President Donald Trump, in a speech to the World Economic Forum on Thursday, encouraged global leaders to benefit from lower taxes by bringing manufacturing to the U.S., while warning that failure to do so would result in tariffs, reports AP.

Speaking via video from the White House to the annual summit in Davos, Switzerland, on his third day in office, Trump highlighted his series of executive actions since his inauguration and asserted that he had a “massive mandate” from the American people to drive change. He presented a combination of incentives and penalties to stimulate private investment in the U.S.

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“Come manufacture your products in America, and we will offer you some of the lowest tax rates of any nation on earth,” Trump said. “However, if you choose not to produce your goods in America — which is your decision — then, simply put, you will be subject to tariffs. These tariffs, in varying amounts, will channel hundreds of billions, even trillions of dollars, into our treasury to boost the economy and reduce debt during my administration.”

Trump also mentioned that he had spoken with Saudi Arabia’s crown prince on Wednesday, revealing that the kingdom is planning to invest $600 billion in the U.S. He added that he would request Crown Prince Mohammed bin Salman to increase this amount to $1 trillion — a comment that elicited some laughter from the audience in Davos.

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In his introduction, Davos founder Klaus Schwab remarked that Trump’s return and his agenda had “been a focal point of our discussions this week” and extended an invitation for Trump to attend the summit in person next year.