Three weeks after US President Donald Trump effectively declared a trade war with the whole world, new economic forecasts and surveys will point to the initial fallout.

Hassett also claimed the Trump admin is close to finalizing a trade deal with more than 10 countries.

The impact of the trade war between the U.S. and China is being felt on both sides of the Pacific. Businesses, large and small, have been forced to halt production and cancel orders as Trump's tariffs go into effect.

Statement: The U.S. is “taking in almost $2 billion a day in tariffs.” Before pausing country-by-country tariffs for 90 days, President Donald Trump repeatedly said tariffs were bringing in immense revenue.

The clock is ticking on a race of President Donald Trump's own making: a sprint to negotiate dozens of trade deals before his 90-day pause on some tariffs expires — talks that negotiators of past trade deals say come with a range of strategic and logistical hurdles due to Trump's compressed timeline.

Donald Trump claimed America is “taking in billions and billions of dollars” as a result of global trade tariffs. The US president said nothing he heard during a White House meeting with Italy's prime minister Giorgia Meloni on Thursday (17 April),