Trump Says 'Billions' Flow Into U.S. After New Tariffs Take Effect

Trump Announces New Tariffs as Billions in Revenue Start Flowing

President Donald Trump has made a bold declaration that billions of dollars are now “flowing” into the United States just minutes after new tariffs took effect. This move marks a significant escalation in his trade war strategy, with the president introducing new tax rates ranging from 10 to 41 percent on goods from over 90 countries.

The tariffs were set to go into effect last week, but Trump initially delayed them for a week before they finally came into force just after midnight on Thursday. In a dramatic post on Truth Social, the president emphasized the moment, writing in block capitals: “It’s midnight!!!” and declaring, “Billions of dollars in tariffs are now flowing into the United States of America.”

About 15 minutes earlier, Trump expressed satisfaction with the imposition of new duties on countries he claims have taken advantage of the U.S. for years while “laughing all the way.” This is not the first time the president has highlighted tariff revenues; since he began increasing import taxes on foreign goods on so-called “Liberation Day” in April, he has consistently touted the financial benefits.

Over the weekend, Trump claimed that tariff revenues were bringing in “much more money” into the U.S. than the country has ever seen. According to the Treasury Department, the U.S. government collected almost $30 billion in tariff revenue last month—a 242 percent increase compared to July of the previous year. Since the initial round of 10 percent baseline tariffs was imposed in April, the government has collected around $100 billion in tariff revenue, which is more than triple the amount collected during the same four-month period last year.

While the White House sees these measures as a way to reset the global trading order, some economists remain skeptical. They warn that these levies have caused instability in financial markets and could result in higher costs for U.S. consumers.

U.S. Customs and Border Protection began collecting the higher tariffs one minute past midnight on Thursday after months of tension and negotiations with major trading partners. A 10 percent baseline rate was applied to countries with a trade surplus with the U.S., including the United Kingdom and Australia. The new tariffs on U.S. imports start at 15 percent, affecting nations such as Bolivia, Iceland, and Nigeria. Other countries, like Taiwan, face a 20 percent tax on items exported to the U.S.

Some of the highest new rates, reaching 50 percent, apply to imports from Brazil. Trump framed this duty as a punitive measure in response to Brazil's decision to prosecute his political ally, former Brazilian President Jair Bolsonaro. India also faces a potential 50 percent tariff as the U.S. pressures the nation to stop oil purchases from Russia. Trump has warned he could take similar actions against other countries maintaining ties with Russia amid its ongoing offensive in Ukraine.

Trump has yet to announce whether he will extend an August 12 deadline for reaching a trade agreement with China that would reinstate earlier threats of tariffs amounting to a staggering 245 percent. Some key U.S. trading partners, including the 27-member European Union, Japan, and South Korea, have already brokered deals, cementing their tariffs at 15 to 20 percent.

In a blow to Canada, Trump signed an executive order raising tariffs on Canadian imports to 35 percent for goods deemed non-compliant with the U.S.-Mexico-Canada Agreement, citing Canada’s failure to curb fentanyl smuggling across the border. The president also announced that he would maintain a 25 percent tariff on Mexico for another 90 days following a phone call with President Claudia Sheinbaum.

On Wednesday, Trump threatened to impose a 100 percent tariff on some semiconductors and plans to impose additional tariffs on foreign pharmaceutical products. These moves continue to shape the evolving landscape of international trade under his administration.