President Donald Trump said Wednesday that his administration’s tariffs are incentivizing investment in the U.S., while China is "doing very poorly right now."
"I heard Samsung is -- now because of the tariffs -- they're going to build massive facilities in the United States," Trump said during a Cabinet meeting. "If we didn't do the tariffs, they wouldn't be doing that."
Trump said earlier this month that he has attracted over $7 trillion in private investments since being elected, from companies like Apple, Eli Lilly, and Stargate, as well as countries such as Saudi Arabia, the United Arab Emirates and Japan.
"We have more money being spent than at any time in the history of our country. We're up to close to $8 trillion, I think I can say," he told reporters Wednesday. "And that includes chip companies, car companies. Every form of manufacturing, high-tech companies. Nobody's ever seen anything like it."
President Donald Trump, center right, speaks during a cabinet meeting at the White House on Wednesday, April 30. (Ken Cedeno/UPI/Bloomberg via Getty Images / Getty Images)
"What they need is an incentive to come in, and the tariffs-- they're building because of the tariffs. And I like to say they're building because of November 5, the election and the tariffs. But I'm going to be a little more blunt. They're building because of the tariffs. And November 5 gave them the tariffs," Trump also said.
FOX Business' Greg Wehner contributed to this report.
This is a developing story. Please check back for updates.