Tariff impact has been 'explosive' but necessary as China tariff looms

Investing.com -- President Donald Trump on Tuesday acknowledged that the tariff impact has been "somewhat explosive" but said  they were generating money for the country "at a level we've never seen before."

"The money is pouring in at a level we've never seen before," Trump said, adding that the US government is taking in about $2 billion a day in tariff revenue. 

The remarks come just ahead of additional tariffs on China due midnight Tuesday that will push the total levies on Beijing to 104%. 

The Trump administration had already planned to  hike tariffs on China by 34% as part of Trump’s “reciprocal” tariffs package. But the president proposed another 50% after China failed to withdraw its  promise to impose 34% retaliatory tariffs on US goods by noon Tuesday.