‘Very exciting for America’: Donald Trump says US tariff policy ‘doing really well’ amid trade war

Donald Trump on Friday insisted that the US is doing ‘really well’ on its new tariff policy, calling the times exciting for America and the world.

“We are doing really well on our TARIFF POLICY. Very exciting for America, and the World!!! It is moving along quickly,” he declared in a post on his social media platform Truth Social.

Donald Trump's comments comes at a time when economists and experts have flagged a trade war due to the tariffs that can cause significant impact on the global economy.

The first whiff of the trade war was felt a few days back when China imposed a retaliatory tariff on US of 34 per cent, and later increased it to 125 per cent after America moved to hike the levies on the country to 145 per cent.

The ongoing US-China tariff fiasco has raised the stakes in a trade war that threatens to up-end global supply chains.

China's retaliation intensified the economic turmoil unleashed by Trump's tariffs, which has seen markets tumbling and foreign leaders wondering how to respond to the biggest disruption to the world trade order in decades.

Markets fall, gold reaches all-time high

US markets opened lower on Friday. The Dow Jones Industrial Average fell 100.2 points at the open, while the S&P 500 fell 12.5 points at the opening bell.

Meanwhile, rising price of gold, falling value of the US dollar and moves in other financial markets indicate more fear amid investors as the trade war between US and China escalates.

US sticks to narrative

The US has however stuck to its narrative of a positive outcome of the Trump tariffs, with Donald Trump coming up with his latest post.

The administration has also cited its discussions with a number of countries on new trade deals, which it says will justify its dramatic upheaval in policy.

However, according to analysts quoted by Reuters, the war between US and China make trade practically impossible.

The Trump administration has downplayed the market turmoil, saying striking deals with other countries would bring certainty.

US trade official Greer said that he will speak to his Israeli and Taiwanese counterparts on Friday about tariffs after holding a long discussion with the Vietnamese earlier.

"I have a full dance card," Greer said in an interview with Fox News.

on the other hand, India and the US have finalised terms of reference for talks over the first segment of a bilateral trade deal, an Indian trade official was quoted as saying by Reuters.

(With Reuters inputs)