President Donald Trump wrote that his sweeping tariff program has delivered what he called an "American economic miracle," rejecting warnings from critics who predicted his trade policies would trigger inflation, recession, and global instability.
"When I imposed historic tariffs on nearly all foreign countries last April, the critics said my policies would cause a global economic meltdown," Trump wrote in a Wall Street Journal opinion piece published Friday. "Instead, they have created an American economic miracle."
Trump said that although economists and commentators forecast "market crashes, massive inflation and recession," he argued that "every one of those predictions has proven completely and totally wrong."
"Since I was elected in 2024, we have had 52 stock market highs, with virtually no inflation," he wrote.
Trump contrasted current conditions with what he described as an economy damaged under President Joe Biden.
"I inherited an economy ravaged by the radical policies of Sleepy Joe Biden and his allies in Congress," Trump wrote, blaming "trillions of dollars in wasteful spending" and an "extremist green energy agenda" for "the worst inflation in more than 40 years."
Only a year into his second term, Trump said the U.S. is seeing "extremely low inflation, and extraordinarily high economic growth."
He pointed to government data showing third-quarter 2025 gross domestic product growth of 4.4% and said the Federal Reserve Bank of Atlanta projected the fourth quarter will be "well over 5%."
Trump also highlighted what he called major improvements in trade and manufacturing.
"With the help of tariffs, we have cut that federal budget deficit by a staggering 27% in a single year," he wrote, adding that the monthly trade deficit was reduced "by an astonishing 77%."
He asserted that "American exports are up by $150 billion," domestic steel production is rising, and "China's share of U.S. imports has reached the lowest level since China entered the World Trade Organization in 2001."
Trump credited tariffs as the driving force behind those gains.
"Without question, the credit for this economic success must go to ... my tariffs!" he wrote, arguing that "properly applied, tariffs do not hurt growth — they promote growth and greatness."
Trump rejected claims that tariffs operate as a consumer tax.
"The Journal has charged repeatedly that tariffs are nothing but a 'tax' on American consumers," he wrote. "This ... has proved to be totally false."
Citing Harvard Business School research, Trump said foreign producers and middlemen are paying "at least 80% of tariff costs."
Trump also argued tariffs have driven unprecedented investment.
"In less than one year, we have secured commitments for more than $18 trillion," he wrote, pointing to investments by major automakers, semiconductor manufacturers, and pharmaceutical companies.
He said that predicted retaliation "never materialized" and the U.S. instead reached "historic trade deals" with China, the U.K., the European Union, Japan, South Korea, and others.
Trump tied the policy directly to national security.
"It is simply undeniable that my tariffs have strengthened our national security immeasurably," he wrote.
Concluding, Trump declared tariffs were central to America's resurgence.
"Just over one year ago, we were a 'DEAD' country," he wrote. "Now, we are the 'HOTTEST' country anywhere in the world!"
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