Washington, Aug. 4 -- President Donald Trump defended his sweeping new tariffs on Monday, saying they'll bring in "hundreds of billions" and help reduce the national debt. "We're going to pay down debt. We have a lot of money coming in - more than the country's ever seen," Trump told reporters, calling the move long overdue.

Referencing his first term, Trump said he initially imposed tariffs on China but couldn't expand the policy due to the pandemic. "We should've done this many years ago," he said, now aiming for reciprocal tariffs wherever possible. "I'm not looking for leverage. I'm looking for fairness," he added.

Just six months into his return to the White House, Trump has once again upended the global trade order. On April 2, ci...