Trump says at a rally in South Carolina that GDP grew 3.4% and attributes the result to tariffs and tax cuts

President Donald Trump stated, during a rally in Rock Hill, South Carolina, that the American economy grew 3.4%, a number he classified as "historic" and far above expectations. According to the president, the data was released on the morning of the event and exceeds the projections of 72% of economists. The broadcast was made by Fox Business.

The rally served as a platform for Senate candidate Darlene Graham, whom Trump asked for votes five days before the election. He also defended Alan Wilson for state governor and Michael Whatley for the Senate in North Carolina. Trump said the candidate is the favorite, but asked voters not to relax as early voting is underway in the state.

The numbers cited by the president

Trump said that family consumption has risen and that business investment is at record levels. According to him, investment in new equipment "exploded" 21%. The president attributed the movement to two factors: the tax credit for companies provided for in the law that he called the "great big beautiful bill" and, in his opinion, even more to the tariffs, which would be attracting factories to the United States.

Regarding prices, the president said that basic inflation (core) is "very low" and that in the last three months it was 1.7%. He also stated that the country has the highest individual income and the largest number of employed people in history, and that the poverty rate has reached the lowest level ever recorded. These numbers were presented by the president without detailing sources or methodology.

In the financial market, Trump said that the stock market has reached 88 historic highs since the election and that 401(k) retirement accounts are up 67% in one year, compared to a 25% drop under the Biden administration, according to his comparison. He also cited commitments for $22.2 trillion in new investment in the country, as well as projects such as Octapharma's $1.5 billion factory in Rock Hill, with 1,500 jobs.

Interest, tariffs and tax policy

The president criticized the Federal Reserve when he said that the central bank's directors resisted cutting interest rates, a measure that, according to him, would be positive. Trump also defended tariffs on steel and aluminum and stated that the logic is simple: those who produce in the United States do not pay tariffs, those who import pay. He also said that the trade deficit with Canada was $90 billion last year and that Canadians began to treat the United States "extremely well" after the tariffs.

On the tax agenda, Trump listed what he considers the main achievements of the law sanctioned by the Republican-majority Congress: the absence of tax on tips, overtime and Social Security benefits for the elderly, deduction of interest on financing cars manufactured in the United States and the end of the inheritance tax for family farms and small businesses. He also claimed to have invested more than 1 trillion dollars in the Armed Forces.

Electoral risk and what to watch out for

Trump warned that if Democrats win the midterm elections they will "destroy" the economy, and said his opponent in South Carolina intends to raise taxes by trillions of dollars and restrict oil drilling. The accusations come from the president and were not accompanied by documentation during the event. He also acknowledged that the president's party has historically performed poorly in these elections.

For investors, the speech reinforces the agenda of lower taxes, tariffs and pressure for lower interest rates, themes that remain at the center of the debate on the stock market, dollar and public accounts. The growth and inflation data cited are statements made by the president during his campaign and need to be confirmed in official releases.

Automatically translated from Portuguese.