Tariff: Trump says ‘billions of Dollars’ now flowing into US’
United States President Donald Trump has introduced a fresh wave of reciprocal tariffs, leading to increased taxes on exports from several countries to the US.
In a post shared Wednesday morning on his Truth Social platform, the president emphasized the economic impact the move is expected to have:
“Reciprocal tariffs take effect at midnight tonight! Billions of dollars, largely from countries that have taken advantage of the United States for many years, laughing all the way, will start flowing into the USA,” he said.
Trump also pointed out that the success of the policy might face legal opposition, alluding to a case currently before the US court of appeals that questions whether he had the authority to implement the “reciprocal” tariffs.
“The only thing that can stop America’s greatness would be a radical left court that wants to see our country fail!” he said.
As the deadline approached, Trump wrote:
“It’s midnight! Billions of dollars in tariffs are now flowing into the United States of America!”
Just last week, Nigeria and several African nations were impacted by a 15 percent import tax following an executive directive from Trump.
In April, the US president had initially imposed a 14 percent tariff on Nigerian imports.
Although the “reciprocal” tariffs were temporarily delayed for 90 days to allow negotiations of bilateral trade agreements, the grace period ended on August 1.
Previously, Trump also approved a 50 percent tariff on India, set to commence on August 27, unless the country halts its Russian oil imports.
Additionally, the US president warned of a potential 100 percent tariff on foreign-manufactured computer chips, in a bid to encourage tech companies to move their operations to the United States.
This development followed Apple’s announcement of a $100 billion investment in the US after pressure from the White House to shift more of its manufacturing domestically.
Last week, Trump’s administration updated the list of import duties on several trade partners and gave countries until August 7 to reach new trade deals with Washington.
In response, many countries have been scrambling to negotiate terms to reduce or eliminate the imposed tariffs.