Trump Announces Midnight Tariff Surge, Targets India and China
President Trump declared the implementation of new tariffs that are funneling billions into the U.S. economy. The tariffs target several countries, with significant measures imposed on India and China. Despite fears of inflation and recession, the administration claims these tariffs have already generated over $100 billion in tax revenue.
- Country:
- United States
As the clock struck midnight in the United States, President Donald Trump proclaimed a financial windfall as new tariffs began taking effect, adding billions of dollars to the nation's coffers. In a statement on Truth Social, Trump announced, "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!"
The Trump administration has praised the substantial tariff revenue, asserting that more than $100 billion has been collected without triggering the inflation or recession some economists warned about, according to CNN. As part of a reciprocal tariff strategy, Trump levied a new 25 percent tariff on Indian goods. An additional 25 percent tariff could follow due to India's oil purchases from Russia, under an executive order signed by Trump, set to take effect on August 27.
Earlier, White House Trade Adviser Peter Navarro addressed the media, highlighting the 50 percent tariffs already imposed on Chinese goods, a strategy markedly distinct from those on India, as reported by C-SPAN. Navarro explained the U.S. aims to implement tariffs on China cautiously, to avoid economic self-harm. Discussing India's tariffs, which also reached 50 percent, Navarro cited national security concerns tied to India's continued oil trade with Russia, viewed as funding the Ukraine conflict, according to ANI.
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