DONALD Trump has been praised by Davos delegates for boosting the US economy and “getting American consumers spending”.

The US president has had a rough first year in office suffering a number of high-profile controversies.

5 Donald Trump waves as he arrives in Switzerland for the World Economic Forum Credit: AFP or licensors

But with the US stock market soaring, the Republican's corporate tax cuts padding companies' pockets and US consumers spending again, companies are quietly applauding him.

Since Trump won the election business has been booming for Manfredi Lefebvre d'Ovidio’s luxury cruise operator Silversea Cruises, which saw a rise in bookings from its main US market.

Lefebvre d´Ovidio, a delegate to the World Economic Forum at the Swiss ski resort of Davos where Trump will speak on Friday, said: "Let's face it, we should be grateful to Trump.

"The economy is strong and the American consumer is spending."

5 The US president touches down in Zurich en route to the forum in Davos Credit: EPA

5 Trump waves as he emerges from Air Force One in Switzerland Credit: Reuters

President Donald Trump arrives at Zurich Airport ahead of the World Economic Forum in Davos

Helene Rey, economics professor at London Business School said: "On the values front, it's hard to see the international elite here in Davos applauding Trump.

"But on the wallet side of things, it may be different."

Some experts have warned against an overheating of the US economy, an increase to the £14trillion national debt and a "race to the bottom" on tax cuts.

But despite this firms have high hopes for the US market.

5 Trump sets off from the White House yesterday for the World Economic Forum Credit: EPA

Kim Fausing, chief executive of Danish air conditioning and heating system-maker Danfoss, said the company was committed to the US, where it has a dozen factories.

Fausing said: "This is a market that rules itself without too much intervention from the state, so it's a very attractive market for any company."

Hussain Sajwani, chairman and founder of UAE property firm Damac, is a friend of Trump and his main business partner in the Gulf region.

5 The US president's hair blows in the breeze as he boards Marine One yesterday Credit: AFP or licensors

He is looking more favourably at the US after Congress passed Trump's corporate and personal tax cuts.

Sajwani said: "We were looking at property development in the States and the previous tax brackets were not very attractive and now they're more attractive."

And Bob Dudley, chief executive of oil major BP, said the tax cut "certainly makes the United States more competitive".

Trump's £1trillion tax plan unveiled in December slashed the corporate rate from 35 per cent to 21 per cent and temporarily reduced the tax burden for most individuals as well.

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In its wake, several US companies have announced plans to increase investments, wages and bonuses.

This week, JP Morgan Chase unveiled a £14billion plan to hike wages, hire more people, open branches and expand its business – the most explicit response to the tax cuts of any major bank so far.

And the International Monetary Fund cited US tax cuts as one of the reasons for its upgraded forecasts for global economic growth this week.

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