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US President Donald Trump delivered a pre-holiday address from the White House on Wednesday, casting his first year back in office as a story of success, while framing much of the nation’s challenges as the legacy of his predecessor. With midterm elections looming in 2026, Trump’s speech combined policy boasts, partisan jabs, and holiday cheer aimed at US service members.

Trump opened with a pointed critique of President Joe Biden, summing up his message in 14 words: "Good evening, America. Eleven months ago, I inherited a mess, and I'm fixing it." Over the course of nearly 20 minutes, he repeatedly blamed Biden for rising costs, crime, healthcare issues, and immigration problems. “This is what the Biden administration allowed to happen to our country,” he said. “When I took office, I inherited a mess, and I’m fixing it.”

Trump claimed that prices on cars, hotels, airfare, and gas have fallen under his watch, declaring, “What a difference a year makes.” He painted a picture of a country on the verge of unprecedented economic growth, saying the US is “poised for an economic boom the likes of which the world has never seen.” Critics note that some of his numbers, particularly on drug prices and inflation, are highly selective or mathematically impossible.

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In a festive announcement, Trump revealed that more than 1.4 million US service members will receive $1,776 checks before Christmas, calling them “warrior dividends.” “The checks are already on the way,” he said, suggesting they were funded by tariff revenues. “We made a lot more money than anybody thought because of tariffs, and the bill helped us along. Nobody deserves it more than our military, and I say congratulations.”

Trump repeatedly praised his tariffs on imports from China, Canada, Mexico, and other countries, calling them his “favorite word” and a driver of economic success. “Nobody can believe what’s going on here,” he said. “It’s not done yet, but boy are we making progress.”

A significant portion of the speech focused on immigration and public safety. Trump highlighted efforts to tighten the border and remove criminals from the country. He claimed these measures are making some of the “most dangerous cities” safer, while also hinting at broader housing reform plans.

Also Read: Big rate cuts coming? Trump hints at new Fed chief, promises economic boom

Trump’s statements on inflation drew widespread scrutiny from multiple media outlets, which noted that his claims were misleading. Near the end of his speech, he said, “Inflation is stopped.” However, foreign media fact-checking reports suggested that inflation had not stopped: the year-over-year rate in September 2025 was 3.0 per cent, the same as in January 2025 when Trump took office, and slightly higher when measured to multiple decimal places. September also marked the fifth consecutive month the year-over-year rate had risen.

Trump also claimed that “when I took office, inflation was the worst in 48 years, and some would say in the history of our country.” However according to foreign media reports, the year-over-year inflation rate in December 2024, the last full month of the Biden administration, was 2.9 per cent, rising marginally to 3.0 per cent in January 2025.

The US president also hinted at appointing the next chairman of the Federal Reserve, saying that the new chairman will be someone who strongly supports lower interest rates. "I'll soon announce our next chairman of the Federal Reserve, someone who believes in lower interest rates, by a lot, and mortgage payments will be coming down even further," Trump said.