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Donald Trump: “We had virtually no inflation under my term.”

Featuring: Donald Trump, Republican | President of the United States | National

President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs

Published April 2, 2025 | Video Starts at 39:57

We created 10,000 already in a few weeks. New manufacturing jobs. And it was that took place in one month. Numbers that they haven't seen in a long time. We had virtually no inflation under my term. We had virtually no inflation for four years. But after transitioning over to Sleepy Joe, it went from almost nonexistent to the highest in the history of our country. (39:57–40:00)

CLAIM

Asserts that there was virtually no inflation during his term as president.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Donald Trump

“Toyota sells 1 million foreign made automobiles into the United States and General Motors sells almost none [in Japan].”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 07:23-07:31
“Canada, by the way, imposes a 250 to 300% tariff on many of our dairy products.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 10:36-10:44
“Japan, our friend, charges a 700% [tariff on rice].”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 12:40-12:45
“Since the very beginning of NAFTA, our country lost 90,000 factories.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 17:08-17:15
“Foreign nations now own $26 trillion more of American assets than American [citizens] own of their own foreign assets.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 17:38-17:47
“The United States can no longer produce enough antibiotics to treat our sick.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 17:53-17:59
“A single shipyard in China now produces more ships every year than all of the American shipyards combined.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 18:17-18:25
“Our country and its taxpayers have been ripped off for more than 350 years.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 02:08-02:14
“In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 02:22-02:32
“For decades, the United States slashed our trade barriers on other countries while those nations placed massive tariffs on our products.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 04:53-05:03
“The United States charges other countries only a 2.4 tariff on motorcycles. Meanwhile, Thailand and others are charging much higher prices…”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 06:19-06:34
“India charges 70%, Vietnam charges 75% [on motorcycles].”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 06:33-06:38
“India charges 70% [on certain imports].”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 06:33-06:36
“The United States has for decades charged a 2.5 tariff on foreign made automobiles.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 06:40-06:47
“The European Union charges us more than 10% tariffs and they have 20% VATs.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 06:51-06:59
“Vietnam charges us 90%. We're going to charge them 46%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 07:00-21:16
“81% of the cars in South Korea are made in South Korea.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 07:14-07:19
“94% of the cars in Japan are made in Japan.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 07:18-07:24
“Effective at midnight, we will impose a 25% tariff on all foreign made automobiles.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 08:03-08:10
“Through non tariff barriers, the European Union bans imports of most American poultry.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 11:45-11:51
“Australia bans American beef.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 11:45-11:51
“China charges American rice farmers an overquoter. It's called a tariff rate of 65%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 12:26-12:33
“South Korea charges 50. Actually, they charge different from 50% to 513% [on certain imports].”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 12:32-12:47
“In sleepy Joe Biden's last year in office, the United States hemorrhaged 100,000 manufacturing jobs.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 16:31-16:40
“Our trade deficit reached a record $1.2 trillion, which is unheard of since the beginning of NAFTA.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 16:44-16:53
“5 million manufacturing jobs were lost while racking up trade deficits of $19 trillion.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 17:27-17:37
“We import virtually all of our computers, phones, televisions and electronics.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 18:07-18:13
“Starting tomorrow, the United States will implement reciprocal tariffs on other nations.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 18:43-18:50
“China, 67%. That's tariffs charged to the USA, including currency manipulation and trade barriers.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 20:05-20:15
“We're going to be charging a discounted reciprocal tariff of 34% [to China].”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 20:32-20:38
“Taiwan took all of our computer chips and semiconductors.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 21:18-21:23
“Japan charges us 46% and much higher for certain items like cars.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 22:06-22:16
“India charged us 52%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 22:29-22:35
“We took in hundreds of billions of dollars from China in tariffs.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 22:42-22:48
“Switzerland, 61% to 31%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 23:44-23:48
“Cambodia, 97%. We're going to bring it down to 49.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 23:44-23:56
“South Africa, 60%, 30%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 24:04-24:12
“Bangladesh is 74%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 24:23-24:27
“Pakistan, 58%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 24:28-24:31
“Sri Lanka, 88%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 24:32-24:36
“We will establish a minimum baseline tariff of 10%.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 25:24-25:28
“Foreign nations will finally be asked to pay for the privilege of access to our market.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 26:08-26:14
“We were doubling up on China.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 26:22-26:24
“They manipulate their currencies like nobody can even believe.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 27:39-27:44
“These tariffs are going to give us growth like you haven't seen before.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 28:08-28:13
“Work has already begun on plants all around the country.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 28:25-28:29
“Apple is going to spend $500 billion.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 29:28-29:34
“SoftBank, OpenAI and Oracle, great, great companies, are investing $500 billion almost immediately.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 29:37-29:48
“Nvidia, a hot company, is investing hundreds of billions of dollars.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 29:47-29:53
“tsmc, the biggest, most important company in the world of chips, from Taiwan, with no investment from us, is investing $200 billion.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 29:53-30:04
“We used to have 100% of the chip market. Now it's all in Taiwan.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 30:15-30:20
“Johnson and Johnson, great company, $55 billion.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 30:32-30:37
“Eli Lilly, 27 billion.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 30:36-30:39
“Meta is investing $500 billion.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 30:38-30:44
“DMACC is investing 20 billion.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 30:44-30:49
“CMA, CGM, $20 billion.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 30:48-30:52
“We have so far it looks like we're going to have about $6 trillion of investments.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 32:26-32:32
“In my first term. They said tariffs would crash the economy. Instead, we built the greatest economy in the history of the world.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 34:10-34:19
“From the day of my election, the stock market went up in my first term, 88%, with Nasdaq going up 155% more than any president has ever had…”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 34:53-35:09
“If you look at China, I took in hundreds of billions of dollars in my term.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 36:53-36:59
“They never paid 10 cents to any other president, and yet they paid hundreds of billions.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 37:00-37:07
“Core inflation dropped to the lowest rate in four years.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 38:21-38:26
“The price of eggs dropped now 59% and they're going down more.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 39:02-39:07
“Gasoline is way under $3.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 39:39-39:41
“We created 10,000 already in a few weeks. New manufacturing jobs.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 39:46-39:53
“After transitioning over to Sleepy Joe, it went from almost nonexistent to the highest in the history of our country.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 40:03-40:11
“We now have a border that's the best border that we've ever had, even better than it was my first term.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 41:18-41:27
“Four years ago we had the best border there ever was.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 41:35-41:38
“We're going to pass the largest tax cuts in American history.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 42:11-42:17
“We will not cut Social Security, Medicare or Medicaid benefits.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 42:20-42:26
“The Democrats will [cut Social Security, Medicare, or Medicaid benefits] because if they got in, the entire economy would collapse.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 42:26-42:32
“If the car is not built in America, you don't get the interest rate deduction.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 43:30-43:35
“We're going to get us closer to the debt extension. We have to get the debt extension passed.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 44:04-44:11
“We need to get our shared priorities done, including certain permanent tax cuts.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 44:24-44:29
“We're going to cut spending and right size the budget back to where it should be.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 45:15-45:21
“We're going to produce the cars and ships, chips, airplanes, minerals and medicines that we need right here in America.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 46:24-46:33
“The pharmaceutical companies are going to become roaring back.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 46:32-46:36
“In the first 100 days, I think we've had an amazing, in terms of what we've done, what we've gotten accomplished.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 47:16-47:23
“They're losing 2,000 on average, 2,500 people today. Young people, soldiers, Russian.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 47:31-47:40
“It's a senseless war that would have never happened if I was president.”
President Trump's Liberation Day Speech on Economic Independence and Reciprocal Tariffs | Uploaded April 2, 2025 | 48:06-48:10