Washington, August 22, 2026 (Yes Punjab News)
US President Donald Trump has strongly defended his tariff policy, claiming that import duties have made the United States “rich” while encouraging foreign companies to shift manufacturing and investment to the country.
Addressing a Republican rally in Myrtle Beach, South Carolina, Trump described tariffs as one of his preferred policy tools, saying they generate government revenue and encourage the creation of American jobs.
“It’s my all-time favorite word. I love tariffs. I love the word. It’s made us rich as hell,” Trump said.
Trump argued that tariffs give foreign companies a choice between paying additional duties on goods shipped to the US and establishing manufacturing operations inside the country.
Referring to foreign automobile manufacturers, he said companies could either pay a 25 per cent tariff or build vehicles in the United States. He pointed to South Carolina as an example of where he said companies were responding to the policy by investing in production facilities.
Trump claimed the approach had contributed to record levels of manufacturing and automobile investment in South Carolina and other parts of the country.
“We went 40 years without building a car factory. And now we’re building more car plants and factories than we ever have in the history of our country,” he said.
The President also claimed that $19.2 trillion was currently being invested in the United States. His remarks did not provide a breakdown of the figure, identify the companies involved or specify the period covered.
Trump linked the investment to increased demand for construction workers, saying hundreds or even thousands of factories and plants were being built across the country.
He also claimed that US manufacturing was expanding at its fastest pace in years, while citing 80 record highs for the stock market since his election and an increase of nearly $40,000 in the value of a typical retirement account.
Trump connected his economic message to the November midterm elections, warning that Democratic victories could reverse his tax, trade and manufacturing policies.
“Your taxes are going to go up. Your pay is going to go down. Your jobs are going to be lost,” he told supporters.
He urged voters to support Republican Senate candidate Darlene Graham in Tuesday’s runoff election, arguing that continued Republican control of Congress was essential to maintaining his economic agenda.
Tariffs are taxes imposed on imported goods and are generally paid to the government by the importing company. Businesses may absorb the additional cost, negotiate lower prices with suppliers or pass some or all of the expense on to consumers.
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