Trump’s turbulent tariff strategy promises jobs, lower taxes and a stronger economy
Steep new tariffs on more than $1 trillion in imports from foreign countries have already steered significant investments and jobs back to the U.S. as President Trump plans to use the revenue raised from the levies to cut taxes for U.S. workers and reduce the debt.Some countries are negotiating agreements to lower their tariffs on U.S. goods to avoid Mr. Trump’s reciprocal tariffs set to begin on April 2. Several car manufacturers are also shifting production to the U.S. rather than pay the 25% tariffs on imported autos and auto parts that are set to begin next week, too.
Economists agree that the tariffs are achieving Mr. Trump’s campaign promise of returning manufacturing jobs and industry investments to the U.S.
Rolls-Royce, Hyundai Motor Group and Honda are among at least a dozen companies that have announced plans to increase manufacturing in the U.S. to avoid the new tariffs.
The United Auto Workers union, which endorsed Kamala Harris in the 2024 election and has watched industry jobs disappear over the past three decades, praised the new auto tariffs.
Democrats, including former President Barack Obama, laughed at GOP promises to revive manufacturing and said it was impossible. “What magic wand do you have?” Mr Obama said in 2016.
Now, some of those jobs are poised to return.