Administration credits tariffs and tax package for investment and 'reshoring'

At the Cabinet meeting the president and senior economic advisers attributed recent investment flows and manufacturing announcements to the administration's tariffs and the "1 big beautiful bill." They cited higher GDP projections, record stock-market levels, and large private investment commitments as evidence the economy is recovering and reshoring industry.

"We've taken in more than $18,000,000,000,000 in less than 1 year," Speaker 1 said, and economic advisers added that factory construction and hiring were following those investment flows. An economic official said the administration expects sustained growth and cited near-term figures for consumer prices and core inflation.

Speakers pointed to private-company decisions — including plans by John Deere, Ford and others to expand U.S. plants — and to claims that U.S. steel production exceeded Japan for the first time in decades. Cabinet members argued the combination of tariff policy and tax changes is incentivizing companies to avoid tariffs by building facilities in the United States.

Officials also discussed litigation tied to tariff policy pending before the Supreme Court and said they were hopeful the government's position would prevail. No court decision or statutory text was offered at the meeting; officials framed most of the discussion as an explanation of the administration's economic strategy and its claimed results.

The transcript records large numerical claims about GDP, stock-market indexes and aggregate investment; those figures were presented without supporting charts or citations in the meeting record.