression that we do not realise how strong we are when we are united.”
He added in an interview with Politico: “To be squeezed between the United States and Asia, sometimes we feel weak as a partner, but if we act together we are strong.”
President Donald Trump is due to arrive tomorrow with a huge entourage. But in Zurich, anti-capitalist demonstrators with faces covered denounced his planned visit and waved banners reading, “Dump the Trump” and “Smash WEF”. Some let off fireworks while police had water cannons at the ready along the march’s route.
US Treasury Secretary Steven Mnuchin brushed off concerns that the president would receive a critical reception from some summit goers because of his protectionist America First agenda. He said: “We don’t have to worry about this crowd.”
Mr Mnuchin said the administration was “absolutely” committed to free and fair trade, despite new tariffs on imported solar-energy components and large washing machines.
He went on: “This is an important forum. There are world leaders here from all over the world, there are important ministers from all over the world, there are important CEOs and private investors.”
“Our objective is to be here to interact with important counterparts.”
White House senior economic adviser Gary Cohn said: “The president will continue to promote fair economic competition and will make it clear that there cannot be free and open trade if countries are not held accountable to the rules.”
Mr Trump is planning to host a small dinner for European business executives tomorrow night to drum up investment.
This morning’s session was opened by International Monetary Fund boss Christine Lagarde who backed wealth taxes being used to help narrow the income gap between young and old.
The former French finance minister warned that the divide was fuelled by politicians pushing through policies to help the elderly, while disenchanted younger people were often less inclined to vote. She warned that young people would lose faith in democracies “if they have the certainty that their dreams will be deferred at best, buried at worst”.
Theresa May was due to fly to the Swiss ski resort this afternoon and will make a speech tomorrow.
