Tariffs an overwhelming benefit to US, losing this ability would be 'terrible blow' to country: Donald Trump

US President Donald Trump on Friday hailed tariffs as an overwhelming benefit to the country, adding that losing the ability to impose tariffs on other countries would be a "terrible blow to the United States of America"

"Tariffs are an overwhelming benefit to our nation, as they have been incredible for our national security and prosperity (like nobody has ever seen before!)," he wrote in a post on Truth Social. "Losing our ability to tariff other countries who treat us unfairly would be a terrible blow to the United States of America," the president added.

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Trump made a series of tariff threats and trade promises in 2025, out of which many materialized into a barrage of new import taxes that overturned decades of U.S. economic policy.

Tariffs have been the defining instrument of Trump's second-term statecraft. Rolled out rapidly and often arbitrarily, tariff levies have been positioned as a cure-all for trade imbalances, fiscal deficits, and even geopolitical conflicts.

Since returning to the White House in January, he has overturned decades of U.S. trade policy - building a wall of tariffs around what used to be a wide-open economy. Double-digit taxes by US on imports from almost every country have disrupted global commerce and strained the budgets of consumers and businesses worldwide.

These measures have raised tens of billions of dollars for the U.S. Treasury.

Trump earlier argued that his steep new import taxes are necessary to bring back wealth that was "stolen" from the U.S. He said that tariffs will narrow America's decades-old trade deficit and bring manufacturing back to the country.

Also read: Tariffs and trade wars: One year into Trump’s second term

Among other selling points to justify his tariffs, Trump has repeatedly said they would reduce America's longstanding trade deficit and bring revenue into the Treasury, and much of it has stood true.

As per AP, tariffs have raked in more than $236 billion this year through November - much more than in years past. But they still account for just a fraction of the federal government's total revenue. Tariffs have not raised nearly enough to justify Trump's claim that tariff revenue could replace federal income taxes - or allow for windfall dividend checks for Americans.

On the other side, US trade deficit has fallen significantly since the start of 2025. In March, trade peaked to a monthly record of $136.4 billion, as consumers and businesses hurried to import foreign products before Trump could impose his tariffs on them.

The trade gap narrowed to $52.8 billion in September 2025. But the year-to-date trade deficit was still 17% ahead of January-September 2024.