Trump sees economic surge after Iran conflict
Washington, July 29
US President Donald Trump has predicted that the American economy will accelerate once the conflict involving Iran is resolved, arguing that his administration's tax, tariff and energy policies will produce stronger results than those of his first term.
"As soon as this little situation gets worked out, I believe it's going to be better," Trump said in an interview with Fox News. "It already is better; we're hitting - just today we're hitting new stock market highs every single day."
Trump said US retirement accounts were at record levels and claimed that the stock market had reached new highs on nearly 80 days during the first year and a half of his current term.
"401(k)s are the highest they've ever been," he said. "So, I mean, we have an amazing economy."
The president repeated the prediction during a virtual tele-rally for Republican Congressman Andy Ogles in Tennessee. He linked the economic outlook to the end of the Iran conflict and an agreement preventing Tehran from obtaining nuclear weapons.
"I believe we're gonna blow the first term away in terms of the economy," Trump said. "I think we'll have the strongest. I think it'll beat even the first term."
Trump also predicted that energy figures would improve after the situation involving Iran was settled. He credited Ogles with supporting what he called American energy dominance.
The president used the campaign appearance to promote his tax legislation, which he calls the "great Big, Beautiful Bill". He said the measure eliminated taxes on tips, overtime earnings and Social Security income for senior citizens.
Trump argued that those provisions should help Republicans retain control of Congress in the midterm elections.
"Those are things that alone should give us a tremendous victory in the midterms," he said.
The president also highlighted a provision making interest on automobile loans tax deductible when the vehicle is manufactured in the United States. He said the policy worked alongside tariffs to encourage carmakers to establish American factories.
"We're right now building more car plants than at any time in our history," Trump told Fox News.
Trump said tariffs had generated hundreds of billions of dollars and protected the domestic automobile industry. He specifically claimed that they had helped General Motors and encouraged foreign manufacturers to move production to the United States.
"The tariffs have made this country a fortune," he said. "It made the country rich."
Trump made tariffs a central element of his economic agenda during his first term, imposing duties on imported steel, aluminium and a range of Chinese goods. He has expanded their use during his current administration.
— IANS
Reader Comments
Interesting how he keeps bringing up 401(k)s and stock market highs. But in India, we know that stock market gains don't always mean the common man benefits. Our farmers and small business owners never see that wealth. Hope Trump remembers the regular workers, not just Wall Street. 🤔
As an American living in India, I find his claims pretty bold. He's saying tariffs made America rich? That sounds protectionist. In the global economy, isolation never works long-term. India learned that in the 1990s. Free trade and cooperation - that's the real path forward for both our countries. 🌍
Trump says 'little situation' with Iran - that's an understatement! As an Indian who follows geopolitics, we know how volatile the Middle East is. Our own diaspora and oil supplies depend on stability there. Peace is good, but he shouldn't underestimate Iran's capabilities. Let's hope diplomacy wins, not just economic promises. 🇮🇳
Tax cuts for tips, overtime, and Social Security? Sounds nice in theory, but in India we've seen how such populist measures can strain budgets. He's talking big numbers - hundreds of billions from tariffs - but where's the proof? I'd like to see independent audits. Feels like election season rhetoric, plain and simple. 😒
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