Trump’s “America First” philosophy is often described as a return to the kind of isolationism that prevailed between the two world wars. But that’s not quite accurate. He wants to stride the global stage. But he’s advocating a foreign policy where America is dominant in its own hemisphere and engages elsewhere selectively.

President Trump virtually addressed the audience at the World Economic Forum in Davos, Switzerland. He said companies would have to pay a tariff if they don’t make their product in the U.S.

U.S. President Donald Trump told the World Economic Forum on Thursday that businesses should make their products in the United States if they want to avoid facing a tariff. Appearing in a videoconference with business leaders at the annual conference in Davos,