President Trump has declared a national emergency to implement tariffs on all imports, introducing a new baseline rate of 10%. This move, termed 'Declaration of Economic Independence', is aimed at revitalizing American factories and enhancing domestic industry. The tariffs also include specific duties against key allies, with rates reaching 20% on the European Union and others. Trump emphasized that increased home production would lead to better competition and lower consumer prices, referencing historical tariff impacts on the U.S. economy and suggesting a return to such policies could avert economic downturns.
Factories will come roaring back into our country - and you see it happening already. We will supercharge our domestic industrial base.
Ultimately more production at home will mean stronger competition and lower prices for consumers.
This is one of the most important days, in my opinion, in American history. It's our Declaration of Economic Independence.
In 1913, for reasons unknown to mankind, they established the income tax so that citizens, rather than foreign countries, would start paying the money necessary to run our government.
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