Trump’s State of the Union Address: “Tariffs have boosted the stock market.” Large technology companies need to build their own power plants, and legislation should be enacted to ban members from stock trading.

# Long Yue

In his first State of the Union address of his second term, Trump declared the stock market at “record highs” and inflation “plummeting.” He called the Supreme Court’s rejection of tariffs “very regrettable,” claiming tariffs “boosted the stock market” and expressing hope that tariffs would “replace the modern income tax system.” He also said the U.S. would allow immigrants “legal entry,” demanded tech giants “build their own power and factories,” mentioned receiving “80 million barrels of oil” from Venezuela, and pushed for legislation banning lawmakers from trading stocks.

According to Xinhua News Agency, on the evening of February 24 Eastern Time, U.S. President Donald Trump delivered his first State of the Union address of his second term before Congress.

Trump opened his speech by focusing on the economy, tariffs, immigration, artificial intelligence, and Iran. He sought to reverse his declining poll numbers and rally support for November’s midterm elections by listing a series of achievements from his first year in office.

This is a critical moment for Trump: his foreign policy threats, including potential military action against Iran, have sparked controversy, and his signature tariff policy was ruled illegal by the U.S. Supreme Court.

## Economy and Cost of Living: Emphasizing Stocks, Inflation, Housing, and Drug Prices

On the U.S. economy, Trump said, “What you’re seeing now is just the beginning… We’re going to get better and better. This is America’s golden age.”

He declared the stock market at “record highs,” noting the Dow Jones Industrial Average had broken through the 50,000-point milestone ahead of schedule. He also said inflation was “plummeting” and had pushed down core inflation rates.

On housing, Trump said protecting home prices meant “keeping them rising.” He called mortgage rates “the lowest in four years” and said low rates would solve the housing crisis.

On healthcare and retirement, Trump claimed he had ended “artificially high” prescription drug prices and announced a new retirement plan to “make it easier for Americans to save for retirement.”

## Technology and Power: Demanding Big Tech Build Their Own Power

On AI development, Trump said the old power grid could not meet demand, and he had told large tech companies they needed to build their own power and factories.

## Tariffs: Criticizing the Supreme Court Ruling, Reiterating “Tariffs Replace Income Tax”

Trump said tariffs “boosted the stock market” and called the Supreme Court’s ruling on tariffs “very regrettable”.

He added, “Over time, I believe, as in the past, tariffs paid by foreign countries will largely replace the modern income tax system.”

As previewed by CCTV News: “Trump’s speech comes as two key policies—tariffs and immigration—have suffered successive setbacks. On February 20, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the president to impose sweeping tariffs. Trump subsequently signed an executive order ending some tariff measures. Earlier, following the fatal shooting of two U.S. citizens by federal immigration officers in Minnesota during a violent enforcement operation, Democrats and Republicans in Congress failed to reach an agreement on temporary funding for the Department of Homeland Security, which entered a partial shutdown on February 14.”

## Trump: Diplomacy First on Iran Nuclear Issue

According to CCTV News, Trump said the U.S. was negotiating with Iran. He stated Iran wanted a deal, but the U.S. had not yet received those secret commitments. He emphasized the U.S. would never allow Iran to obtain nuclear weapons and preferred a diplomatic solution.

## Immigration, Venezuela, and Other Issues

Trump said, “We will always allow immigrants to enter legally.”

On Venezuela, Trump called the country a “new partner and friend” of the U.S. and said the U.S. had received more than “80 million barrels of oil” from Venezuela.

Additionally, Trump called on Congress to pass legislation banning lawmakers from trading stocks, saying he wanted to “ensure members of Congress cannot profit from trading on insider information.”

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