President Donald Trump, in a conversation with global business leaders Thursday, provided the clearest picture yet about how he plans to deliver on the economic promises he campaigned on: He proposed a carrot-and-stick approach to world economics that he believes will help solve the inflation crisis for good and fund his massive tax cut proposals.

The U.S. president used the World Economic Forum to offer the global elite a warning: He intends to follow through on his “America First” campaign promises.