Trump boasts of 'economic boom' as voters remain concerned about high prices
President Donald Trump on Tuesday turned his focus to the economy with a speech in Michigan, where he took a victory lap on his administration's policies and teased more proposals to come -- including a health care affordability framework he said he'll announce later this week.
Trump's remarks at the Detroit Economic Club, which at times strayed off topic, came as many Americans remain concerned about high prices.
A recent Quinnipiac University poll found 64% of registered voters said the cost of living is a "very serious problem" in the United States. On the economy overall, nearly half of voters said they think it's getting worse, and 57% of voters said they disapproved of Trump's handling of the issue.
Still, Trump claimed on Tuesday inflation was "defeated" despite it holding steady at 2.7% in December.
"The Trump economic boom has officially begun. And it's really begun almost from the beginning," Trump said.
Trump touted his global tariff policy, which is being challenged before the Supreme Court, as having made the country "stronger and safer and richer than ever before" and disputed any cost being passed on to the American consumer.
The president also discussed new proposals to ban large institutional investors from "buying more single-family homes" and impose a 1-year, 10% cap on credit card interest rates. Trump's housing plan has been met with some skepticism from analysts, and banks have pushed back on his pitch to cap credit card interest rates.
Trump said he would provide more details on his housing plan when he speaks at the World Economic Forum in Davos, Switzerland next week.
On health care, Trump repeated his preference to pay Americans directly for insurance, as millions of Americans see their premiums skyrocket after enhanced Affordable Care Act tax credits expired this month.
Trump said later this week, he will "announce our health care affordability framework" which he said would reduce premiums, lower drug prices and demand accountability from insurance companies. He didn't provide specifics.
The president also continued his pressure campaign on Federal Reserve Chairman Jerome Powell to lower interest rates, calling Powell a "real stiff."
"If I had the help of the Fed, it would be easier. But that jerk will be gone soon," Trump said.
Powell, who was appointed by Trump in 2017 and whose term ends in May, is now facing criminal investigation by the Justice Department.
The investigation is related to Powell's testimony last June about the cost overruns in a multiyear renovation of the central bank's headquarters in Washington. Powell said he believes the probe is politically motivated.
While inflation remains at its lowest level since July, it is still higher than the Fed's target rate of 2%.
In addition to his remarks at the Detroit Economic Club, Trump toured a Ford factory in Dearborn.
During the tour, Trump was heckled by a man who shouted, "Pedophile protector." The president responded with what seemed to be an expletive and then appeared to gesture at the man with his middle finger.
In a statement, the White House said the man was "in a complete fit of rage, and the President gave an appropriate and unambiguous response."
Tuesday's trip to Michigan was the latest stop in the administration's push to sell the president's economic agenda to voters ahead of the 2026 midterm elections.
November's off-year elections in New York City, New Jersey and Virginia showed pocketbook issues were top of mind for voters. Democrats who focused on affordability won big in those races, according to exit polls.
Trump has derided affordability as a "Democratic hoax."
"In the coming weeks, I will be laying out even more plans to help bring back affordability. And again, remember, that's a fake word by Democrats," Trump said on Tuesday. "Prices were too high. They caused the high price."
During former President Joe Biden's term, inflation peaked to a decades-high of 9% before returning to below 3%.
The Quinnipiac University survey found that 57% of registered voters think Trump is more responsible for the economy's state right now, compared to 34% of voters who think Biden is.
Trump's faced criticism from some in his own party, including former Republican Rep. Marjorie Taylor Greene, for not doing more to address the high cost of living and focusing too much on foreign affairs.
In his speech on Tuesday, Trump framed his international diplomacy, specifically the administration's actions on Venezuela, as advantageous for America's economy.
"We're going to work with Venezuela. We'll make that country very strong again. We'll get oil prices down even further," Trump said.
