DETROIT, Mich. — President Donald Trump is speaking highly of his administration’s work since taking office nearly one year earlier.

In his speech to a meeting of the Detroit Economic Club at MotorCity Casino Hotel Tuesday, Trump said inflation is down across the nation and the gross domestic product is “smashing expectations” with the fastest growth in years.

“Under our administration, growth is exploding. Productivity is soaring. Investment is booming. Incomes are rising. Inflation is defeated. America is respected again, like never before,” Trump said.

Trump credited tariffs for bringing the nation trillions in new investment, such as partnerships on minerals, defense, artificial intelligence and “historic levels of foreign military sales.”

The president specifically pointed to a 25% tariff on all foreign cars and car parts he implemented in March.

“If they want to come in and build a plant and hire you and hire your friends and your neighbors, that’s great, I love that,” Trump said. “Let China come in, let Japan come in. They are, and they’ll be building plants, but they’re using our labor.”

Trump also addressed affordability, saying prices are down on groceries, rent, airfare and more. Gas prices are also down and about to go down more, according to Trump.

“With our extremely successful operation in Venezuela earlier this month, that number soon is going to go lower because we’re going to have a lot more energy,” Trump said.

In the coming weeks, President Trump is expected to share more details on his plans to improve affordability.

Among those plans are updates to the nation’s housing policies, including banning large institutional investors from buying single family homes and the federal government purchasing $200 billion in bonds to bring down mortgage rates.

“Just last week, the average 30 year mortgage rate fell below 6% for the first time in many years coming down rapidly. And that’s not with the help of the (Federal Reserve). If I had help with the (Federal Reserve) it would be easier, but (Federal Reserve Chair Jerome Powell) will be gone soon,” Trump said.

In addition, Trump announced a call for credit card companies to cap interest rates at 10% for a year and said he plans to announce a healthcare affordability framework to slash drug prices, provide price transparency and demand accountability from insurance companies.

“Health care costs will come down very fast with my most favored nation executive order, we’re doing most favored nation drug prices when we would have drug prices stay the same,” Trump said. “Everybody thought it was great. They’re going to be coming down thousands of percent. We’re standing up to special interests in slashing prescription drug prices by three hundred, four hundred, five hundred and even 600% and more.”

The president also talked about ongoing and upcoming initiatives around climate, fraud and immigration. These included the following:

  • Ended “cafe standards” that “made it impossible” to build a car affordably.
  • Cancelled the U.S. Environmental Protection Agency’s tailpipe emissions standard.
  • Revoked California’s emissions waiver out of San Francisco.
  • Plans to crack down on Somali scams.
  • Froze federal children’s payments in multiple states, such as Minnesota, New York and California, and requires proof of attendance to receive federal funding for child care.
  • Froze federal welfare payments going to illegal immigrants.
  • Starting Feb. 1, ending payments to sanctuary cities or states having sanctuary cities.
  • Revoke citizenship of any naturalized immigrant from Somalia, or “anywhere else who is convicted of defrauding our citizens.”

“This is the fierce spirit of patriotic, free enterprise that we’re now unleashing once again,” Trump said.

He continued, “We’re reclaiming America’s dignity, rebuilding America’s wealth, and we’re putting the productive, hardworking American citizen at the center of every single thing that we do. They were the ones that built America, and they will build it up again. And that’s what they’re doing at levels nobody thought was possible.”

Prior to his speech, President Trump toured a Ford F-150 factory in Dearborn to promote efforts to boost the nation’ s manufacturing, according to the Associated Press. He was joined by Ford Motor Company’s executive chair Bill Ford, and Ford CEO Jim Farley.

Trump is scheduled to lead the “largest-ever” U.S. Delegation to the World Economic Forum in Davos next week, the Associated Press reported.