President Donald Trump defended his use of tariffs as a corrective to what he called years of trade imbalance, saying Tuesday that the United States had been "the king of being screwed by tariffs" but would no longer allow other nations to exploit it.
"We're the king of being screwed by tariffs," Trump said during a bilateral meeting with Canadian Prime Minister Mark Carney in the Oval Office.
"I'm not talking about with Canada, I'm talking about with countries all over the world," Trump said, naming China and the 27-member countries of the European Union. "They took advantage of our country. They're not taking advantage of us anymore," he added.
TRUMP ANNOUNCES 25% TARIFF ON MEDIUM- AND HEAVY-DUTY TRUCKS AHEAD OF CANADA'S PM VISIT
Trump said he would "make some deals" with Carney, who is under growing pressure to respond to U.S. duties targeting Canada’s steel, auto and manufacturing sectors. Tuesday’s meeting marked Carney's second White House visit in five months.
"We want Canada to do great," Trump said. "But there’s a point where we want the same business — that’s the problem."
Carney said Canadian investment in the U.S. could top $1 trillion within five years, adding that Canada is America’s second-largest trading partner and its largest foreign investor.
"We're going to get the right deal, the right deal for America and the right deal, obviously, from my perspective, for Canada," he added.
TRUMP TARIFFS HAUL OVER $200B IN REVENUES AS SUPREME COURT WEIGHS CHALLENGE TO LEGALITY
The U.S.–Canada trade relationship topped $762 billion last year, with Canada relying on the United States for more than three-quarters of its exports and nearly half of its imports. Meanwhile, U.S. exports to Canada reached roughly $350 billion in 2024, underscoring the depth of the cross-border economic ties.
Trump’s remarks come after consecutive record-breaking tariff revenues in August and September, which together totaled $62.6 billion.
Total duty revenue for fiscal year 2025 reached $215.2 billion, according to the "Customs and Certain Excise Taxes" figures released on Sept. 30 by the Treasury Department.
BACK-TO-BACK HIGHS: AUGUST AND SEPTEMBER BRING IN $62.6B IN TARIFF REVENUE
Tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and reaching $29 billion in July.
American businesses pay these import taxes directly to the federal government, but they often pass the cost along by raising prices — meaning consumers ultimately shoulder much of the burden.
BESSENT DEFENDS TRUMP'S TARIFFS AGAINST CLAIMS THEY HARM US BUSINESSES
The latest revelation comes as the Supreme Court weighs the legality of Trump's sweeping trade policy — a central piece of his economic agenda.
The White House has previously defended Trump’s tariffs as a legitimate use of presidential powers to protect the economy in a statement to Fox News Digital.
"We look forward to ultimate victory on this matter with the Supreme Court," wrote White House spokesperson Kush Desai.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Even as the nation's highest court considers the limits of his trade powers, Trump has continued to cast himself as a dealmaker.
Carney’s election win and believes he’s "even more popular now."
"He’s a good man. He does a great job, but he’s a tough negotiator," Trump said. When pressed on why a deal hasn’t been reached, he added with a grin, "Because I want to be a great man too."
