Trump details plans to turn US economy around: 'We might as well be the leader'
Former President Trump has touted growing the economy and ending inflation as major platforms of his 2024 campaign. Now, he’s detailing specific policy moves he’d make to take the pressure off Americans’ pocketbooks.
From Social Security and taxes to electric vehicles (EVs) and crypto, Trump spoke with FOX Business’ Maria Bartiromo in Bedminster, N.J., on Thursday about the economic "waste" he aims to cut.
"We're going to take care of Social Security. We're not going to do anything to hurt our seniors," Trump said in an interview that aired on "Mornings with Maria" Friday. "There is so much cutting. There is so much waste in this government. There's so much fat in this government."
The former president also doubled down on tax-free tipped wages – which has garnered support from industry giants like restaurateur Jon Taffer – claiming it will be an official line item.
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"I gave the biggest tax cut ever, bigger than the Reagan tax cuts. But you know what happened? It was very interesting, where we took in more revenue with a smaller percentage of taxes than we did with the big percentage of taxes, and nobody understood it," Trump noted.
"But when we cut taxes, we took in much more money. The country made more money and we were getting ready for growth," he added. "We were getting ready to pay off debt. We were going to drill, baby, drill."
He also expressed his interest in divesting from China and their revving up of EV production.
"We want to go to all electric cars, and yet we don't have what's necessary for electric cars. They're all going to be made in China… We should have hybrids, we should have gasoline-powered cars. And we should also have electric cars at a smaller number," Trump said.
"The electric cars, there's a great place for them, but they don't go far, they cost too much."
Trump additionally detailed how he’d use tariffs as a tool not only for economic growth, but for national security as well.
"One of the things I want to do is have a reciprocal tax, okay? If they charge us 100% of the car, we charge them 100%," the former president said. "Hard to believe that we haven't done this. And I was all set to do it until COVID came."
He’d consider putting a reciprocal tariff on "any country that mistreats us."
"They don't take our cars. They don't take our farming products, very little of them. They want to do it themselves, so we have a $200 million deficit," Trump said. "Our friends treat us just as badly, almost, as our enemies."
And when it comes to cryptocurrency, it already has a "prominent" space in U.S. markets, Trump pointed out while claiming it could benefit the country.
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"Biden's trying to shut it down, Biden doesn't have the intellect to shut it down. Can you imagine this guy is telling you to shut something down like that? He has no idea what the hell it is," Trump said.
"But if we don't embrace it, it's going to be embraced by other people… Other countries will anyway. But we can be the leader, and we might as well be the leader."