BAKU, Azerbaijan, January 21. With tariffs, the
U.S. has radically reduced our ballooning trade deficit, which was
the largest in world history, said the U.S. President Donald Trump
in his special address to the World Economic Forum in Davos,
Trend
reports.
“We were losing more than $1 trillion every single year, and it
was just wasted. But in one year, I slashed our monthly trade
deficit by a staggering 77%, and all of this with no inflation,
something everyone said could not be done,” he said.
Trump went on to add that American exports are now up by more
than $150 billion.
“Domestic steel production is up by 300,000 tons a month, and
it's doubling over the next four months. It's doubling and
tripling, and we have steel plants being built all over the
country. Factory construction is up by 41%, and that number is
really going to skyrocket right now,” said the U.S. president.
He pointed out that the U.S. has made historic trade deals with
partners covering 40% of all U.S. trade.
“We have countries as our partner, too. The European nations,
Japan, South Korea, they're our partners. They've got into massive
deals with us, especially on oil and gas. And these agreements
raised growth and caused stock markets to boom, not only in the
U.S.,” added Trump.
