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President Donald Trump is doubling down on his unconventional approach to global trade. According to the US leader, the tariffs he has imposed on dozens of countries are not only justified but are actively fueling the domestic economy. In a post on his social media platform Truth Social, Trump claimed that the United States is enjoying record revenues thanks to earlier import levies.
"The United States is taking in RECORD NUMBERS in Tariffs, with the cost of almost all products going down, including gasoline, groceries, and just about everything else. Inflation down, promises kept!" Trump wrote.
Earlier this month, Trump announced sweeping new tariffs on imports from more than 75 countries, ranging from 10% to 50%. The announcement triggered sharp losses across global equity markets, with major indices plunging to multi-year lows. The White House later walked back part of the decision, granting a 90-day pause and lowering the rate to 10% for countries that refrained from imposing retaliatory tariffs.
China, one of the main targets of Trump's trade offensive, responded forcefully. Beijing raised its own tariffs on US imports to 125%, calling Washington's actions a serious violation of "international trade rules, basic economic laws and common sense," according to China's State Council. In response, the US hiked its own tariffs further, lifting the rate to 145%.
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