President Donald Trump on Tuesday shifted his focus to the economy in his first public rally since the U.S. and Iran signed a memorandum of understanding last week to halt hostilities in the Middle East and negotiate a permanent deal.

Trump toured a Mack Trucks facility in Macungie, Pennsylvania, before delivering a speech touting the economic accomplishments of his second term.

He also described the economy as rebounding after inflation spiked following the start of the conflict with Iran on Feb. 28.

"A short time ago, we were a dead country," Trump said from the factory floor, with rows of workers in fluorescent safety vests standing behind him beneath a large "America Workers First" banner.

His comments aired live on Newsmax and the free Newsmax2 streaming platform.

"People were laughing. They were saying, 'What the hell happened to that country?' The king of Saudi Arabia said it two years ago. I was over there," Trump said.

"He said, 'You know, sir, two years ago you were a dead country, and now you're the hottest country anywhere in the world,'" the president said.

"It's true. And we're hotter now than we were then."

He then said that Qatar, the United Arab Emirates, and other countries were committing investments in the United States totaling approximately $2 trillion.

"Bahrain is investing, Kuwait is investing, but countries from all over the world are all investing in the United States," Trump said.

"Two years ago, they wouldn't even think of it. They thought we were finished," he continued.

"The stock market hit a new high today again. And oil for the first time in months hit — think of it — $70 a barrel. So we got it to 70. That equates to a very low price," Trump said.

"Oil is going to come charging down, and with oil comes everything else."

Trump also touched on the importance of the midterm elections, as Democrats seek to win the House and stall the president's agenda.

He declared that Democrats are moving further to the left with what he called communist candidates.

"This country has gotten very strange politically, especially with all the communists that are up for election. These aren't socialists, these are communists, and they're all up," Trump said.

"How about the guy in Maine? He's got the Nazi stickers. He's got the whole deal," he said, referencing Graham Platner, the Democrat nominee for U.S. Senate.

"So for eight years, 10 years, they said Trump is a Nazi. Now, they can't say that anymore because they have a guy with a tattoo on his chest. It's unbelievable," Trump said.

"But they voted against no tax on Social Security. They voted against no tax on tips. They voted against no tax on overtime," he continued.

"And if they [get] into office, you will have all of those taxes and all of the money that you're saving, including the big savings on Social Security, it's going to all be terminated. You're going to have to start paying again. They want [you] to pay it," Trump said.

"I don't know what's wrong with these people. They voted in favor of the estate tax or the death tax on your farms and your businesses."

Trump also criticized Democrats, saying they support allowing transgender athletes to compete in girls' and women's sports and oppose the Safeguard American Voter Eligibility Act, known as the SAVE America Act.

The president was making his fifth visit to Pennsylvania in his second term.

The commonwealth was crucial to his victories in 2016 and 2024.

The Mack Trucks facility is in the 7th Congressional District, where incumbent Republican Rep. Ryan Mackenzie faces Democrat challenger Bob Brooks in November.

Administration officials have been pointing to recent signs of economic stabilization, including lower energy volatility and improving market sentiment, as part of what they describe as early benefits of the Iran de-escalation framework.

Officials have also suggested that easing tensions in the region has helped reduce pressure on global oil markets, a key factor they link to the broader economic uptick Trump highlighted during his remarks.

Trump urged the crowd to support Mackenzie.

"We've got to make sure you vote for our congressman here," he said, adding of his visit, "I'm not doing this for my health."