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President Donald Trump claimed that "billions of dollars" were flooding into the United States after his higher tariff rates on dozens of trading partners went into effect at around midnight on Thursday (August 7).
"IT’S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!" Trump wrote on his Truth Social account.
The post followed another shared minutes earlier in which Trump once again promised "billions" would be flowing into the United States economy.
"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. THE ONLY THING THAT CAN STOP AMERICA’S GREATNESS WOULD BE A RADICAL LEFT COURT THAT WANTS TO SEE OUR COUNTRY FAIL!" he wrote.
Most imports into the United States will face a baseline 10% duty, while the overall average for international trade partners is more than 17%, the highest percentage since the Great Depression, according to the nonpartisan Yale Budget Lab think tank.
Tariffs will include several goods that are extremely popular in the United States such as Japanese vehicles, food, furniture and toys produced in China and televisions from South Korea. Selected oil and gas imports, as well as some smartphones and other items mentioned in pre-existing trade agreements with Canada and Mexico, will not be affected by the tariffs, according to NBC News.