The country is raking in billions from duties already in place, according to the US president

Tariffs are yielding significant economic benefits, US President Donald Trump has claimed, citing a spike in revenue from duties on imports, and declining oil prices.

Trump took to social media on Monday morning, amid the global fallout from an escalating trade war with China and other major global players.

Last week, the US implemented a levy on imports, ranging from 10% to 50%, on all countries it perceives as engaging in unfair trade practices. The EU faces a blanket 20% tariff as of Wednesday, while Chinese goods have been hit with 34% duties.

The measures have prompted multiple countries to seek to negotiate with Washington, however, Beijing has announced a reciprocal 34% tariff on US goods, effective April 10.

"Oil prices are down, interest rates are down (the slow-moving [Federal Reserve] should cut rates!), food prices are down, there is NO INFLATION, and the long-time abused USA is bringing in Billions of Dollars a week from the abusing countries on tariffs that are already in place," Trump wrote on Truth Social.

The escalation of the tariff war has significantly impacted oil prices. Brent crude, the global benchmark, fell roughly 14% over the past five days to just over $64 a barrel on Monday. Russia's flagship Urals crude grade has declined alongside major oil benchmarks, approaching $50 per barrel for the first time in nearly two years.

Global stock markets have also plunged since the tariff announcement, however, US stocks managed to recover on Monday following last week's collapse.

The Federal Reserve Board, the entity responsible for formulating US monetary policy and overseeing financial institutions in the country, is scheduled to conduct a closed-door meeting on Monday.

READ MORE: The art of (no) deal: Can the EU stand up to Trumps tariffs?

The benchmark interest rate, known as the federal funds rate, is currently set at a target range of 4.25% to 4.50%. Over the past year, the Federal Reserve adjusted the rate multiple times, lowering it in the last three meetings, the last of which was in December 2024.

(RT.com)