India, Aug. 8 -- President Donald Trump on Thursday hailed his sweeping tariffs as a catalyst for record-breaking stock market gains and a surge in government revenue, while warning of catastrophic consequences if courts overturn his policy.

"Tariffs are having a huge positive impact on the Stock Market. Almost every day, new records are set," Trump wrote in a post on Truth Social. He claimed "hundreds of billions of dollars" were flowing into US coffers and warned that if a "Radical Left Court" struck down the measures, "it would be 1929 all over again, a GREAT DEPRESSION!"

The post came just hours after tariffs of 10% or more took effect on goods from over 60 countries and the European Union. Products from the EU, Japan, and South Kor...