Former President Donald Trump reaffirmed his stance on tariffs and the U.S. economy during a recent Cabinet meeting, dismissing fears of supply shortages resulting from his trade policies. On May 1, 2025, as he prepared to board Marine One on the South Lawn of the White House, Trump asserted that the economy’s “good parts” were a result of his administration’s policies, while attributing the “bad parts” to the economic performance under President Joe Biden.
Even as nearly all major economists warned of impending recession, including his own Federal Reserve, Trump exuded bullishness on the U.S. economy’s future. He stated, “Look, yeah, it’s — everything’s OK. What we are — I said, this is a transition period. I think we’re going to do fantastically.” His remarks came at a time when most economists were lamenting the consequences of his misguided tariffs. They were afraid that these measures would be a step towards a shrinking economy.
Yet throughout his remarks, Trump focused on the fact that he was misleading about the permanent detrimental impacts of tariffs. He argued that the tariffs would be good for the long-term health of the American economy. “The tariffs have just started kicking in. … The tariffs are going to make us rich. We’re going to be a very rich country,” he reiterated.
The former president bravely blamed all of the nation’s economic woes directly on Biden. In fact, he cited the contraction that was reported for the first quarter of the year as proof of this problem. He remarked, “Ultimately, I take responsibility for everything, but I’ve only just been here for a little more than three months.” This proclamation underscored his political acumen as he was able to dance between criticism and praise for his policies.
By any measure Trump made major and dubious economic claims. He released his intention to nominate national security advisor Mike Waltz as the U.S. ambassador to the United Nations. He called on the Federal Reserve to lower interest rates, even after a blowout jobs report in April. His intent is to catalyze more growth in a hot economy.
He said, “I don’t think a beautiful baby girl needs – that’s 11 years old – needs to have 30 dolls,” advocating for moderation in children’s toys and expectations.
In a notable step, under Trump’s leadership, the administration concluded a historic U.S.-Ukraine minerals agreement. This milestone came after months of intense, around-the-clock negotiations. Tensions have escalated over Russia’s war in Ukraine. Trump recognized the growing conflict as “not going to end any time soon,” marking it as a key area of danger to U.S. foreign policy.
When it comes to protectionism, the former president’s tariff commentary is more than a little revealing. He’s made this pledge adamantly clear in his frequent speeches warning China over upcoming trade negotiations. Trump is playing 3D chess and boondoggling the rubes at dumbf—-. His words and deeds will undoubtedly determine how Americans feel about risks ahead and most influence economic policy in the months to come.
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