Trump: "Tariffs propelled the Dow past 50,000…will become a substitute for income tax"

President Donald Trump touted the Dow’s move above 50,000 as a key achievement, stressing the effects of his tax-cut agenda and tariffs.

In a state-of-the-nation address on the 24th (local time), Trump criticized Democrats for pushing tax increases, saying, "Republicans have decided not to raise taxes in a range of areas, including Social Security." He said the “beautiful bill” expanded tax deductions and advanced tax benefits for U.S.-made products.

He also emphasized that he did not levy taxes on tips and overtime pay and expanded support for child-care costs to reduce household burdens. He claimed, "American families will be able to take home more than $5,000 a year in additional income."

"We are fighting for our citizens," Trump said, adding, "We will make sure every parent can raise their children well." He continued, "No one believed me, but I believed in myself."

On economic performance, he said, "The Dow has surpassed 50,000," attributing the milestone to the impact of tariff policy. He argued that "tariffs helped across the board, in both the economy and national security," saying tariff revenue accelerated the pace of paying down U.S. government debt and delivered a faster-than-expected economic rebound.

Addressing controversy surrounding the tariff policy, he cited 22 Nobel Prize-winning economists and an unlawful ruling by the U.S. Supreme Court, but said, "Companies still want to continue economic cooperation with the United States." He stressed, "Without the tariff policy, it would have been difficult to achieve these results."

Trump said he would pursue even stronger policies going forward, adding, "Over time, tariffs will become a tool that can replace more of the income tax."