Stock markets in turmoil, statement from Trump: 'We gained billions of dollars in revenue in one week with new tariffs'

US President Donald Trump shared a post regarding the highly controversial customs tariffs he has imposed on his trading partners.

Trump stated that billions of dollars in revenue have been generated through tariffs on other countries, and argued that oil prices, interest rates, and food prices in his country have fallen.

‘PREVIOUS ADMINISTRATIONS SHOULD BE BLAMED’

Trump noted that they achieved this revenue despite China imposing an additional 34 percent customs duty on the US.

Arguing that countries have "benefited from the blessings of the US for years and earned enough," Trump claimed that previous US administrations should be "blamed for allowing this."

TRUMP'S CUSTOMS TARIFFS

US President Trump signed a decree on April 2 introducing additional customs duties for all products imported into the US. With the decree, the tariff rates applied by the US to many of its trading partners range between 10 percent and 50 percent. Many countries and the EU reacted to Trump's tariffs and announced that the rates in question would be negotiated with the US.