'We're poised for an economic boom': Trump credits 'tariffs' for economic growth

Trump made the remarks in his address to the nation on Wednesday.

Trump said, "Here at home, we're bringing our economy back from the brink of ruin," Trump said. "The last administration and their allies in Congress looted our treasury for trillions of dollars, driving up prices and everything at levels never seen before. I am bringing those high prices down and bringing them down very fast."

Praising the economic prowess achieved under his administration, the US President further noted, "Already I have secured a record-breaking 18 trillion dollars of investment into the United States, which means jobs, wage increases, growth, factory openings and far greater national security. Much of this success has been accomplished by tariffs; my favourite word - tariffs, which for many decades have been used successfully by other countries against us. But not anymore. Companies know that if they build in America, there are no tariffs. That's why they are coming home to the USA in record numbers. They are building factories and plants at levels we haven't seen."

He added, "We're poised for an economic boom, the likes of which the world has never seen. Soon we will host the World Cup and the Olympics, both of which I got. But most importantly, we will celebrate the 250th anniversary of the Declaration of Independence."

The US President also announced that over 14,50,000 military service members will receive a special warrior dividend before Christmas.

"Tonight, I am also proud to announce that more than 1,450,000 military service members will receive a special warrior dividend before Christmas. In honour of our nation's founding in 1776, we are sending every soldier 1,776 dollars."

Fox News reported that the speech comes as Trump has launched a new effort focusing on his economic policies, amid criticism surrounding how his administration has handled messaging on economic issues. (ANI)