Trump asserts that tariffs are effective
The US is generating “billions” from existing duties, as noted by the president of the United States. US President Donald Trump has asserted that tariffs are providing substantial economic advantages, pointing to an increase in import duty...
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The US is generating “billions” from existing duties, as noted by the president of the United States.
US President Donald Trump has asserted that tariffs are providing substantial economic advantages, pointing to an increase in import duty revenue and falling oil prices.
In a Monday morning social media post, Trump addressed the global repercussions of an intensifying trade conflict with China and other leading nations.
Recently, the US imposed tariffs on imports, ranging from 10% to 50%, targeting all countries it views as participating in unfair trade practices. The European Union faces an overarching 20% tariff starting Wednesday, while Chinese products are subject to 34% duties.
These actions have led several nations to engage in negotiations with Washington, although China has announced a corresponding 34% tariff on US goods, set to take effect on April 10.
Trump expressed his views, stating, “Oil prices are down, interest rates are down, food prices are down, there is NO INFLATION, and the long-time abused USA is bringing in Billions of Dollars a week from the abusing countries on tariffs that are already in place,” via Truth Social.
The intensification of the tariff war has had a notable effect on oil prices. Over the past week, Brent crude, the global benchmark, dropped approximately 14%, settling just over $64 a barrel on Monday. Meanwhile, Russia's Urals crude grade has similarly decreased, nearing $50 per barrel for the first time in almost two years.
Global stock markets have also seen significant declines following the announcement of the tariffs, leading to an ongoing worldwide sell-off on Monday.
The Federal Reserve Board, which is in charge of US monetary policy and the oversight of financial institutions, is set to hold a private meeting on Monday.
The current benchmark interest rate, or federal funds rate, is targeted between 4.25% and 4.50%. Over the last year, the Federal Reserve has modified this rate several times, including cuts during its last three meetings, the latest of which occurred in December 2024.
Debra A Smith for TROIB News
US President Donald Trump has asserted that tariffs are providing substantial economic advantages, pointing to an increase in import duty revenue and falling oil prices.
In a Monday morning social media post, Trump addressed the global repercussions of an intensifying trade conflict with China and other leading nations.
Recently, the US imposed tariffs on imports, ranging from 10% to 50%, targeting all countries it views as participating in unfair trade practices. The European Union faces an overarching 20% tariff starting Wednesday, while Chinese products are subject to 34% duties.
These actions have led several nations to engage in negotiations with Washington, although China has announced a corresponding 34% tariff on US goods, set to take effect on April 10.
Trump expressed his views, stating, “Oil prices are down, interest rates are down, food prices are down, there is NO INFLATION, and the long-time abused USA is bringing in Billions of Dollars a week from the abusing countries on tariffs that are already in place,” via Truth Social.
The intensification of the tariff war has had a notable effect on oil prices. Over the past week, Brent crude, the global benchmark, dropped approximately 14%, settling just over $64 a barrel on Monday. Meanwhile, Russia's Urals crude grade has similarly decreased, nearing $50 per barrel for the first time in almost two years.
Global stock markets have also seen significant declines following the announcement of the tariffs, leading to an ongoing worldwide sell-off on Monday.
The Federal Reserve Board, which is in charge of US monetary policy and the oversight of financial institutions, is set to hold a private meeting on Monday.
The current benchmark interest rate, or federal funds rate, is targeted between 4.25% and 4.50%. Over the last year, the Federal Reserve has modified this rate several times, including cuts during its last three meetings, the latest of which occurred in December 2024.
Debra A Smith for TROIB News
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