Trump says tariffs made America ‘rich’, credits duties for US manufacturing boom

August 22, 2026

Washington: US President Donald Trump has mounted a strong defence of his global tariff policy, claiming that import duties have made the United States “rich” and encouraged foreign companies to shift manufacturing operations to America.

Addressing a Republican rally in Myrtle Beach, South Carolina, Trump described tariffs as one of his favourite policy tools, saying they were generating government revenue while creating jobs for American workers.

Trump calls tariffs his ‘all-time favorite word’

“It’s my all-time favorite word. I love tariffs. I love the word. It’s made us rich as hell,” Trump said.

The President argued that tariffs gave foreign companies a clear choice — either pay additional duties on goods exported to the US or manufacture those products within the country.

Explaining his approach to foreign carmakers, Trump said: “I say, ‘Gotta pay 25 per cent tariff.’ They say, ‘Well, we can’t do that.’ I said, ‘That’s okay. You don’t have to do it. Come over here and build your cars in the United States.’”

“And that’s what they’re doing in South Carolina,” he added.

Trump claims record manufacturing investment

Trump said his tariff policy was driving 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 claimed.

Trump placed the total value of investments flowing into the United States at $19.2 trillion. However, the transcript did not provide a breakdown of the figure, identify the companies involved or specify the period covered.

“$19.2 trillion is being invested right now in the United States more than any country at any time by many, many times,” he said.

Trump links tariffs to construction jobs

The President also linked the investment to growing demand for construction workers, saying hundreds and possibly thousands of factories were being built across the country.

“The construction jobs are through the roof because they’re building all of these plants, factories, hundreds of them all over the country, thousands of them,” he said.

Trump claimed that manufacturing was expanding at its fastest pace in years. He also said the stock market had recorded 80 all-time highs since his election and that the value of a typical retirement account had increased by nearly $40,000.

Trump ties tariff policy to midterm elections

Trump connected his economic argument to the November midterm elections, warning that a Democratic victory 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 said.

He also urged supporters to vote for Senate candidate Darlene Graham in Tuesday’s Republican runoff, arguing that maintaining Republican control of Congress was necessary to preserve his economic programme.

Tariffs are taxes imposed on imported goods and are generally paid to the government by the importing company. Businesses can absorb the additional expense, negotiate lower prices with suppliers or pass some or all of the cost on to consumers.