Trump says tariffs are doing well

(MENAFN) US President Donald Trump asserted that his tariffs are delivering significant economic benefits, including rising tariff revenue and falling oil prices. On Monday, Trump took to social media to highlight the positive effects of the duties imposed on imports, as tensions escalate with China and other global trade partners.

Last week, the US introduced tariffs ranging from 10% to 50% on imports from countries it accuses of unfair trade practices. The EU faces a blanket 20% tariff, while Chinese imports are subject to a 34% duty. In response, China has announced reciprocal tariffs of 34% on US goods, set to take effect on April 10.

Trump emphasized the downward trend in oil prices, interest rates, and food prices, claiming there is "NO INFLATION" and that the US is bringing in billions of dollars weekly from the tariffs. Over the past week, oil prices, including Brent crude, have dropped around 14%, with Russia's Urals crude falling to nearly $50 per barrel for the first time in two years.

The global stock market has also experienced significant losses since the tariff escalation. Meanwhile, the Federal Reserve is set to meet privately on Monday to discuss monetary policy, including the current federal funds rate of 4.25% to 4.50%.

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