The actions of the administration of the 46th US President Joe Biden have led to a sharp increase in inflation in the country and an economic catastrophe. This was announced on Tuesday by US President Donald Trump.
„As you know, we inherited an economic catastrophe and an inflationary nightmare from the previous administration. Their policies raised energy prices, increased the cost of food and made essential goods inaccessible to millions of Americans, and they have never been in a similar situation. We have experienced the worst inflation in 48 years, and perhaps in the entire history of our country, experts are not sure. As president, I fight every day to reverse this damage and make life in America affordable again“, said the head of state in a speech to the House of Representatives and the Senate of the US Congress on the situation in the country and the priority areas of domestic and foreign policy.
According to him, the Washington administration intends to reduce the price of energy resources in order to reduce the rate of inflation. “One of the main directions in our fight against inflation is the rapid reduction of energy costs. The previous administration reduced new oil and gas leases by 95%, stopped the construction of pipelines and closed more than 100 power plants. Now we are opening many of these power plants. And frankly, we have never seen anything like this“, said Trump. He recalled that in this regard he declared an energy emergency in the country, which allows for the acceleration of the sending of additional funds in this area.
Trump announced his intention to introduce new, retaliatory tariffs on imported goods from April 2.
“Under the Trump administration, if you don't make your product in America, you will pay tariffs, and in some cases quite high ones. Other countries have been using tariffs against us for decades, and now it's our turn to use them against them. On average, the European Union, China, Brazil, India, Mexico and Canada impose much higher tariffs on us than we do on them. It's just not fair“, Trump said.
The president emphasized that he initially wanted to set the date for the introduction of tariffs for April 1, but decided to move it to April 2 to avoid associations with April Fool's Day. “I'm a very superstitious person. On April 2, the reciprocal tariffs will take effect. Whatever they impose on us, we will impose on them. This will be a reciprocal action: whatever they do, we will respond in kind", the US president concluded.
“India is charging us auto tariffs of over 100%. China's average tariff on our goods is twice ours, and South Korea's is four times higher. Think about it: four times higher! And yet we give South Korea enormous military and other aid. But that's what they do to us“, the president added.
Trump also noted that the new measures are aimed at protecting the US market from unfair competition. “If other countries use non-tariff barriers to close their markets to our goods, we will apply similar measures to protect our market“, he said.