Trump: ‘Tariffs of up to 300% if you don’t build a factory in the U.S.’

[Financial News] President Donald Trump said on the 5th (local time) that eliminating tariffs would halt foreign companies’ factory construction in the United States, and that tariffs could reach as high as 300% for companies that did not build factories there.
With attention focused on whether President Trump would change course on key policies such as tariffs and the Iran war after the Republican Party’s crushing midterm defeat, he invoked ‘300% tariffs’ and declared his resolve to stick with the policy.
Asked by reporters at the White House that day, ‘How will you use executive orders over the next two years? What plans do you have to preserve your political legacy?’, President Trump said, “We’re going to do a lot. You’ll see a lot over the next week or two. There’s a lot being prepared.”
President Trump went on to claim that foreign companies were building around 3,000 factories and production facilities in the United States, saying, “If I got rid of tariffs now, construction of all these factories would stop.”
He emphasized, “Ninety-nine percent [of the reason for building factories] is that otherwise they’d have to pay tariffs of 50%, 100%, 150% or 250%,” adding, “Once you start construction, and once you start operating, you don’t have to pay tariffs.”
President Trump repeatedly said that eliminating tariffs would immediately halt factory construction in the United States, adding, “There would be factories left unfinished all across the country, and we’d be bringing in products from China, Japan, South Korea and the Philippines.”
President Trump stressed that once companies build factories and start operating them, they would not have to pay tariffs and prices would fall significantly. He also called those who advocate eliminating tariffs “foolish people.”
These remarks by President Trump are not much different from his previous position, but drew attention because they came just two days after the Republican Party’s midterm rout amid high prices caused by tariff policy and the Iran war.
The remarks are being interpreted as tantamount to a declaration that he will stick with tariff policy regardless of the midterm defeat. While ‘300% tariffs’ is likely an exaggerated expression characteristic of President Trump, it may also signal that he could impose additional tariffs at a substantial level.
Asked that day about the response to Iran, President Trump said a choice had to be made between a deal and an attack, adding, “If possible, I don’t want to destroy what remains (of Iran), but I may have to.”
He also said Iran would do nothing related to its nuclear program without U.S. approval. Asked whether Defense Secretary Pete Hegseth would be replaced, he again publicly ruled out the prospect, saying, “He’s doing a fantastic job.”
As President Trump’s domestic political standing weakens following the midterm rout, concerns are growing that he could act unchecked in foreign affairs, national security and trade, areas where the president has broad discretion.
[email protected] Lee Seok-woo, International Affairs Correspondent Reporter