Trump Defends New Tariffs, Says U.S. Will Reap Billions

WASHINGTON, August 1, 2025, Former U.S. President Donald Trump has defended his administration’s sweeping new tariffs on global trade partners, describing the rollout as “very smooth” and insisting the measures would generate hundreds of billions of dollars for the country.

In a phone interview with NBC News late Thursday, Trump said it was now “too late” for countries to avoid the tariffs, with his midnight deadline for trade deals having passed. The tariffs, made official via a newly signed executive order, are set to take effect on August 7.

“Doesn’t mean someone won’t come along in four weeks with a good deal,” Trump added, hinting that negotiations could still resume, but on U.S. terms.

The executive order outlines finalized tariff agreements with several countries, including the European Union, Japan, South Korea, the United Kingdom, and the Philippines. For nations that failed to reach a deal, tariffs will now be unilaterally imposed. Notably, Switzerland faces a higher-than-expected 39% rate, while Taiwan will see a 20% rate.

Highlighting U.S. gains from existing trade duties, Trump cited Treasury Department figures indicating the country collected $26 billion in tariff revenue in June alone.

“We’ll be taking in hundreds of billions, and very quickly,” he said. When asked about the potential inflationary impact of the tariffs on imported goods, Trump dismissed the concern, saying, “The only price that’s spiked is the hundreds of billions of dollars coming in.”

Regarding Canada, Trump revealed he might speak with Prime Minister Mark Carney but emphasized that no deal would be made before the deadline.

Trump also responded to comments by Brazilian President Luiz Inácio Lula da Silva, who recently told The New York Times that Brazil might push back against the U.S. tariff regime. Trump replied bluntly, “That’s OK. He doesn’t have to do business with the United States, which is fine with me.”

In a separate development, Trump addressed the worsening humanitarian crisis in Gaza, ahead of a scheduled visit by U.S. Special Envoy Steve Witkoff and Ambassador to Israel Mike Huckabee. The delegation is expected to assess the dire food situation in the war-torn region.

“We want to make sure people get fed,” Trump said, expressing concern over images of starving children. “Some of those kids, that’s real starvation stuff. You can’t fake it. We can save a lot of people.”

Asked if he trusted Israeli Prime Minister Benjamin Netanyahu to manage the distribution of U.S. aid in Gaza, Trump responded, “He’s certainly a competent person,” but warned against Hamas diverting aid. “Good management will stop that. Hopefully, the Israelis will provide that.”