Tariffs are making America rich and powerful: Trump

Washington (Web Desk): U.S. President Donald Trump stated that the wide-ranging tariffs imposed on countries worldwide are making America “great again” and boosting its wealth.

According to him, various governments are rushing to finalize deals with Washington ahead of the August 1 deadline.

On his social media platform, Truth Social, Trump wrote, “Tariffs are making America great and rich again. A year ago, America was a dying nation, and now it has become the most ‘popular’ country in the world.”

Recently, Trump imposed new tariffs on several major trading partners, causing disruptions in global markets. South Korea managed to negotiate a reduced tariff rate of 15 percent, down from the initially proposed 25 percent. Meanwhile, Brazil faces a hefty 50 percent tariff, and India has been slapped with a 25 percent duty.

Trump also warned Canada of serious trade consequences if it proceeds with plans to recognize the Palestinian state. He said, “Canada’s recent decision to recognize Palestine will make trade agreements with us very difficult.”

In addition, sanctions have been announced against a Brazilian judge overseeing cases related to former President Jair Bolsonaro, whom Trump supports.

Trump further indicated that India may face unspecified penalties over its purchases of Russian arms and energy supplies.

Some items, such as orange juice, civilian aircraft, and iron, have been exempted from these tariffs. Several countries including the European Union, Japan, the United Kingdom, and South Korea have reached preliminary agreements with the U.S. to avoid severe trade restrictions.

Economic analysts warn that while tariffs may provide short-term gains for the U.S., they could lead to increased inflation and harm economic growth in the long run.