On March 4, 2025, US President Donald Trump gave a speech to a joint congress meeting in the House Chamber of the US Capitol in Washington, DC, USA.
Kevin Lamarque | Reuters
President Donald Trump admitted in front of a joint congress meeting that his steep new tariffs “a little disorder” would cause, but it was worth harvesting what he promises will be the possible advantages of his aggressive trade policy.
“Customs is about making America rich again and making America great again. And it happens, and it will happen pretty quickly,” said Trump during the prime time address on Tuesday evening, the first such speech of his second term.
“There will be a little fault, but we agree,” said Trump. “It won't be much.”
The comments came hours after the stock market had dropped for a second day in a row when Trump came into force 25% tariffs for Canada and Mexico.
Most economists warn that tariffs – taxes on imports that are paid by the importers will ultimately increase prices for consumers. But Trump has long said that tariffs are paid for by other countries, and he has advertised them as a key instrument for the leverage in negotiations.
The new tariffs in Canada and Mexico had previously had a long break, and many critics hoped that they would be alleviated or eliminated before they resume.
But Trump decided to advance these tariffs this week, with economic uncertainty further inflamed and new fears strained that the United States had signed a potentially painful trade war with two of the best trading partners.
After the markets were closed on Tuesday afternoon, Minister of Commerce Howard Lutnick said that Trump will “probably” announced on Wednesday.
According to Lutnick's statements, the US shares rose with all three main middle values.
But Trump gave no indication that he was about to roll back his duties just imposed on Tuesday evening.
Instead, he said: “Mexico and Canada to do much more than they did, and they have to stop the fentanyl and drugs that flock to the USA.”
And he repeatedly advertises with his broader tariff plans and promised that they would help to lead to a “boom” of the auto industry “and that his plan for” mutual tariffs “” would bring in trillion and trillion dollars “.
The Alliance for Automotive Innovation, a trading group that represents most large car manufacturers, warned on Tuesday on Tuesday that tariffs on Canada and Mexico could trigger price increases of up to 25% for some car models.
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