US tariffs bringing billions to Treasury, not hurting consumers, says Trump

MICHINGAN: United States President Donald Trump on Tuesday (local time) said his administration’s tariff policy is the cornerstone of what he described as the “strongest and fastest economic turnaround” in the country’s history, asserting that it brought hundreds of billions of dollars pouring into the United States Treasury and “helped curb inflation”.

He said steep duties on imported goods, particularly automobiles, have driven record investment and boosted wages across sectors.

Speaking at the Detroit Economic Club after touring Ford Motor Company’s historic River Rouge Complex, Trump said, “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. Just as I promised you, I’ve imposed a 25 per cent tariff on all foreign automobiles”, adding that the move had transformed the domestic auto sector.

“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”, he said.

Defending his broader tariff strategy, Trump claimed it had delivered substantial 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”, he said.

Rejecting criticism that tariffs raise prices for consumers, Trump added, “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”.

Earlier on Monday, Trump said that the country would be “screwed” if the Supreme Court rules against his administration’s tariff policies, calling such a scenario a “complete mess” that could cost trillions of dollars. His remarks came as the Supreme Court is expected to release opinions on Wednesday, with potential rulings on Trump’s 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, 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, for the purpose of being able to avoid the payment of Tariffs”, Trump said in a post on Truth Social.

Further, Trump also attacked the Affordable Care Act, popularly known as Obamacare, saying it had enriched insurers at the cost of ordinary 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.

“I want the money to go directly to the people, so they can buy the healthcare that’s right for them. That’s why later this week, I’ll announce our healthcare affordability framework that will reduce premiums for millions”.

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. I gave you the largest tax cuts in American history,” adding that interest on car loans had been made fully tax-deductible but only for vehicles “stamped with the beautiful words, ‘Made in the USA’.”

On energy prices, Trump claimed sharp declines in fuel costs. “We have gas stations in the Detroit area where you can fill up for less than $2.30 a gallon, whereas two years ago, it was $4.50”, he said.

Criticising the Biden administration, Trump further claimed his administration had sharply reduced America’s trade imbalance. “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.

On foreign investment, Trump contrasted his record with that of the Biden 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 dollars from all over the world, the most ever for any country,” he said. (ANI)