Tariffs are making US ‘great & rich' again, says Trump
WASHINGTON: US President Donald Trump said Thursday that the sweeping tariffs he has imposed on nations around the world were making the country 'great & rich again' as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline.
'Tariffs are making America GREAT & RICH Again,' he wrote on his Truth Social platform.
'ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST' COUNTRY ANYWHERE IN THE WORLD,' he added. A day earlier, the US President imposed new tariffs to punish or favor several major trading partners—the latest round of sweeping measures that have roiled markets around the world. South Korea squeezed in at the last moment, securing agreement on a 15 percent tariff for exports to the United States—significantly below the 25 percent that Trump had earlier threatened to introduce.
But Trump also announced crippling 50 percent tariffs on Brazil and a 25 percent levy on Indian exports, while warning Canada it would face trade repercussions for planning to recognize a Palestinian state. The 15 percent rate on Seoul—Washington's key security ally—was equivalent to levies determined from US trade deals with Japan and the European Union.
MUMBAI: A broadcast screen of the Bombay Stock Exchange (BSE) is pictured in Mumbai on July 31, 2025, which shows India's exports with Russia while depicting news of US President Donald Trump unveiling sweeping new trade tariffs. -- AFP
He added that South Korea had committed to investing $350 billion in the United States, as well as the purchase of '$100 billion worth' of liquefied natural gas (LNG) or other energy sources. Seoul's presidential office said tariffs on automobiles—one of Seoul's key exports—would also stay at 15 percent. Trump hit Brazil with high tariffs as well as sanctions against the judge overseeing a trial of his far-right ally Jair Bolsonaro, who is accused of attempting a coup in Latin America's biggest economy.
But he delayed its implementation from Friday to August 6, and crucially exempted many products from the prohibitive levy, including orange juice, civil aircraft, iron ore and some energy products. The United States took in more revenue from tariffs in the first six months of 2025 than it did in all of 2024, according to data from the US Treasury compiled by AFP. The more than $87 billion in tariff revenue taken in through the end of June, compared with $79 billion collected in all of 2024, according to the latest monthly data published on Wednesday. Since his return to the White House US President Donald Trump tore up the US post-WWII economic policy playbook of favoring free trade, slapping tariffs on trading partners and on certain products like steel.
The US has subsequently reached deals with a number of countries that will see considerably higher tariffs apply than were in place, but for the most part also considerably lower than the highest rates that Trump threatened to impose. The previous peak in tariffs was recorded in 2022 at $98 billion.
In June, tariff revenue came in at $26.6 billion, almost four times the amount collected in January.
Trump said Thursday that sweeping tariffs he has imposed on nations around the world were making the country 'great & rich again' as governments raced to strike deals with Washington less than 24 hours before an August 1 deadline.-AFP
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