In his “People’s State of the Union” speech, US President Donald Trump on Tuesday struck a triumphant and declarative tone, describing the past year as a dramatic national turnaround. Trump hailed his tariff move, now deemed illegal by the Supreme Court, saying he used the duties to take in hundreds of billions of dollars to make great deals for the country, both economically and on a national security basis.
Trump said that other countries were “ripping” US off “very bad” for years, adding that even Democrats know that but they “just don’t want to say it”. Track live updates from speech here
“Yet these countries are now happy, so are we… we made deals… deals are all done… they are now making a lot of money,” Trump said, and went on to add that tariffs paid by foreign countries he believes will replace the “modern day system of income tax”.
‘Tariffs will replace income tax’
Calling the Supreme Court ruling striking down tariffs “very unfortunate”, Trump said the good news is almost all countries and corporation want to keep the deals they made knowing that the legal powers he has as a president to make a new agreement could be “far worse” for them.
“We are winning big,” he said.
“And therefore, they will continue to work along the same successful path that we have negotiated before the Supreme Court’s unfortunate involvement. So despite the disappointing ruling, these powerful country saving, it’s saving our country, the kind of money we’re taking in, peace protecting… many of the wars I settled was because of the threat of tariffs,” Trump said.
“…They’re a little more complex, but they’re actually probably better leading to a solution that will be even stronger than before. Congressional action will not be necessary.”
“It’s already time tested and approved. And as time goes by, I believe the tariffs, paid for by foreign countries, will, like in the past, substantially replace the modern day system of income tax, taking a great financial burden off the people that I love,” Trump said.