BAKU, Azerbaijan, January 21. With tariffs, the U.S. has radically reduced our ballooning trade deficit, which was the largest in world history, said the U.S. President Donald Trump in his special address to the World Economic Forum in Davos, Trend reports.
“We were losing more than $1 trillion every single year, and it was just wasted. But in one year, I slashed our monthly trade deficit by a staggering 77%, and all of this with no inflation, something everyone said could not be done,” he said.
Trump went on to add that American exports are now up by more than $150 billion.
“Domestic steel production is up by 300,000 tons a month, and it's doubling over the next four months. It's doubling and tripling, and we have steel plants being built all over the country. Factory construction is up by 41%, and that number is really going to skyrocket right now,” said the U.S. president.
He pointed out that the U.S. has made historic trade deals with partners covering 40% of all U.S. trade.
“We have countries as our partner, too. The European nations, Japan, South Korea, they're our partners. They've got into massive deals with us, especially on oil and gas. And these agreements raised growth and caused stock markets to boom, not only in the U.S.,” added Trump.