People rally as they protest against the attendance of the US president to the upcoming Davos World Economic Forum, on January 23, 2018, in central Zurich. / AFP / PHILIPPE DESMAZES
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Since Donald Trump won the U.S. presidency, business has been booming for Monaco-based businessman Manfredi Lefebvre d'Ovidio.With the U.S. stock market soaring, Trump's corporate tax cuts padding companies' pockets and U.S. consumers spending again, companies here are quietly applauding the U.S. president even as many at Davos see him as an unwelcome outsider.Some government leaders, economists and bankers are warning against an overheating of the U.S. economy, an increase to the $20 trillion national debt and a "race to the bottom" on tax cuts.All the same, firms have high hopes for the U.S. market.Hussain Sajwani, chairman and founder of UAE property firm Damac, is a friend of Trump and his main business partner in the Gulf region. He is looking more favorably at the United States after Congress passed Trump's corporate and personal tax cuts.Trump's $1.5 trillion tax plan unveiled in December slashed the corporate rate from 35 percent to 21 percent and temporarily reduced the tax burden for most individuals as well.Two weeks ago, when Trump said he would attend the Davos summit, the assumption was that he would be entering a lion's den of hostile global elites.
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