Trump hails economic ‘successes’, claiming U.S. is once again envied worldwide

In a brief 18-minute address, U.S. President Donald Trump set out to convince Americans that his economic agenda is delivering results. Yet, judging by the reactions of leading U.S. outlets, he did not succeed. “A year ago, we were a dead country. Now we’re the hottest country anywhere in the world,” Trump declared.

The tycoon-turned-president insisted he had inherited an economic “disaster” from the Biden administration and claimed that the United States is now back and on the cusp of an unprecedented boom. He attributed this turnaround in part to the tariffs he imposed, asserting, without providing evidence, that they have already generated 18 trillion dollars in investment.

Foreign policy was also mentioned. Trump made a fleeting reference to the war in Gaza, claiming that he had “solved eight wars” and brought peace to the Middle East, making no mention of Ukraine or Venezuela. 

Two announcements nonetheless stood out. 

The first was the introduction of a so-called “warrior dividend” – a one off payment of $1,776 for all active-duty military personnel. Trump said the cheques had already been sent and would arrive by Christmas. The symbolic figure alludes to the year of American independence, as the country approaches the 250th anniversary of its founding.

The second was the promise of an imminent appointment of a new chair of the Federal Reserve who would be more inclined to cut interest rates quickly and aggressively. The current chair, Jerome Powell, whose term ends in 2026, was appointed by Trump himself.

The prime time televised speech, announced with considerable fanfare, forms part of a broader effort to persuade voters that the economy is performing well and that living standards have improved over the past year. This messaging comes as opinion polls point to a slide in the president’s approval ratings, particularly on economic management.

Much of the address was devoted to attacks on Democrats, whom Trump blamed for nearly all current problems, alongside repeated praise for his own “achievements”. 

These ranged from what he described as the most secure border in U.S. history to a rapid fall in prices, claims not supported by official data, and wages that he said are rising faster than inflation. All of this, Trump argued, had been accomplished “in just 11 months”.

“I’m fixing things,” the president said, seeking to soothe growing public unease over stubborn cost of living pressures and early signs of softening in the labour market. 

However, U.S. inflation remains above the Federal Reserve’s two per cent target, as it does in Europe under the European Central Bank, while unemployment rose in November to 4.6 per cent, its highest level since 2021 at the height of the pandemic.

Trump insisted he is “fighting for Americans” and that his policies are already delivering tangible gains. 

Much of the press, however, characterised his tone as angry and frustrated that voters have yet to acknowledge those achievements. He urged patience, arguing that the full impact of his policies, particularly tax cuts, will become clearer next year. 

As the president addressed the nation, the U.S. State Department announced an arms sales package to Taiwan worth more than USD $10 billion, including medium-range missiles, ammunition and drones.