Washington, Aug 2026 : US President Donald Trump has launched a strong defence of his administration’s tariff policy, claiming that import duties have generated wealth for the United States while encouraging foreign companies to move manufacturing operations to the country.
Addressing a Republican campaign rally in Myrtle Beach, South Carolina, Trump described tariffs as one of his preferred economic tools, arguing that they were not only generating government revenue but also helping expand domestic manufacturing and create jobs for American workers.
“It's my all-time favorite word. I love tariffs. I love the word. It's made us rich as hell,” Trump said while highlighting what he described as the economic benefits of his trade strategy.
Trump said tariffs were designed to give foreign manufacturers a choice between paying duties on products exported to the United States and establishing production facilities inside the country. He said his administration had used this approach particularly in negotiations with international automobile manufacturers.
Explaining his strategy, Trump said he had told foreign carmakers that they would have to pay a 25 per cent tariff on imports if they wanted to sell vehicles in the US. Alternatively, he said, companies could avoid the duties by shifting production to American soil.
“I say, ‘Gotta pay 25 per cent tariff.’ They say, ‘Well, we can't do that.’ I said, ‘That's okay. You don't have to do it. Come over here and build your cars in the United States,’” Trump said.
He claimed that manufacturers were responding to the policy by increasing investment in American facilities, including in South Carolina.
Trump further asserted that the United States was witnessing an unprecedented wave of manufacturing and automobile investment. According to him, the country had gone for decades without significant expansion in car manufacturing but was now seeing factories being built at a rapid pace.
“We went 40 years without building a car factory. And now we're building more car plants and factories than we ever have in the history of our country,” he claimed.
The President also put the total value of investments currently flowing into the US economy at $19.2 trillion, describing it as an unprecedented level of investment. However, his remarks did not provide details about the companies involved, the projects covered or the period over which the figure was calculated.
Trump linked the investment boom to strong demand for construction workers, saying hundreds and potentially thousands of factories and industrial facilities were being built across the country.
“The construction jobs are through the roof because they're building all of these plants, factories, hundreds of them all over the country, thousands of them,” he said.
The President also highlighted broader economic indicators, claiming that manufacturing was expanding at its fastest pace in years. He said the stock market had recorded 80 all-time highs since his election and claimed that the value of a typical retirement account had increased by almost $40,000.
Trump used his economic message to appeal to Republican voters ahead of the November midterm elections. He warned that a Democratic victory could lead to a reversal of his tax, trade and manufacturing policies.
“Your taxes are going to go up. Your pay is going to go down. Your jobs are going to be lost,” Trump told supporters.
He also urged voters to back Republican Senate candidate Darlene Graham in Tuesday’s runoff election, arguing that continued Republican control of Congress would be essential for advancing his economic agenda.
Tariffs are taxes imposed on imported goods and are generally paid to the government by the importing company. The additional costs can be absorbed by businesses, negotiated with suppliers or passed on partly or fully to consumers through higher prices. Trump's administration, however, has maintained that tariffs can encourage domestic production, strengthen American industry and reduce dependence on overseas manufacturing.
(Disclaimer :The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)
