President Donald Trump declared that inflation “has been defeated” and the US border is “totally closed” as he pitched tariffs, tax cuts, and new trade claims in a political push he said is aimed at winning the midterm elections.
Speaking to supporters in Iowa on Tuesday, Trump said his administration had delivered “the most dramatic one-year turnaround of any country in history,” arguing that the US economy had rebounded rapidly after what he described as a troubled inheritance.
“Just after one year of President Trump, our economy is booming, incomes are rising, investment is soaring,” he said, adding that America was now “respected all over the world.”
Trump repeatedly credited tariffs for what he portrayed as renewed industrial growth and investment. He cited manufacturing expansion and said trade measures were drawing capital into the country at an unprecedented pace. “We are the number one country anywhere in history for investment coming into the country,” he said, describing tariffs as a central driver of that trend.
On markets, Trump said that “since the election, the stock market has had 52 all-time highs,” claiming it added “$9 trillion in value” to savings, retirement accounts, and 401(k)s. He contrasted those figures with the previous administration, saying that over four years, President Joe Biden attracted “less than $1 trillion in new investment.” In comparison, his administration secured “plus $18 trillion” in commitments in just one year.
Trump highlighted what he called the “Great Big, Beautiful Bill,” promoting provisions such as “no tax on tips, no tax on overtime, no tax on Social Security for our seniors.” He brought service-industry workers on stage to illustrate the impact. Erika Pirtle, a venue manager, told the crowd, “No tax on tips is huge for everyone in the service industry.” Judy Waldron, a bartender, added, “Thank you very much. We appreciate it.”
Trade and agriculture featured prominently in the remarks. Trump said his administration had “slashed our gaping trade deficit by a staggering 77 per cent,” and pointed to a series of trade-related export commitments. He said Japan would allow the US “to supply up to 100 per cent of automobile ethanol,” the United Kingdom would import “nearly $1 billion of ethanol,”
Australia was opening its market to American beef “for the first time in more than 20 years,” and China had agreed to purchase “over $40 billion of US-grown soybeans.” He also said the European Union would increase purchases of American pork, dairy, and soybean oil.
Addressing farmers, Trump said his administration had issued “$12 billion in farm relief,” arguing that tariff revenues made the assistance possible. He also pledged support for year-round E15 ethanol, saying a bill backing the measure would reach his desk “very quickly” and that he would sign it “without delay.”
Immigration and public safety were central themes. Trump said the southern border had been “totally and completely closed,” adding, “Nobody is able to come into our country except for those that come in legally.” He claimed the US now had “the lowest crime rate now in the history of our country,” and said, “In one year, we've achieved the largest drop in the murder rate in the history of our country.” He also said drug overdose deaths were “down by 21 per cent,” and noted that he had designated drug cartels as foreign terrorist organizations.
Trump bolstered his case with references to polling, citing results from several opinion polls, and saying Republicans were leading on the economy, immigration, and crime. He argued that public support validated his administration’s approach.
A key objective of the speech was to mobilize voters ahead of the midterms. “We've got to win the midterms,” Trump said, urging supporters to back Republican candidates for both the House and Senate. He warned that losing control of Congress would put tax cuts and other priorities at risk. “If we lose the midterms, you'll lose so many of the things that we're talking about,” he said.
Trump closed by framing the past year as a decisive break from what he called the decline. “America is back,” he said. “Our border is secure, our spirit is restored, inflation is stopped, incomes are up, prices are down.”