14:14 GMT +319 November 2018
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    President Donald Trump in the Oval Office of the White House in Washington

    Trump Hails Effect From New Import Duties on US Economy

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    MOSCOW (Sputnik) - US President Donald Trump said the new import taxes introduced by his administration were working much better than anticipated and the US market was stronger than ever.

    "Tariffs are working far better than anyone ever anticipated. China market has dropped 27% in last 4months, and they are talking to us. Our market is stronger than ever, and will go up dramatically when these horrible Trade Deals are successfully renegotiated," Trump said on Twitter on Saturday.

    READ MORE: 'They Will Pay Us Vast Sums of Money': Trump Defends Tariffs in Twitter Tirade

    According to the US president, the new tariffs have had an extremely positive effect on the US steel industry, leading to many plants reopening.

    "Tariffs will make our country much richer than it is today. Only fools would disagree. We are using them to negotiate fair trade deals and, if countries are still unwilling to negotiate, they will pay us vast sums of money in the form of Tariffs. We win either way," Trump said.

    In March, Trump signed an executive order introducing tariffs of 25 percent on steel imports and of 10 percent on aluminum imports. Apart from steel and aluminum duties, the US administration in July imposed tariffs on $34 billion worth of Chinese goods. China immediately responded in kind. The United States said it might impose additional tariffs of 10 percent another $200 million worth of Chinese goods.

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