From Steel Mills to AI, the U.S. Economy’s Upside Is Hard to Ignore [WATCH]

Laura Ingraham and Ryan Payne argued that recent investment, manufacturing growth and strong corporate profits are undercutting claims that the American economy is failing under President Donald Trump.

Ingraham opened the exchange by challenging the broader Democratic argument that the economy is moving in the wrong direction. She pointed to foreign companies investing in major U.S. projects and questioned why that would be happening if the country were facing the kind of economic decline Democrats describe.

“The Democrats have built their narrative around the idea that the American economy is failing America under Donald Trump. But if that were the case, why would any foreign business want to come to the United States to build such a massive plant, and ultimately will hire, as President Trump said, American workers.”

Payne responded by crediting Trump’s tariff strategy, particularly the 50% tariff on imported steel, with creating incentives for companies to manufacture more steel inside the United States rather than relying on foreign producers.

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“Yeah, it’s really been a brilliant strategy when you think about tariffs-not just about leveling the playing field with exports, but by putting a 50% tariff on imported steel, it gives incentive for us to actually create steel here in the U.S.”

Payne argued that increasing domestic steel production does more than create employment opportunities. He said it also strengthens the country’s national security by reducing reliance on foreign suppliers for a product that plays a major role in defense, energy and infrastructure.

“And with that happening, like you said, it creates new jobs. But more importantly, too, it’s also national security, right?” Payne said.

He stressed that steel is too important to leave the country dependent on potential adversaries.

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“I mean, if you look at defense, you look at energy infrastructure, infrastructure in general. We don’t want to be dependent on our adversaries for something as important as steel.”

Payne said the tariff strategy has therefore worked on both economic and security grounds.

“So I think from that perspective, it’s worked out really well here.”

He also pointed to the broader trend of companies bringing production back to the United States, arguing that reshoring is no longer just a talking point but something that is actually taking place.

“We’re seeing that reshoring trend; it’s real.”

Payne added that the rapid growth of artificial intelligence is another major factor strengthening the economic outlook.

“We know the AI boom is real as well.”

He then broadened his argument to the overall economy, pointing to unemployment, wages and corporate profits.

“In addition to that, you know, if you look at just the whole picture right now, unemployment at the lowest low it’s been in 50 years, and you talked about wages.”

Payne predicted that wages could rise faster as companies continue expanding and earning strong profits.

“I would argue they’re probably going to accelerate this year because as companies grow and profits are at a record high, what are companies going to do?”

He answered that question by saying profitable companies will need more workers and will have the resources to increase compensation.

“They’re going to hire more and they’re going to pay more wages.”

For Payne, the combination of tariffs, domestic manufacturing, reshoring, artificial intelligence, low unemployment, and record corporate profits points to a much stronger economic environment than critics acknowledge.

“So I think you know we’re really in this economic boom here that we haven’t seen in like 20 years.”

WATCH:

The exchange centered on the argument that foreign investment and domestic industrial expansion are signs of confidence in the American economy rather than evidence of decline. Ingraham focused on the contradiction she sees between Democratic claims about economic failure and companies choosing to build large facilities in the United States.

Payne, meanwhile, argued that the administration’s steel tariffs are helping create the conditions for more domestic production, more jobs, and less dependence on foreign suppliers.

He also tied those policies to a broader shift toward reshoring and technological growth, saying the AI boom and record company profits could help drive additional hiring and wage gains.

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