President Donald Trump’s announcements on April 2 that he was placing a minimum of at least 10% tariffs (import duties) on all goods from virtually all of America’s trading partners around the world, including 54% on all imports from China, 32% on Taiwan (which produces most of the world’s high-end computer chips), 24% on Japan, and 20% on the products of the European Union, threw investors around the world into a panic, and added to the fears of most economists of a recession hitting the U.S. and worldwide economies later this year. All of the newly announced tariffs were scheduled to go into effect by Shabbos, April 9.
The main confrontation over Trump’s new tariffs will be with China, extending a dispute over China’s trading practices that began during Trump’s first term as president. China has already announced that it is matching Trump by raising its tariffs on American goods by the same amount, 34 percent. But in this new trade confrontation, China has much more to lose because it buys so much less than it sells to the United States.
During the ceremony in the White House Rose Garden in which Trump introduced his new tariffs, he told the audience consisting of his Cabinet members and invited union members wearing hard hats that “[American] taxpayers have been ripped off for more than 50 years,” by many of our leading trading partners, [but] it is not going to happen anymore,” due to what RealClearPolitics staff writer Philip Wegman called the most significant change to American international trading practices since President Richard Nixon took the U.S. dollar off of the official gold standard (of $35 to the ounce) in 1971.
President Trump then presented a chart of the tariffs he is applying to more than 100 countries trading with the United States. The most significant omissions from the chart were the tariffs on Russia and Belarus due to the separate U.S. sanctions because of their involvement in the invasion of Ukraine, as well as Canada and Mexico, whose sanctions are yet to be determined because they need to be adjusted under the terms of the USMCA free trade agreement that went into effect with the first Trump administration on July 1, 2020.
NATIONS WARNED AGAINST RETALIATING TO TRUMP’S TARIFFS
In an effort to tamp down the original shock of the tariff announcement, Trump’s Treasury Secretary, Scott Bessent, offered the following advice during a Fox News interview to every country looking to respond in kind, with the warning: “Do not retaliate.”
Instead, Bessent said, “My advice to every country right now is…[to] sit back, take it in, let’s see how it goes. Because if you retaliate [now], there will be [an American] escalation. [But] if you don’t retaliate, this is the high-water mark [of the tariff disruption].”
Bessent also told his Fox News interviewer, reporter Bret Baier, that the goal of the new Trump tariffs is to set the stage for long-term American economic growth. He said, “We are putting ourselves back onto a sound trajectory” after “gigantic” government spending during the Biden administration.
President Trump’s adult son, Eric Trump, offered the same advice. “I wouldn’t want to be the last country to try to negotiate with [my father],” Eric posted on his X social media account. “The first to negotiate will win — the last will absolutely lose. I have seen this movie my entire life.” The countries that were among the first to ask Trump to renegotiate his tariffs on them were Israel (17% tariff), Vietnam (46%), and India (26%).
Trump remained defiant in supporting his tariff announcement, despite the expected initial firestorm of criticism, even from some within the administration who had reportedly been advocating for a somewhat different tariff policy up to the day before Trump’s announcement. Reportedly, Trump’s final decision on tariffs was first influenced and later supported by several senior members of his White House economic team, including National Economic Council Director Kevin Hassett, Treasury Secretary Bessent, Commerce Secretary Howard Lutnick, and senior Trump trade and manufacturing counselor Peter Navarro.
SANCTIONS PROMPT A WIDESPREAD RETREAT IN STOCK PRICES
Widespread losses caused the Dow Jones Average (of 30 major industrial stocks) to fall by 7.9% (more than 3,000 points) during the next two trading days. Plunging stock prices destroyed more than $6.6 trillion in the value of all stocks being traded, including a $1.6 trillion loss in the total value of the top seven industrial stocks (Apple, Microsoft, Amazon, Alphabet (Google), Meta (Facebook), Nvidia, and Tesla) alone. The index of stocks on the tech-heavy Nasdaq Composite Index plunged by 10% over the two days into “bear market” territory, meaning it had fallen 20% from its previous all-time high, which it reached this past December 16.
Stock prices continued their steep fall Friday, ignoring the good news in the Labor Department’s announcement that the American economy had added 228,000 jobs in March, much higher than the consensus of economists’ estimate of 140,000 jobs, indicating that during the first quarter of 2025 the economy was significantly stronger than most economists had believed.
Similar losses due to fears about Trump’s new tariffs were recorded last week on Japan’s Nikkei’s 225 Index, which fell by 9%, and Europe’s Stoxx 600 Index, which lost 8%, their biggest one-week declines since the start of the Covid pandemic in March 2020.
Because Trump’s new tariffs were much more widespread and punitive against China and several other major U.S. trading partners than many had been expecting, the announcement left “a lot of confused, scared and angry people [investors] out there,” Steve Sosnick, the chief strategist at the Interactive Brokers trading house, told the Wall Street Journal.
Trump had previously announced a 25% tariff on all imports of steel and aluminum on the basis of the national security need to preserve domestic capacity to produce them. He also had imposed punitive 20% tariffs against all products imported from Canada and Mexico as punishment for their failures to stop the deadly cross-border illegal drug traffic in fentanyl, as well as the 25% tariffs against all foreign-made cars and car parts.
But Trump had already agreed to significant carve-outs from the car part tariffs on Canada and Mexico, which led to the impression that the new tariffs to be announced on April 2, which he called “Liberation Day,” would be negotiable on an individual basis to each foreign trading partner, or “reciprocal,” based on the tariffs that each nation imposed on the goods that it imports from the United States.
That was why many observers were surprised that Trump imposed a minimum 10% tariff across the board, even on countries such as the United Kingdom, whose current tariffs on imported goods from America were lower than that. They were also surprised to learn that those countries Trump subjected to higher tariffs were not strictly “reciprocal, based upon the tariff rates they charged on American goods, as Trump had previously announced. Instead, the new tariffs were calculated based upon half of the percentage of their trade imbalance with the United States compared to the total volume of goods that they exported to the United States, in order to compensate for non-tariff market restrictions those countries had imposed on American investors, such as currency manipulation and requirements for business partnerships with domestic entities.
TRUMP CLAIMS MULTIPLE TARIFF BENEFITS
Trump claimed that his tariffs would serve multiple purposes. At the simplest levels, they would generate income for the federal government that Trump would then be able to use to help finance his promised tax breaks on workers’ tips and overtime pay and to end taxes on Social Security retirement benefits.
Historically, the federal government actually used tariffs as its primary revenue source from its founding until the Civil War, but since the federal income tax was introduced as an amendment to the U.S. Constitution in 2013, the tax revenue produced by the collection of tariffs has become much less significant.
The new tariffs are also supposed to supply an incentive for foreign companies, and particularly car makers, to move their supply chains to the United States, which would give them a competitive advantage in the American market, due to the minimum 10% tariff on all goods imported by their foreign competitors, and the 25% tariff on all imported foreign-made cars and car parts, with a temporary exemption for those cars and car parts made under an agreement during Trump’s first term with Mexico and Canada during his first term as president.
However, Erin McLaughlin, writing in the highly respected Barron’s financial publication, notes the “hard truth [that today], from soup to nuts, the process of shifting manufacturing into the U.S. takes three to 10 years in most cases,” and is subject to “long schedules” and “many risks,” including the need to find “qualified labor” and to deal with “high costs.” In other words, the full benefits of Trump’s new tariffs may not be evident until long after the end of his second term as president.
Both the Biden and Trump administrations imposed high tariffs on imported Chinese-made electric vehicles, which have been heavily subsidized for many years by the Chinese Communist government. Those tariffs are clearly necessary today in order to protect the EV segment of the nationwide car market for the American Big Three car companies, as their newly developed EV models attempt to get up to speed.
TRUMP TARIFFS WILL RAISE CAR PRICES, REPAIR COSTS, AND INSURANCE RATES
While eventually, retail car prices are expected to fall back towards normal as more domestic automakers bring more of their supply chains and factories back into the United States, industry experts predict that, initially, Trump’s 25% tariff is likely to increase sticker prices, even on mostly American-made cars, by between $4,000 to $15,000 per vehicle, and even more for all totally foreign-made imported cars.
The extension of the 25% tariff to foreign-made auto parts is also expected to lead to further increases in the cost of auto repairs, as well as increases in auto insurance rates.
Domestic car manufacturers are expected to try to shield their customers from some of the additional cost of the tariffs by increasing purchase incentives, and offering additional rebates and low interest car loans, but the 25% imported car tariffs are still expected to lower the overall volume of new car purchases in the American auto market initially by as much as 30%.
More generally, the overall cost of the new Trump tariffs to the average American household over the next year is estimated to be as high as $2000, depending upon their purchase patterns. That will inevitably be perceived to the political detriment of Trump and the Republicans during the 2026 midterm election campaign as an increase in the overall rate of inflation, unless the positive impact of the return of domestic manufacturing on the American economy becomes obvious to most voters much sooner than expected.
TRUMP’S CHIEF ECONOMIC ADVISOR DOES NOT EXPECT PRICES TO RISE MUCH
White House National Economic Council Director Kevin Hassett defended President Donald Trump’s tariffs in a broadcast interview with ABC News reporter George Stephanopoulos, denying predictions that the tariffs will raise prices and cost American consumers even more.
“So, the fact is, [other] countries are angry and retaliating [against Trump’s tariffs.] By the way, coming to the table. I got a report from the [U.S. Trade Representative] last night that more than 50 countries have reached out to the president to begin a negotiation [over their new tariff]. But they’re doing that because they understand that they bear a lot of the tariff. And so, I don’t think that you’re going to see a big effect on the consumer [prices] in the U.S. because I do think that the reason why we have a persistent, long-run trade deficit [is that] these people have very inelastic supply. They’ve been dumping goods into [this] country in order to create jobs, say, in China,” Hassett told ABC reporter Stephanopoulos.
Hassett, who was one of the economic advisors behind Trump’s first term business tax cut, also said that, “the bottom line is the president has been talking about tariffs for 40 years and this [has] been absolutely the policy that he’s [been] focused on in the campaign and throughout his political career.”
However, President Obama’s former Treasury Secretary, Larry Summers, who correctly predicted that the excess spending in President Joe Biden’s Covid March 2021 stimulus bill would ignite inflation, disagreed with Hassett’s contention that Trump’s tariffs won’t cost American consumers a lot of money due to higher prices.
“This is the biggest self-inflicted wound we’ve put on our economy in history. We are increasing inflation because the prices are higher because of the tariffs. That gives people less spending power. That means fewer jobs,” Summers said in response to Hassett’s interview. “Markets are looking at all of that. And they think companies are going to be worth $5 trillion less than they thought before these tariffs started. And that’s just the loss to companies. If you add in the loss to consumers, a reasonable estimate would probably be [a total loss of] something like $30 trillion.”
TRUMP IS EXPECTING ONLY A “LITTLE DISTURBANCE” FROM HIS TARIFFS
Trump acknowledged that he thinks it is “OK” for his tariffs to cause a “little disturbance” to the American economy. However, Trump seems to be confident enough that his tariff initiatives will ultimately be vindicated that he is willing to take the temporary “hit” to his job approval rating, in the apparent belief that voters will be happy enough with his other policies to enable the Republicans to survive the initial political test, the 2026 midterm elections, still in control of both houses of Congress.
Of course, as Trump’s tariffs provide incentives for manufacturers to move more of their operations back to the United States, the amount of income the tariffs will generate to help finance Trump’s newly proposed tax cuts will be gradually reduced, forcing him to find other ways to pay for them.
On the other hand, Trump may be hoping that his currently proposed tax cuts will eventually provide enough stimulus for the American economy to pay for themselves with the subsequent overall growth in tax receipts. That, according to conservative economists, is what happened with Trump’s 2017 business tax cuts.
Proportional price increases due to the new tariffs are also expected for other foreign-made goods, such as imported washing machines. This has happened before. During Trump’s first term as president in 2018, he put a tariff on imported washing machines, which stayed in effect until 2023. During that period, the average retail cost of household laundry equipment in the U.S. rose by 34 percent, much higher than the overall rate of inflation during that period.
TRUMP SEES TARIFFS AS ENDING A HISTORIC INJUSTICE
It has also become obvious that Trump views the new tariffs as a way to end what he sees as a historic injustice to the American economy dating back to the end of World War II. At that time the United States set up the General Agreement on Tariffs and Trade (GATT), under which the average tariff to be charged by the U.S. on a foreign nation’s exports was to be reduced from about 22% in 1947 to just 5% in 1999, when GATT was replaced by the World Trade Organization (WTO).
The logic behind America’s very low postwar tariff rates was to help rebuild, primarily at America’s expense, the economies of those countries that had been badly damaged in World War II, and to prevent them from falling under communist rule, which was being aggressively pushed by Soviet dictator Joseph Stalin. America had emerged from World War II as, by far, the world’s strongest and most dominant economy. But the problem, as Trump sees it, was that most of those countries never gave up the competitive trading advantage that the U.S. had given them, even decades after their economies had fully recovered from the war.
The main exception to that rule came in 1987, when President Ronald Reagan placed a 100 percent tariff on Japanese-made computers, televisions, and power tools, in retaliation for Japan’s exclusion of U.S.-made semiconductors and chips from its market.
THE HIGH COST OF THE GLOBALIZED ECONOMY TO AMERICAN WORKERS
The continuation of high foreign tariffs on American-made goods wound up hurting American workers as U.S. government leaders encouraged the process of globalization, under which international corporations systematically closed their American factories and their supply chains, moving their middle-class jobs overseas to countries like Japan and later China, where workers made much lower wages and benefits than unionized American employees. Meanwhile, fully recovered European economies in countries such as Germany and France continued to use high tariffs to protect their increasingly inefficient domestic industries from competing with imported American goods, denying those markets to the products of American workers, and causing the loss of millions more middle-class American industrial jobs.
While the New York Times has generally been critical of Trump’s tariff initiatives, its latest front-page analysis does concede that its impact on worldwide free trade “may not be fatal” after all, and that Trump might yet prove the economic experts who have condemned his tariffs to be wrong. The analysis by New York Times London bureau chief, Mark Lander, is now comparing Trump’s controversial new tariffs to the decision by British voters nine years ago to approve Brexit. It unilaterally ended Britain’s membership in the European Union in order to regain its political independence, but without “fatal consequences” to either side, both of which are now seeking to find a mutually desirable new level of cooperation.
Lander suggests that a similar outcome may be possible for Trump’s tariffs. “The rise of free trade,” he writes, “may be irreversible, its benefits so powerful that the rest of the world finds a way to keep the system going, even without its central player [the United States].”
PRIME MINISTER NETANYAHU FIRST TO RENEGOTIATE TRUMP’S TARIFFS
Lander agrees with the American president’s prediction that “many countries will end up trying to cut deals with Mr. Trump” on the new tariffs. That process has already started with Israeli Prime Minister Binyomin Netanyahu, who flew to Washington Monday with Trump’s approval to find a way out of the 17% tariff Trump just imposed on Israeli exports to U.S., and who is likely to be followed close behind for the same purpose by British Prime Minster Keir Starmer.
According to a Ynet report, in 2024, Israeli exports to the U.S. totaled approximately $34 billion worth of goods and services, making the U.S. Israel’s largest single-country export market. In anticipation of the move, Israel sought to exempt itself from the new tariffs. In the hope of escaping a U.S. tariff entirely, on the day before Trump announced them, Israel’s Finance Minister Bezalel Smotrich, with Prime Minister Netanyahu’s knowledge and permission, signed an order eliminating all tariffs on agricultural products imported by Israel from the United States. But the initial reaction by U.S. officials to Smotrich’s action was to emphasize that Trump’s tariff policies were to be initially applied uniformly to all of America’s trading partners, with no favoritism shown to any individual country.
TRUMP IS THE ONLY ONE RESPONDING TO CHINA’S TRADING ABUSES
New York Times reporter Lander also conceded that “for all of the criticism of Mr. Trump’s blunt-force methods, economists say he is responding to a genuine problem: the rise of China as a hypercompetitive trading power, one that heavily subsidizes its own companies. That has hollowed out American manufacturing, in Mr. Trump’s view; the tariffs, he claims, will bring it back.”
This de-industrialization process first became a major American political issue when it was raised by populist third-party presidential candidate Ross Perot during his 1992 campaign against the Republican incumbent, President George H.W. Bush, and Democrat candidate Bill Clinton. During that year’s second presidential debate, held on October 15 in Richmond, Virginia, in his opening statement, Perot memorably referred to a “giant sucking sound” caused by the rush of thousands of good-paying American manufacturing jobs each year to Mexico where American corporations were building factories to achieve dramatic savings in their labor costs, at the expense of the American employees they replaced.
The process continues to this day. In 2023 alone, 42 American manufacturing companies moved their production to newly built Mexican factories.
Clinton would go on to win the 1992 election based on his famous campaign slogan, “It’s the economy, stupid,” directed against the first President Bush for his relative insensitivity to the economic suffering of the American people. But as president, Clinton would worsen the de-industrialization process, hollowing out America’s industrial production base, by granting Communist China “Most Favored Nation” trading status with the United States, despite its notorious record of human rights violations. Clinton acted out of the naive hope that large-scale exposure of the authoritarian Communist Chinese society to Western businessmen would eventually result in significant democratic reforms.
Instead, Communist China has ruthlessly exploited the many international trading advantages that the U.S. had given it under Clinton and subsequent U.S. presidents, with the notable exception of Trump, while stubbornly refusing to eliminate its human rights abuses or grant more democratic rights to its citizens. Now, China’s Communist leader, Xi Jinping, has announced that China’s national goal is to surpass the United States as the leader of the world both economically and militarily by the year 2035, and by some measures as soon as 2030.
POSSIBLE CONSEQUENCES OF A U.S. TRADE WAR WITH CHINA
Market analysts warned that Trump’s new tariffs against China, which he announced last week, subjecting China to the highest tariff rate of any major U.S. trading partner, could, if fully implemented and sustained, touch off a protracted global trade war leading to a worldwide recession.
In light of Trump’s tariff announcement, economists at JPMorgan Chase raised the odds of a recession hitting the global economy in the near future to 60% from 40%. Many economists also told the Wall Street Journal that they were looking toward “the start of perhaps the most turbulent and uncertain time in the markets in years,” going back at least to the start of the Great Recession of 2008.
In a classic “flight to safety,” many investors sold their stocks last week and put their money instead into government bonds, causing the interest yield on the U.S. Treasury’s 10-year note to fall below 4% for the first time since last October, and the biggest one-week fall in its yields since last August. The price of gold, another popular safe haven for spooked investors, also reached a record high last week of $3170.40 per troy ounce last week before falling back. On the other hand, the benchmark price of U.S. crude oil fell by nearly 14% over the two days following Trump’s tariff announcement to $61.99 a barrel on fears that a recession will lead to a sharp fall in worldwide energy demands.
FED CHAIRMAN POWELL ADDRESSES THE TARIFF INFLATION THREAT
However, in a speech last Friday, Federal Reserve Chairman Jerome Powell admitted that “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.”
More comfortingly, however, the Fed chairman also said he was confident that the central bank would be able to prevent any one-time price increases from Trump’s new tariffs from leading to persistently higher inflation rates.
But Trump’s reaction to Powell’s statement was to urge the Fed chairman to “change his image and quickly. Cut interest rates, Jerome, and stop playing politics,” Trump said in a post on his Truth Social account.
Trump also expressed his disappointment Friday when China announced that it would retaliate by imposing an equivalent 34% additional tariff on all U.S. goods that it imports. In a post on his social media account, Trump said that “China played it wrong, they panicked — the one thing they cannot afford to do!” Instead, Trump implies that China should have reacted by approaching him to negotiate the tariff issue, as more than a dozen countries, including Israel, have already done.
TRUMP IS FOLLOWING HIS ART OF THE DEAL NEGOTIATING STYLE
However, Bill Ackman, the American billionaire who made his fortune as the head of his successful hedge fund, Pershing Square Capital Management, by picking winning stocks, said that Trump’s tariff announcement was consistent with the business style that the president described in his 1987 book, The Art of the Deal. Trump will typically start a negotiation asking for “the moon” and then eventually settle for something less but still significantly more than what he had originally been offered. Ackman said in a social media post last week that since “it has worked well for him [Trump] in the past, he is using the same approach here.”
Ackman also said that the panic on the markets that followed Trump’s announcement was to be expected because “it doesn’t take long for a high degree of uncertainty to cause economic activity to slow…
“This is not surprising. Capitalism is a confidence game. Uncertainty is the enemy of business confidence.
“The good news is that a number of countries have already approached the negotiating table to make tariff deals, which suggests that Trump’s strategy is beginning to work.
“The idea that Wall Street and investors are opposed to the President’s efforts to bring back our industrial base by leveling the tariff playing field is false.” Ackman agrees with Trump’s claim that “our trading partners have taken advantage of us for decades after tariffs were no longer needed to help them rebuild their economies after World War II.
“The market is simply responding to Trump’s shock and awe negotiating strategy.”
Ackman predicts that “If the President makes continued progress on tariff deals, uncertainty will be reduced, and the market will begin to recover.
“As more countries come to the table, those that have held out or have reciprocated with higher tariffs will have growing concerns about being left behind. This should cause more countries to negotiate deals until we reach a tipping point where it is clear that [Trump’s] strategy will succeed. When this occurs, stocks will soar.”
INVESTOR ACKMAN SAYS TRUMP’S TARIFF STRATEGY APPEARS TO BE WORKING
Ackman also expressed confidence that “If the current strategy works, [Trump] will continue to execute on it. If it needs to be tweaked or changed, I expect he will make the necessary changes. Based on the early read [however], his strategy appears to be working.”
According to Shane Harris, the editor-in chief of the AMAC conservative news and opinion website, the most outspoken critics of Trump’s tariff policies are, “the same wealthy Wall Street elites and career politicians who have been exploiting American workers and pillaging the middle class for decades… [who are recommending that we] continue down a path that would only accelerate the country’s slide into cultural and economic ruin.
“What Trump is attempting is something rare in modern American politics: making the case that some short-term sacrifice is necessary for long-term prosperity. This kind of political courage is precisely why Trump has maintained such a loyal following for a decade…
“Trump is acknowledging that prices for some goods will temporarily rise due to these tariffs, in some cases significantly. But those goods will now be made in the United States. Wages will increase, and more of every dollar Americans spend will stay in the U.S. economy…”
TRUMP IS THE ONLY LEADER WILLING TO CALL GLOBALIZATION A SCAM
“Trump is finally saying what no politician before him has had the courage to admit: globalization and the false promise of ‘free trade’ are among the greatest scams ever perpetrated on the American people…
“Sure, globalization brought cheap textiles, plastic toys, and electronics, but at what cost? Skyrocketing deaths of despair across the American heartland, a shrinking middle class, and downward economic mobility…
“The only true beneficiaries of this corrupt system were the wealthy elites who profited by shipping American jobs overseas… American workers were replaced by slave labor in China and child workers in Indonesia, all to fatten the bank accounts of [corporate] elites.”
AMAC’s Harris concludes that “Trump’s tariffs represent more than just an economic policy shift; they are a long-overdue course correction for a nation that has been exploited by its political and corporate elite. For decades, Americans were told that globalization was inevitable and that the outsourcing of jobs was simply the price of progress. But under Trump, that lie is finally being exposed.”
RECOGNIZING THE NEED TO RESTORE AMERICA’S PRODUCTIVE CAPACITY
Harris also points out that even before Trump made it clear that he wasn’t bluffing about imposing tariffs to level the playing field with the rest of the world, the president had succeeded in convincing many international and domestic business leaders that the path to continued access to the American marketplace requires a major increase in their investments in the restoration and future growth of the productive capacity of the U.S. economy.
Since Trump took office in January, he has announced the commitment of more than $1.7 trillion in such new investments. General Motors is building up its vehicle production capacity in the United States rather than in Canada and Mexico. Apple has announced a $500 billion investment that will create 20,000 new American jobs. It has been reported that Japan’s SoftBank is committing up to a trillion dollars to partner with Open AI and Oracle to develop AI-powered factories and robots in America for American industry. Taiwanese semiconductor giant TSMC is increasing its investments in the U.S. economy to $165 billion to build three new state-of-the-art computer chip fabrication plants, two advanced packaging facilities, and a major R&D team center in the United States.
Trump also hopes that the reforms that he is demanding that American universities make in their curriculums by abandoning “woke” DEI objectives and re-establishing their commitment to meritocracy and fostering academic excellence in their students will provide an educated workforce for a revived American industrial sector that will be able restore and maintain this country’s prior competitive advantages in the international marketplace.
As both Ackman and Harris have pointed out, Trump is confident that in the long run, his economic approach is correct. After the short-term challenges created by his tariffs are worked out, Trump thinks that his policies will enable more American workers to thrive and pass that success along to future generations, enabling America to become a nation that is known for its ability to make and build great new things once again. Let us hope that he is right.
