President Donald Trump stated on Truth Social on Saturday that tariffs have significantly enhanced the United States’ wealth and national security.
Tariff Boost
According to President Trump’s post, tariffs have reduced the United States’ trade deficit by 60%, which he described as “totally unheard of.”
“4.3% GDP, and going way up. No inflation!!! We are respected as a Country again,” he said.
President Trump highlighted that the U.S. Gross Domestic Product (GDP) is currently at 4.3% and is expected to increase further. He emphasized that there is no inflation affecting the economy.
See Also: Here’s Where Trump’s Poll Numbers Stand Nearly One Year Into His Second Term
Narrowing Trade Deficit
The impact of tariffs on the U.S. economy has been a topic of intense debate. In September, the U.S. trade deficit narrowed to $52.8 billion, marking the smallest gap since June 2020.
Not Everyone Agrees
Not everyone agrees with Trump’s positive outlook on tariffs. Rep. Adam Schiff (D-Calif.) has criticized the tariffs, claiming they have increased costs for Californians.
According to Schiff, residents have paid over $1,000 more this year due to what he calls “Trump Taxes,” impacting housing, groceries, and everyday goods. This highlights the contrasting perspectives on the tariffs’ economic impact.
The 4.3% GDP growth in the third quarter, which President Trump celebrated as a victory for his economic policies, has also been a point of contention.
While the President attributed this growth to his administration’s policies and tariffs, economists have debated the sustainability of this boom. The strong GDP data has sparked discussions on the long-term effects of tariffs on the economy.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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