Washington, July 29 (IANS) US President Donald Trump has predicted that the American economy will accelerate once the conflict involving Iran is resolved, arguing that his administration’s tax, tariff and energy policies will produce stronger results than those of his first term.
“As soon as this little situation gets worked out, I believe it’s going to be better,” Trump said in an interview with Fox News. “It already is better; we’re hitting — just today we’re hitting new stock market highs every single day.”
Trump said US retirement accounts were at record levels and claimed that the stock market had reached new highs on nearly 80 days during the first year and a half of his current term.
“401(k)s are the highest they’ve ever been,” he said. “So, I mean, we have an amazing economy.”
The president repeated the prediction during a virtual tele-rally for Republican Congressman Andy Ogles in Tennessee. He linked the economic outlook to the end of the Iran conflict and an agreement preventing Tehran from obtaining nuclear weapons.
“I believe we’re gonna blow the first term away in terms of the economy,” Trump said. “I think we’ll have the strongest. I think it’ll beat even the first term.”
Trump also predicted that energy figures would improve after the situation involving Iran was settled. He credited Ogles with supporting what he called American energy dominance.
The president used the campaign appearance to promote his tax legislation, which he calls the “great Big, Beautiful Bill”. He said the measure eliminated taxes on tips, overtime earnings and Social Security income for senior citizens.
Trump argued that those provisions should help Republicans retain control of Congress in the midterm elections.
“Those are things that alone should give us a tremendous victory in the midterms,” he said.
The president also highlighted a provision making interest on automobile loans tax deductible when the vehicle is manufactured in the United States. He said the policy worked alongside tariffs to encourage carmakers to establish American factories.
“We’re right now building more car plants than at any time in our history,” Trump told Fox News.
Trump said tariffs had generated hundreds of billions of dollars and protected the domestic automobile industry. He specifically claimed that they had helped General Motors and encouraged foreign manufacturers to move production to the United States.
“The tariffs have made this country a fortune,” he said. “It made the country rich.”
Trump made tariffs a central element of his economic agenda during his first term, imposing duties on imported steel, aluminium and a range of Chinese goods. He has expanded their use during his current administration.
–IANS
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