Trump 2nd term updates: Trump says USAID is run by 'radical lunatics'

Secretary of State Marco Rubio will take his first international trip in office next week, visiting Panama, Guatemala, El Salvador, Costa Rica and the Dominican Republic, according to the State Department.

Immigration is expected to be a key focus of the Trump administration. Rubio will encourage leaders to accept more of their deported nationals.

But the stop in Panama is especially notable given President Donald Trump's repeated threats to retake the Panama Canal.

-ABC News' Shannon Kingston

"My message to every business in the world is very simple," Trump said as he virtually addressed the World Economic Forum.

"Come make your product in America and we will give you among the lowest taxes of any nation on earth ... 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," he added.

While Trump has claimed tariffs won't adversely impact the U.S., economists generally agree that consumers will face higher costs for goods.

Trump's first call with a foreign leader was with Saudi Arabia's Mohammed bin Salman Al Saudi, the White House confirmed. The conversation happened on Wednesday, with the two leaders discussing conflicts in the Middle East and economic issues.

While speaking to the World Economic Forum on Wednesday, Trump confirmed reports that Saudi Arabia is looking to invest $600 billion in the U.S. over the next four years. He said he would be asking the crown prince to "round it out to around $1 trillion."

He then said he'd be asking the country and OPEC (Organization of the Petroleum Exporting Countries) to bring down oil prices.

"You got to bring it down, which, frankly, I'm surprised they didn't do before the election. That didn't show a lot of love by them not doing it," he said. "I was a little surprised by that. If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that that war will continue. You got to bring down the oil price."

Trump, speaking remotely to a group of public and private sector leaders at the World Economic Forum in Davos, slammed the Biden administration's handling of the U.S. economy.

In what sounded like one of his 2024 campaign speeches, Trump claimed former former President Joe Biden "totally lost control" as inflation and interest rates jumped during his time in office.

Many countries across the globe, however, suffered high inflation amid the COVID-19 pandemic. Inflation in the U.S. peaked at 9% but has since cooled to 2.9%.