Michigan [US], January 14 (ANI):
United States President Donald Trump on Tuesday (local time) said his administration’s tariff policy has driven what he described as the “strongest and fastest economic turnaround” in American history, asserting that it has generated hundreds of billions of dollars in revenue, boosted domestic investment, raised wages, and helped curb inflation.
Speaking at the Detroit Economic Club after touring Ford Motor Company’s historic River Rouge Complex, Trump said steep tariffs—particularly on foreign automobiles—had revitalised the US manufacturing sector.
“I am back in Michigan to report to you on the strongest and fastest economic turnaround in our country’s history. Under our administration, growth is exploding, productivity is soaring, investment is booming, incomes are rising, inflation is defeated, and America is respected again,” Trump said.
He reiterated that his administration had imposed a 25 per cent tariff on all foreign automobiles, calling it a transformative move for the domestic auto industry. “U.S. auto factories are now seeing more than USD 70 billion of new investment, and much of that money is coming right here to the car-making capital of the world, Detroit,” he added.
Defending his broader tariff strategy, Trump claimed the policy had delivered substantial fiscal benefits. “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,” he said.
Rejecting criticism that tariffs raise consumer prices, Trump asserted that the costs are borne by foreign exporters and intermediaries. “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,” he said, adding that “the so-called experts were 100 per cent wrong.”
Earlier on Monday, Trump warned that the United States would face severe economic consequences if the Supreme Court were to rule against his administration’s tariff policies. His remarks came ahead of expected Supreme Court opinions later this week.
“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 wrote on Truth Social, adding that potential rulings could also trigger massive compensation claims linked to foreign and domestic investments made to avoid tariff payments.
Trump also criticised the Affordable Care Act, popularly known as Obamacare, claiming it had benefited insurance companies at the expense of Americans. “Obamacare was a gift to make health insurance companies rich at the expense of the American people,” he said, announcing that his administration would unveil a new healthcare affordability framework later this week aimed at reducing premiums.
“I want the money to go directly to the people, so they can buy the healthcare that’s right for them,” he said.
Listing what he called fulfilled campaign promises, Trump said, “Over the past 12 months, almost every promise I made to you right here in 2024 has been kept.” He highlighted what he described as the largest tax cuts in US history and noted that interest on car loans had been made fully tax-deductible for vehicles manufactured domestically.
On energy prices, Trump claimed significant declines in fuel costs, saying gas prices in parts of the Detroit area had fallen to less than USD 2.30 per gallon, compared to USD 4.50 two years ago.
Criticising the Biden administration, Trump claimed his policies had sharply reduced the US trade deficit. “Under Biden, we had the highest trade deficit ever recorded, losing more than USD 1 trillion every single year. We’ve slashed that gaping trade deficit by 62 per cent in a short period of time,” he said.
On foreign investment, Trump contrasted his record with that of the previous administration. “In four years of Biden, they secured less than USD 1 trillion of new investment in the United States. In less than one year, I have secured commitments for over USD 18 trillion from all over the world—the most ever for any country,” he said. (ANI)
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