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The Economic Club of New York – President Donald J. Trump – Sept. 5, 2024 6
inflation. We had virtually no inflation. Think of that. Who could believe that?I delivered the largest tax cuts and reform in American history by far. Slashing rates forworking families and cutting the business tax from the highest in the world. We had thehighest in the world, 35%. And actually when you add local and state numbers, theywere getting close to 50, but much, much higher, nobody’s ever seen, we brought it allthe way down to 21%, which everybody said was impossible to do. And I heard it fromeveryone, they said you’ll never be able to do that, and I got it down to 21%. I cut arecord number of job-killing regulations. In four years, we cut more regulation than anypresident in the history of our country by far.I’m proud to be the only president in modern history to achieve a net regulatoryreduction during my term, and it was a substantial reduction. And for every regulationwe added, we cut more than 5.5 regulations. We unleashed American energy and withinthree years we had increased domestic oil production by 47%, and we were just gettingstarted. The price of gasoline was $1.87 a gallon. Doesn’t that sound good right now?We negotiated and renegotiated more than 50 trade agreements with other countriesthat were taking advantage of us, as they all do, to protect the American worker and toopen foreign markets, and we did a great job. I ended NAFTA, the worse trade dealever made in the history of our country and replaced it with the USMCA, perhaps thebest trade deal ever made in history. That’s Mexico and Canada.