Trump Defends Tariffs, Says They’re Making America ‘Great and Rich Again’
In a bold statement on Thursday, U.S. President Donald Trump declared that the sweeping tariffs imposed on countries worldwide are helping to make the nation both “great and rich again.”
“Tariffs are making America great and rich again,” Trump posted on his Truth Social platform. “One year ago, America was a dead country. Now it is the ‘hottest’ country anywhere in the world.”
Major Tariff Moves Ahead of August Deadline
With the August 1 tariff deadline fast approaching, Trump’s administration unveiled new trade measures targeting several key global economies. These developments have significantly impacted global markets and trading relationships.
South Korea Secures Trade Deal
Just in time, South Korea reached a trade deal with the U.S., locking in a 15% tariff rate—much lower than the previously threatened 25%. The agreement aligns Seoul’s trade terms with those already established with Japan and the European Union.
Trump added that South Korea had agreed to invest $350 billion in the U.S. and committed to purchasing $100 billion worth of U.S. energy, including liquefied natural gas (LNG). The tariff on automobile exports from South Korea will also remain at 15%.
New Tariffs on Brazil and India
In contrast, Brazil faces a new 50% tariff, along with sanctions targeting Judge Alexandre de Moraes, who is overseeing a high-profile trial involving former President Jair Bolsonaro. While the tariff is set to take effect on August 6, key Brazilian exports like orange juice, civil aircraft, and iron ore will be exempt.
Meanwhile, India has been hit with a 25% tariff beginning August 2, after trade talks with Washington failed. Trump criticized India’s high tariff rates and also hinted at penalties over its purchases of Russian weapons and energy.
“We have done very little business with India, their tariffs are too high,” Trump wrote. “I don’t care what India does with Russia.”
Tensions Rise with Canada Over Palestine
Canada’s trade relationship with the U.S. may face challenges after Canadian Prime Minister Mark Carney announced plans to recognize Palestinian statehood at the UN General Assembly in September.
“Wow! Canada has just announced that it is backing statehood for Palestine,” Trump wrote. “That will make it very hard for us to make a trade deal with them.”
More Tariffs Signed into Action
On Wednesday, Trump signed an order imposing 50% tariffs on select copper products, while removing exemptions for low-value imports. However, some relief was provided by excluding copper ores and cathodes from the new duties.
New Trade Agreements in the Works
Commerce Secretary Howard Lutnick confirmed that the U.S. had also reached preliminary trade deals with Cambodia and Thailand, though details remain scarce.
Trump’s wide-ranging tariff strategy, announced initially in April, included a minimum 10% levy on goods from most trading partners. Though implementation was delayed twice due to market volatility, Trump has now stated there will be no further extensions beyond August 1.
What Lies Ahead?
So far, several economies—including the EU, Japan, Vietnam, Indonesia, and the Philippines—have struck initial deals with Washington to avoid more severe trade conditions.
Although Trump argues that these tariffs will boost U.S. revenue, economists caution that such measures could drive higher inflation and slow economic growth.
