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US President Donald Trump declared on Thursday that his administration’s sweeping tariffs were restoring the country’s economic strength, insisting they were making America “great and rich again.” His comments came just hours before the deadline for several nations to reach trade deals with Washington to avoid harsh penalties.
Writing on his Truth Social platform, Trump claimed, “Tariffs are making America GREAT & RICH Again,” adding, “ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE ‘HOTTEST’ COUNTRY ANYWHERE IN THE WORLD.”
The statement followed the imposition of new tariffs targeting multiple major trading partners. While South Korea managed to secure a last-minute deal with Washington, agreeing to a 15 percent tariff—down from a previously threatened 25 percent—others faced harsher terms. Brazil was hit with a severe 50 percent tariff and sanctions against a Supreme Court judge overseeing the trial of former President Jair Bolsonaro. However, Trump delayed the tariff’s implementation to August 6 and exempted key Brazilian exports, including orange juice, iron ore, and civil aircraft.
India was not spared either, with Trump imposing a 25 percent duty on Indian exports, slightly reduced from earlier threats. He also hinted at further penalties over India’s defence and energy dealings with Russia. “I don’t care what India does with Russia. They can take their dead economies down together,” Trump wrote, accusing India of imposing some of the world’s highest tariffs.
South Korea, one of Washington’s closest allies, not only agreed to the 15 percent levy but also committed to investing $350 billion in the US and purchasing $100 billion worth of American energy, including liquefied natural gas. The agreement ensures key South Korean exports, such as automobiles, remain at the 15 percent tariff level.
Tensions also rose with Canada after Prime Minister Mark Carney announced support for Palestinian statehood at the upcoming UN General Assembly. Trump responded by warning that Canada’s stance would make future trade agreements “very hard” to achieve.
On Wednesday, Trump signed an order enforcing a 50 percent duty on some copper products and removed a tariff exemption on low-value international shipments. However, key copper-related materials, including ores and concentrates, were excluded, easing industry concerns.
Commerce Secretary Howard Lutnick confirmed trade deals had been reached with Cambodia and Thailand, although no specifics were released. Other countries that have reportedly reached preliminary deals include Britain, Vietnam, Japan, Indonesia, the Philippines, the EU, and South Korea.
Trump’s tariff package, first unveiled in April, introduced a minimum 10 percent duty on goods from nearly all trading partners, citing “unfair trade practices.” Although implementation was delayed twice due to market instability, Trump has made it clear the 1 August deadline would not be extended again.
While Trump insists the tariff hikes will boost government revenues and revive American industry, economists continue to warn that such measures could stoke inflation and hinder economic growth.
