President Donald Trump defended his administration’s tariff policies in an interview on Tuesday, asserting that the measures have generated substantial revenue for the United States. Speaking to Fox & Friends, the current President of the United States stated that the tariffs have brought in what he described as a fortune for the country.

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The remarks come as the administration prepares to implement new duties of 10% and 12.5% on imports from 60 trading partners, set to begin on Friday. These new tariffs will replace a temporary global tariff that is expiring. The Office of the U.S. Trade Representative announced that the new levies, imposed under Section 301 of the Trade Act of 1974, will take effect immediately after the temporary duties expire at 12:01 a.m. ET Friday.

During the interview, host Brian Kilmeade asked whether the president was concerned that recent tariffs might harm the economy as manufacturing returns to the U.S. The president responded that the tariffs are bringing in hundreds of billions of dollars. He cited a visit to General Motors, noting that the company had its best year, with record production of trucks and cars. He credited tariffs with saving General Motors and boosting the auto and chip industries, mentioning that chip companies are building plants worth hundreds of billions of dollars in Arizona. He added that the U.S. is expected to capture 40 to 50% of the chip business within a year and a half, up from virtually nothing.

The president also commented on a Supreme Court decision from February that struck down his earlier reciprocal tariffs of 10% to 50%. He described the ruling as a close decision that forced him to take a more difficult approach to tariffs. In response to that ruling, the administration had implemented a temporary 10% global tariff under Section 122 of the Trade Act of 1974, which is now expiring.

Among the trading partners facing the new 10% tariff are Canada, Mexico, India, and the United Kingdom. Taiwan and the European Union will face a 12.5% tariff. The president argued that tariffs have made the country wealthy and claimed that the threat of tariffs helped prevent conflicts, including averting a nuclear war between India and Pakistan. He asserted that Democrats are aware of the benefits of the tariffs. Trump highlighted the strength of the U.S. auto industry, stating that more car plants are being built now than at any time in history. He pointed to Toyota’s recent announcement of a $12 billion investment in U.S. plants, which he attributed to the company’s desire to avoid tariffs.

He noted that companies face no tariffs if they manufacture their products in the United States.

The Trump administration has decided not to extend the U.S.-Mexico-Canada Agreement and will instead pursue separate trade deals with Canada and Mexico.

Source: IndexBox Market Intelligence Platform