President Trump on Friday touted the growth of the American economy since his election, and told countries and business leaders at the World Economic Forum in Davos, Switzerland, that the U.S. is "open for business" now that his administration has slashed regulations and lowered corporate taxes.

"The world is witnessing the resurgence of a strong and prosperous America," Trump said. "America is open for business and we are competitive once again."

"When the United States grows, so does the world," Trump said, repeating his pledge to always put "America first" and encouraging other world leaders to put their own countries first.

"After years of stagnation, the United States is once again experiencing strong economic growth," Trump said. "The stock market is smashing one record after another."

Trump's speech served as a pitch to global companies to come to the U.S. and prosper under his administration's low-impact regulatory environment. "Regulation is stealth taxation," he said before boasting that he has cut 22 regulations for each new rule introduced.

But Trump also warned countries that the U.S. will no longer turn a "blind eye" to abuse of international trade deals, a message he has delivered to foreign countries in the past.

"We cannot have free and open trade if some countries exploit the system at the expense of others," he said. "We support free trade, but it needs to be fair and it needs to be reciprocal."

"We will enforce our trade laws and restore integrity to the trading system," Trump added. "Only by insisting on fair and reciprocal trade can we create a system that works not just for the United States but for all nations."

A senior administration official had said Trump intended to use his speech "less as a warning" about the importance of enforcing trade deals "and more as an explanation of our commitment to the international trading system."

The official said the U.S. should be "enforcing the rules of the road" when it comes to trade deals "so all countries, all nations, all people can benefit."

Trump encouraged countries to contribute more toward their own defense. The president has pushed that message at other gatherings of world leaders, and has focused particularly on encouraging NATO member states to meet their commitment to put 2 percent of their GDP toward their own defense.

"Our common security requires everyone to contribute their fair share," Trump said.

The president also referenced the debate in Congress over reforming the U.S. immigration system.

"Our immigration system is stuck in the past," Trump said. "We must replace our current system of extended family chain migration" with a merit system "that selects new individuals based on their ability to contribute to the economy," Trump said.

The White House released on Thursday a blueprint for its preferred immigration policy that included a policy limiting family migration to spouses and minor children.