US President Donald Trump has renewed his threat to impose tariffs of up to 300 per cent on companies that manufacture their products outside the United States, signalling that he has no immediate plans to reverse his trade policies despite the Republican Party’s disappointing performance in the midterm elections.
Speaking to reporters at the White House on November 5, Trump insisted that companies must establish factories in the United States to avoid the steep tariffs.
His comments came two days after the Republicans suffered an electoral setback, with rising inflation and the Iran war identified as major concerns among voters.
Trump argued that removing tariffs would undermine ongoing investments in American manufacturing, claiming that construction work on more than 3,000 factories currently being built across the country could come to a halt.
“If tariffs are removed now, construction at over 3,000 factories currently being built in the U.S. will halt,” he said, warning that companies would instead import products from countries such as China, Japan and South Korea.
He also dismissed those advocating the removal of tariffs as “foolish people”.
Trump Blames Democrats for Stock Market Decline
The president also blamed the Democratic Party’s election gains for a decline in the US stock market, distancing his administration from responsibility for the financial losses.
In a post on his Truth Social platform, Trump wrote: “The stock market crashed today because the Democratic Party won big in Tuesday’s elections. Unfortunately, you have only yourselves to blame.”
In another post, he claimed that Americans’ retirement accounts had also suffered losses, adding that the Democrats, rather than Republicans, should be held responsible.
Trump further rejected suggestions that his leadership contributed to the Republican defeat, insisting that he would have won comfortably if his name had appeared on the ballot.
“I was not on the ballot. If I had run, I would have won by a landslide,” he said.
He also hinted at further policy announcements within the next one to two weeks, saying Americans would “see many things” during that period.
On the ongoing conflict with Iran, Trump maintained that he would prefer to avoid further destruction but suggested that additional military action could become necessary.
“I don’t want to destroy the rest if possible, but it may be necessary to do so,” he said.
Democrats Strengthen Position in House of Representatives
Meanwhile, Democrats are on course to secure a commanding majority in the House of Representatives following their strong performance in the midterm elections.
As of 6 p.m. on election day, Democrats had secured 253 of the chamber’s 435 seats, with 27 races still undecided.
CBS News projected that the party could win as many as 268 seats, potentially giving it a majority of more than 260.
If Democrats reach that mark, it would represent their largest House majority in 36 years, since 1990.
The election results have intensified pressure on Trump, whose administration faces growing scrutiny over economic conditions, trade policies and the war with Iran. Despite the setback, his latest remarks suggest he intends to maintain his hard-line approach on tariffs and foreign policy.
