Was he anxious about falling approval ratings… Trump "High inflation, Biden's fault"

State address 18 minutes of 'self-praise'

"Tariff effects will be refunded next spring"

Approval rating 36%…lowest across terms 1·2

U.S. President Donald Trump on the 17th (local time) criticized the failures of the previous Biden administration and said he had "achieved results no one could have imagined." With public support for President Trump's economic policies plunging to 36% amid rising prices, he emphasized his achievements while blaming the previous administration.

President Trump delivered an approximately 18-minute speech at the White House at 9 p.m. on the day, claiming that "the United States is on the verge of an economic boom the world will struggle to find precedent for." He said the economic situation would improve next year. As evidence, he pointed to the fact that "for the first time in years, wage growth is far outpacing inflation."

He blamed the recent U.S. issue of "affordability" entirely on the previous administration. President Trump accused "the last administration and its congressional allies (the Democrats) of draining trillions of dollars from the treasury and driving prices to unprecedented levels," saying, "I am rapidly bringing those prices down." He cited the fact that inflation during the Biden administration surged to the 9% range due to supply chain disruptions from COVID-19 as a problem.

He offered several "carrots" to win public favor. President Trump announced that before Christmas he would pay a "warrior dividend" of $1,776 (about 2.6 million won) each to 1.45 million service members. The $1,776 amount is chosen in light of next year being the 250th anniversary of the U.S. Declaration of Independence (1776).

President Trump also said that his tax cuts introduced this year would save many American households $11,000–$20,000 annually and that "next spring will be the largest refund season ever thanks to tariff effects and the (tax cut) bill."

He added, "We plan to open 1,600 new power plants within the next 12 months," saying, "this will be a record that no one can easily break, and electricity bills and overall prices will fall sharply." He introduced the next Federal Reserve (Fed) chair, who will take office in May next year, as "someone who believes in significant interest rate cuts," meaning rates could be lowered to reduce the burden of mortgage and auto loans.

That day Treasury Secretary Scott Bessent announced the start of a "Trump Account," under which the Treasury will give $1,000 to children born from January 1 through the end of 2028. This money will be immediately invested in index funds, and from July 4 next year parents and others will be able to add up to $5,000 per year to the account. The Trump administration also plans to supply obesity treatments and other drugs cheaper than market prices through the 'Trump Pharmacy (Rx).'

President Trump's address came as his approval ratings had plunged ahead of next November's midterm elections. In a poll released that day conducted by PBS, NPR and Marist of 1,440 U.S. adults from the 8th to the 11th (margin of error ±3.2% points), only 36% said President Trump was handling the economy well. It is the lowest figure across his first and second terms.

Washington=Lee Sang-eun, correspondent selee@hankyung.com