US President Donald Trump on Monday declared that there is no inflation, despite global markets plunging following last week’s two-day meltdown on Wall Street.
In a post on Truth Social, Trump said that the oil, food prices, and interest rates are down in the US market. He also called China “the biggest abuser of them all” on tariffs Monday after Beijing retaliated against his levies in an escalating trade war.
“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place,” Trump said.
Hours after Trump imposed tariff on China, Beijing slapped retaliatory levies on the US. China announced a 34% tariff on all US imports, set to take effect on April 10, in direct retaliation to Trump’s ‘Liberation Day’.
” This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate. They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!” he added.
Global market dropped
Financial markets in Asia and Europe experienced significant declines following the previous week’s losses.
Hong Kong witnessed its steepest decline of 13.2 percent on Monday, marking its worst performance in almost 30 years.
Recent market sessions have seen stock valuations plummet by trillions of dollars.
Taipei recorded its largest-ever decline of 9.7 percent on Monday, whilst Frankfurt fell by up to 10 percent and Tokyo ended nearly eight percent lower.
Hong Kong’s substantial decline was particularly notable as markets were closed on Friday for a holiday.
Wall Street futures continued to decline, accompanied by a drop in bitcoin values.
(With inputs from agencies)
