Trump Touts Tariffs as Key to Economic Success Before Midterms

WHO:

Fox Business - President Donald Trump

CNBC - Sara Albrecht, chairman and CEO of Liberty Justice Center

WHAT:

Fox Business - Trump defended his administration’s tariffs, stating they are bringing "a fortune" into the United States.

Fox Business - New tariffs of 10% and 12.5% on imports from 60 trading partners are set to be imposed.

Fox Business - Trump claimed that tariffs have saved General Motors and contributed to a strong auto industry.

Fox Business - Trump stated that the U.S. will end up with 40 to 50% of the chip business in a year and a half.

CNBC - A federal lawsuit accused Trump's administration of using different statutes to resurrect tariffs that were struck down by the Supreme Court.

WHERE:

Fox Business - General Motors, United States, Arizona, Canada, Mexico, India, United Kingdom, Taiwan, European Union

WHEN:

Fox Business - New tariffs will take effect immediately after the temporary duties expire at 12:01 a.m. ET Friday.

Fox Business - The Supreme Court struck down Trump's "reciprocal" tariffs in February.

WHY:

Fox Business - Trump stated that tariffs have made the country rich and have prevented wars, including a potential nuclear conflict between India and Pakistan.

Fox Business - Trump expressed a preference for independent trade deals rather than updating the USMCA, stating that Mexico and Canada need the U.S. more than vice versa.

HOW:

Fox Business - The new tariffs are imposed under Section 301 of the Trade Act of 1974.

Fox Business - Trump mentioned that he has other ways of implementing tariffs, but they are more cumbersome.

(UPDATED July 29, 2026 01:29 UTC)

President Trump defended his administration’s tariffs, claiming they are bringing "a fortune" into the United States and have saved General Motors while bolstering the auto industry. New tariffs of 10% and 12.5% on imports from 60 trading partners are set to take effect immediately after the temporary duties expire at 12:01 a.m. ET Friday, as Trump expressed a preference for independent trade deals over updating the USMCA. Meanwhile, a federal lawsuit has accused Trump's administration of using different statutes to revive tariffs that were previously struck down by the Supreme Court.