Trump 2nd term live updates: Trump signs new executive orders

Sen. Lisa Murkowski, considered a key GOP swing vote, said she will not be supporting President Donald Trump's Pentagon pick Pete Hegseth.

"After thorough evaluation, I must conclude that I cannot in good conscience support his nomination for Secretary of Defense," she said in a lengthy statement.

"I did not make this decision lightly; I take my constitutional responsibility to provide advice and consent with the utmost seriousness," she added.

The Senate is expected to take a procedural vote on Hegseth's nomination Thursday afternoon.

"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.

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 will be investing $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%.

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."