'Very exciting for America, world': US President Donald Trump's update on tariff policy

US President Donald Trump on Friday provided an update on how the tariff policy was faring and said that it was "very exciting for America and the world".
"We are doing really well on our TARIFF POLICY. Very exciting for America, and the World!!! It is moving along quickly," he said in a post on Truth Social.

This comes as US dollar sharply declined, hitting a three-year low against the euro, largely due to concerns over Trump’s unpredictable trade policies. This slide marks a significant turnaround from the post-election surge in 2016, when investors were optimistic about Trump’s economic plans.
As a weaker dollar raised fears of rising inflation, reduced corporate profits, and declining foreign investment in US markets, Trump shared a report on inflation being down. The consumer price index rose only 2.4% in April compared to March 2024, marking the lowest annual increase since September. Meanwhile, core consumer prices recorded their slowest year-over-year growth in nearly four years.
China increased tariffs on US goods from 84% to 125%, marking the latest escalation in the ongoing trade war between the world's two largest economies. The move comes in response to the US raising its own tariffs on Chinese imports to a cumulative 145%, even as Trump decided to hit a 90-day pause on tariff imposition exempting China.