Trade war: Donald Trump praises tariffs as China talks hang in the balance

Trump also touted the benefits his 25 per cent tariffs on steel imports have had so far on US industry

US President Donald Trump said tariffs have bolstered the US bargaining position while cost increases to consumers have been negligible and warned of more levies as prospective trade talks with China appeared in doubt.

“Tariffs have put the US in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable,” Trump said on Twitter Monday. “If countries will not make fair deals with us, they will be ‘Tariffed!’”

Trump’s tweet came as CNBC reported a senior administration official said the US is