President Donald Trump delivered a wide-ranging congressional address that touched on critical economic issues, with particular emphasis on electric vehicles, energy production, and government efficiency.
On electric vehicles, Trump took a direct stance: “We ended the last administration’s insane electric vehicle mandate, saving our autoworkers and companies from economic destruction.” This declaration signals a significant shift in automotive policy, promising relief to the auto industry.
The centerpiece of his efficiency drive is the new Department of Government Efficiency, led by Elon Musk. Trump personally highlighted Tesla Inc TSLA CEO Musk’s role, stating, “He’s working very hard. He didn’t need this.” The department aims to combat what Trump described as massive government waste, with the president claiming they’ve “found hundreds of billions of dollars of fraud” and are working to eliminate inefficiencies.
Addressing inflation, Trump specifically called out food prices, noting the impact on everyday Americans: “[Former President] Joe Biden let the price of eggs get out of control and he’s now fighting to bring prices back down.” He linked this to his broader economic strategy of reducing government spending and waste.
Energy policy took center stage with Trump’s emphatic “drill baby drill” approach. He declared, “We have more liquid gold under our feet than any nation on earth… I fully authorize the most talented team ever assembled to go and get it.” This includes plans for a “gigantic natural gas pipeline in Alaska” and expanding critical mineral production.
On taxation, Trump proposed sweeping cuts and exemptions: “I’m calling for no tax on tips, no tax on overtime and no tax on social security benefits.” He also aims to make car loan interest tax-deductible for American-made vehicles, promising to “absolutely boom” the auto industry.
Trump highlighted major corporate investments, including, Oracle Corp ORCL, Apple Inc. AAPL, Taiwan Semiconductor Manufacturing Co. TSM, and SoftBank Group SFTBF.
On trade, Trump announced reciprocal tariffs beginning Apr. 2, declaring, “Whatever they charge us, we will charge them back.” He promised this would bring “trillions and trillions of dollars” and create unprecedented job opportunities.
Interest rates and the federal budget were also key themes. Trump pledged “a beautiful drop” in interest rates and committed to balancing the federal budget, something “not been done in 24 years.” He introduced a “Gold Card” immigration program designed to generate revenue and reduce national debt.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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