US President Donald Trump gives a speech to a joint session of the Congress in the House of the US Capol in Washington, USA, 4 March 2025.
Kevin Lamarque Reuters
President Donald Trump admitted before the joint session of Congress that his steep new tariffs would cause “slight disturbances”, but he maintained that it was worth to derive what he promises would be the final benefits of his aggressive trade policy.
“The tariffs are that America will be rich again and has made America great. And this is happening, and it will happen quite quickly, “said Trump during the first address on Tuesday evening, the first such speech of his second term.
“There will be some disturbances, but we don't mind,” said Trump. “It won't be much.”
Notes took place a few hours after the stock exchange fell on the second day in a row, when a huge 25% tariffs appeared on Canada and Mexico.
Most economists warn that tariffs – import taxes that are paid by importers – will end prices for consumers. But Trump has long claimed that they were paid by other countries, and he advertised them as a key tool for acquiring levers in negotiations.
The new tariffs for Canada and Mexico were earlier for a month, and many critics hoped that they would be softened or eliminated before their resumption date.
But Trump decided to plow these tariffs this week, additionally igniting economic uncertainty and fueling new fears that the US was involved in a potentially painful trade war with the two best trading partners.
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