Washington DC, Aug. 7 -- As the clock struck midnight in the US, President Donald Trump announced that billions of dollars in tariffs were flowing into the country as the tariffs on various countries took effect.

In a post on Truth Social, Trump said, "IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!"

Trump administration hailed the considerably higher tariffs that have already gone into effect, correctly noting that they have raised more than USD 100 billion in tax revenue without leading to catastrophic inflation or a recession, as some economists had feared, as per CNN.

Trump imposed a 25 per cent tariff on India as a part of the 'reciprocal tariff'. But, Indian goods could also be s...