Trump Declares Tariffs an $18 Trillion Victory!
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| Credits: National Archives / File |
He delivered the remarks during an event marking the holiday season, where he highlighted economic policies implemented since taking office in January.
Trump pointed to commitments from companies in Germany, Japan and Canada, which he said are building plants in the United States to avoid paying the tariffs.
He mentioned Japanese automaker Toyota Motor Corp. as an example, noting the company announced plans to spend $10 billion on building plants in the country.
Trump contrasted his results with those of the previous administration and said former President Joe Biden secured less than $1 trillion in investments over four years.
He attributed the influx to tariffs that encourage foreign firms to relocate operations domestically instead of importing goods.
Treasury Secretary Scott Bessent referenced trade deals with Japan worth $550 billion and South Korea worth $350 billion, along with Apple Inc.'s $500 billion plan to reshore manufacturing.
Micron Technology Inc. plans to invest $200 billion in manufacturing and research over the next 20 years and beyond.
The White House maintains a list of major investment announcements totaling $9.6 trillion from U.S. and foreign sources.
Trump also spoke about broader economic effects in an Oval Office meeting earlier in the week, where he said tariffs have generated substantial funds for the Treasury.
Tariff collections have increased by more than $200 billion during Trump's term compared to the prior administration. The administration reported around $200 billion in new tariff revenue for this year.
“We’ve taken in more investment money than any country has ever taken in by four times,” Trump said at the reception. “There’s never been anything like it.”
He added:
“Because of the tariffs, we’ve taken in more than $18 trillion,” and noted that Biden “took in less than $1 trillion in four years.”
In the Oval Office remarks, Trump said:
“We’re really taking in trillions of dollars if you think about it. This is money pouring into our country on building car plants, on building AI plants. We just want to keep doing exactly what we’re doing because nothing like this has ever happened in the history of the world.”
He described car companies returning after leaving years ago, AI developments at unprecedented levels and factories opening nationwide.
Trump also announced a $12 billion bailout for farmers affected by trade policies.
Currently, the national debt stands at about $38 trillion, with $1.2 trillion paid last year to finance it.
