US President Donald Trump has once again defended his aggressive trade policies, claiming that the United States is now “pouring in” billions of dollars from newly implemented tariffs on foreign imports.
Speaking from the East Room of the White House on Tuesday while signing a series of executive orders promoting the coal industry, Trump took time to address his sweeping tariffs on trading partners, which are set to take effect on over 60 countries later tonight.
Donald Trump’s trade tariffs – live updates
In remarks delivered to a crowd of lawmakers, cabinet members, industry executives and coal miners, Trump described the impact of the tariffs as “somewhat explosive,” but insisted they were vital to his vision for revitalising American industry.
“The tariffs are on,” he said, standing at a podium beneath golden drapes. “Money is pouring in at a level we’ve never seen”, Trump added.
According to Trump, the tariffs are already generating as much as $2 billion a day. He did not provide detailed figures or specify which tariffs were responsible for the reported revenue, but emphasised that the administration has been inundated with requests from countries hoping to negotiate exemptions.
“Our problem is, we can’t see that many that fast. But we don’t have to, because the tariffs are on”, he added.
US stocks tumble
US stocks tumbled on Tuesday after a dramatic reversal, with Wall Street shifting from a strong early gain to significant losses as uncertainty over President Trump’s escalating trade war weighed heavily on investors.
The S&P 500 initially surged 4.1%, but quickly reversed course, ultimately closing down 1.6%. The Dow Jones dropped 320 points, and the Nasdaq fell 2.1%. Global markets had rallied earlier, with Tokyo, Paris, and Shanghai all seeing gains, but analysts warned of continued volatility.
The key concern remains how long Trump’s tariffs will last, with fears they could cause a recession if prolonged. While hopes for negotiations persisted, Trump’s announcement of a 104% tariff on China added to market anxiety. Companies with global supply chains, like Ralph Lauren and Best Buy, saw heavy losses. Meanwhile, health insurers gained, following positive news regarding Medicare payments.
Trump signs orders to ‘turbocharge coal’
The tariff remarks came during a broader event focused on the coal sector, where Trump signed four executive orders intended to revitalise the struggling industry, promising to “turbocharge coal mining” and meet soaring energy demands driven by artificial intelligence and data centres.
Flanked by coal miners in hard hats, Trump vowed to “more than double” electricity production, suspend scheduled closures of coal-fired power plants, and lift regulatory hurdles affecting coal extraction.
He also instructed the justice department to challenge state policies he said were biased against coal. Critics, including climate NGOs, accused the administration of using AI as a pretext to prop up a polluting and outdated energy source.
As per news agency AP, the orders include a moratorium on Obama-era coal regulations, an investigation into state-level policies seen as hostile to coal, and emergency measures allowing older coal-fired power plants to remain operational.
