United States President Donald Trump on Tuesday said his tariff policy is the foundation of the “strongest and fastest economic turnaround” in US history. He claimed it has brought hundreds of billions of dollars into the US Treasury and “helped curb inflation.”
Speaking at the Detroit Economic Club after visiting Ford Motor Company’s River Rouge Complex, Trump said high tariffs on imported goods, especially cars, have driven record investment and boosted wages in many sectors.
Trump hails Tariffs as key to economic boom
“I am back in Michigan to report to you on the strongest and fastest economic turnaround in our country’s history. Growth is exploding, productivity is soaring, investment is booming, incomes are rising, inflation is defeated, and America is respected again,” Trump said. “Just as I promised, I’ve imposed a 25 per cent tariff on all foreign automobiles. US auto factories are now seeing more than $70 billion of new investment, and much of that money is coming right here to the car-making capital of the world, Detroit.”
During the speech, Trump defended his tariff approach, claiming it has produced major fiscal gains. “They brought hundreds of billions of dollars pouring into the United States Treasury, helped curb inflation, and helped cut the federal budget deficit by a staggering 27 per cent, and that’s only for a short period of time.”
In a blink, he dismissed criticism that tariffs raise prices for Americans. “Every prediction the critics made about our tariff policy has failed to materialise. The evidence shows overwhelmingly that the tariffs are not paid by American consumers. They’re paid by foreign nations and middlemen. Once again, the so-called ‘experts’ were 100 per cent wrong and Trump was right.”
Trump warns of Supreme Court ruling risks
Earlier, Trump warned that the country could be “screwed” if the Supreme Court rules against his tariff policies. He called it a “complete mess” that could cost trillions of dollars. The Supreme Court is expected to release opinions on Wednesday that may affect his tariffs.
“The actual numbers that we would have to pay back if, for any reason, the Supreme Court were to rule against the United States of America on tariffs would be many hundreds of billions of dollars,” Trump said on Truth Social. “And that doesn’t include the amount of ‘payback’ that countries and companies would require for the investments they are making on building plants, factories, and equipment to avoid the payment of tariffs.”
Trump criticised the Biden administration, saying he had improved the country’s trade balance. “Under Biden, we had the highest trade deficit ever recorded, losing more than $1 trillion every single year. We’ve slashed that gaping trade deficit by, in a short period of time, 62 per cent,” he said.
He also highlighted foreign investment under his administration. “In four years of Biden, they secured less than $1 trillion of new investment in the United States. In less than one year, I have secured commitments for over $18 trillion from all over the world, the most ever for any country,” Trump claimed.