US president may have used some hypothetical maths but chances are slim that such sums are being raised

• Business live – latest updates

Donald Trump has defended his tariffs by arguing that they are already raking in almost $2bn (£1.6bn) a day for the US.

Speaking after more than $5tn of losses on the US stock market since his “liberation day” announcement last week, he made the claim on Tuesday, adding: “America is going to be very rich again, very soon.”