Trump: "Tariffs drove the Dow past 50,000…will become a way to replace income tax"

President Donald Trump touted tax cuts and the impact of tariffs, presenting the Dow’s move above 50,000 as a major achievement.

In a state-of-the-nation address on the 24th (local time), Trump criticized Democrats for pursuing tax hikes, saying, "Republicans decided not to raise taxes in a number of areas, including Social Security." He said that through a “beautiful bill,” he pursued expanded tax deductions and tax benefits for U.S.-made products.

He also stressed that by not taxing tips and overtime pay and expanding support for child care costs, he reduced the burden on households. He claimed that "American families will be able to take home more than $5,000 a year in additional income."

Trump said, "We are fighting for the people," adding, "We will make sure every parent can raise their child well." He continued, "No one believed me, but I believed in myself."

On economic performance, he said, "The Dow has surpassed 50,000," attributing it to the effects of his tariff policy. He argued that "tariffs helped in every area of the economy and security," saying tariff revenue accelerated debt repayment and delivered a faster-than-expected economic recovery.

Addressing controversy over the tariff policy, he noted that 22 Nobel laureates in economics and a ruling by the Supreme Court found it illegal, but said, "Companies still want to continue economic cooperation with the United States." He emphasized, "Without the tariff policy, it would have been difficult to achieve these results."

Trump said he would pursue even stronger policies going forward, adding, "Over time, tariffs will become a tool that can replace more of the income tax."