It was not fully clear whether he was referring to year-over-year growth, but the U.S. economy has grown at an average annual rate of 2.8% over the past five decades.

About the dollar's decline, the president said, "I think it's great. ... Look at the business we're doing. The dollar's doing great."

“Any deal that charges a lower tariff for Japanese imports with virtually no U.S. content than it does North American–built vehicles with high U.S. content is a bad deal for the U.S. industry and U.S. auto workers.”

The country hopes to achieve the same 15% blanket tariff rate from Trump as Japan got this week, but offering as much in investments as Japan did would be difficult for an economy that’s less than half Japan’s size.

The agreement imposes a 15% tariff on all imports to the U.S. from Japan, while creating a $550 billion fund for investments in the United States.

Tariffs will remain at their current rate indefinitely, and export controls will be eased, at least temporarily.

“Increasing the previously imposed tariffs will provide greater support to these industries and reduce or eliminate the national security threat posed by imports of steel and aluminum articles and their derivative articles,” according to the directive, which the White House posted on X.

A three-judge panel rejected the government’s argument that Trump had authority to unilaterally issue tariffs under a law intended to address financial transactions during national emergencies.