Trump defends tariffs, says US has been ‘the king of being screwed' by trade imbalance

Core Points - President Trump defends tariffs as a necessary correction to trade imbalances, asserting that the U.S. will no longer be exploited by other nations [1][2] - The U.S.-Canada trade relationship is significant, with Canada being America's second-largest trading partner and its largest foreign investor [5][7] - Tariff revenues have reached record levels, totaling $215.2 billion for fiscal year 2025, with August and September alone contributing $62.6 billion [8][9] Trade Relations - The U.S.-Canada trade relationship was valued at over $762 billion last year, with Canada depending on the U.S. for more than 75% of its exports and nearly 50% of its imports [7] - U.S. exports to Canada were approximately $350 billion in 2024, highlighting the depth of economic ties [7] Tariff Revenues - Tariff revenues have shown a steady increase, rising from $17.4 billion in April to $29 billion in July [9] - The Supreme Court is currently reviewing the legality of Trump's tariffs, which are a central aspect of his economic policy [12][14] Business Impact - American businesses pay import taxes directly, which are often passed on to consumers through higher prices, indicating that consumers bear much of the tariff burden [11]