Speaking to reporters at the White House, Trump claimed that foreign companies were building more than 3,000 factories and production facilities across the U.S. and warning that construction would grind to a halt if the tariffs were removed.
He argued that tariffs were the main reason companies had decided to invest in the U.S., claiming that 99 percent of the projects were prompted by fears of tariffs as high as 250 percent on goods made overseas.
He added that scrapping the tariffs would bring factory construction across the country to an immediate halt, leaving projects unfinished and forcing Americans to rely on imports from China, Japan, South Korea and the Philippines.
Trump also insisted that bringing production to the U.S. would eventually bring down consumer prices.
His latest remarks, which came just two days after the U.S. midterm elections on Tuesday, signaled little willingness to reconsider his trade policy despite a major Republican defeat, in which voters voiced frustration over inflation and rising living costs.
Despite the setback in the elections, Trump's renewed threat to impose tariffs as high as 300 percent showed that he remains determined to pressure foreign companies into moving their factories to the U.S., although the figure appeared to be more a reflection of his aggressive rhetoric than a specific new tariff measure.
Meanwhile, Trump has continued to claim that his tariff policy is helping revive American manufacturing. Earlier in the week, the White House said that "American manufacturing is surging under [the Trump administration]," citing a report that showed the sector had expanded for 10 consecutive months, with "production growing at its fastest pace in nearly five years."
"Factories are expanding. Jobs are returning. Paychecks are rising faster than inflation. And companies are investing trillions to build their futures in America," it added.
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