President Donald Trump spoke before a joint session of Congress at the U.S. Capitol on March 4. (Photo: Win McNamee/Getty Images)
In his first address to Congress, President Donald Trump doubled down on his tariff policies, criticized a key semiconductor subsidy, and praised Elon Musk’s controversial initiatives. Speaking for 90 minutes on Tuesday night, Trump assured the public that his administration’s aggressive economic moves were just beginning.
“It’s been swift and relentless action,” he declared. “And we are just getting started.”
The speech sparked tension, with one Democratic lawmaker being escorted out by security. Despite aiming to reassure investors, Trump acknowledged that tariffs might cause temporary market disruptions. “There’ll be a little disturbance, but we’re OK with that. It won’t be much,” he said.
Market Jitters and Tariff Fallout
Trump’s remarks came as the stock market faced a downturn, with the S&P 500 hitting its lowest close since his election victory. Investors reacted negatively to new tariffs on imports from Canada, Mexico, and China. A 25% tariff was imposed on Canadian and Mexican goods, citing concerns over illegal drugs and migration, while Chinese imports faced a second round of 10% duties, raising the total to 20%.
These moves triggered immediate retaliation from all three nations and raised fears of prolonged market instability. Commerce Secretary Howard Lutnick hinted at potential tariff negotiations, but Trump, in his speech, showed no sign of backing down. He acknowledged that farmers might experience difficulties but reassured them that adjustments would be made.
Musk’s Government Overhaul and Social Security Controversy
Elon Musk, now head of Trump’s newly created Department of Government Efficiency (DOGE), received high praise. Trump thanked Musk for his efforts to eliminate wasteful spending, joking, “He didn’t need this, but he’s working very hard.”
As President Donald Trump delivered his address to Congress at the U.S. Capitol on March 4, Democratic lawmakers held up protest signs. (Photo: Win McNamee/POOL/AFP via Getty Images)
One of Musk’s biggest targets, the Social Security Administration, came under fire as Trump repeated claims of widespread fraud. He alleged that many payments were going to individuals over 160 years old, though these assertions remain questionable.
U.S. Rare Earth Mining and Ukraine Conflict
On the global front, Trump announced plans to ramp up rare earth mineral production within the U.S., sidestepping a mineral deal with Ukraine. His remarks followed a heated Oval Office exchange with Ukrainian President Volodymyr Zelensky, after which Trump suspended $1 billion in military aid to the country. He claimed he could broker peace but accused Democrats of wanting the war to persist.
Zelensky reportedly sent a letter expressing willingness to finalize a mineral rights deal at Trump’s convenience, though Trump did not indicate whether he would proceed.
Tax Cuts and Economic Promises
Trump pushed for permanent income tax cuts, emphasizing relief for workers. He proposed eliminating taxes on tips, overtime pay, and Social Security benefits for seniors. While some hailed these ideas as economic relief, critics warned they could deepen national debt.
The speech was a mix of tough policies and populist rhetoric, leaving investors, lawmakers, and global allies on edge.
