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Trump defends tariffs before midterms, says they've made the US 'a fortune'
Fox Business • • nation
Key Points:
- President Donald Trump defended his administration’s tariffs, stating they are bringing "a fortune" into the U.S. economy and credited them with revitalizing industries like automotive and semiconductor manufacturing.
- New tariffs of 10% and 12.5% on imports from 60 trading partners, including Canada, Mexico, India, the UK, Taiwan, and the EU, will take effect immediately after a temporary global tariff expires on Friday.
- Trump highlighted the positive economic impact of tariffs, citing increased car production and investments such as Toyota's $12 billion plant in the U.S., and claimed tariffs have even helped prevent international conflicts.
- The administration plans to forgo extending the USMCA trade agreement, opting instead to pursue independent trade deals with Canada and Mexico, with Trump emphasizing that the U.S. does not need the agreement as much as its neighbors.
- Trump also noted that a Supreme Court decision struck down his previous "reciprocal" tariffs, leading to the implementation of a new, more complex tariff strategy under different trade laws.
