Trump Says, ‘NO INFLATION’ Amid Global Market Rout Following US Tariff Moves
Global stock markets witnessed a steep downturn on Monday after President Donald Trump reiterated his hardline tariff stance and denied the presence of inflation in the United States. Despite growing financial turmoil and fears of a global economic slowdown, Trump defended the US administration’s actions, blaming past leaders and foreign powers for exploiting the American economy.
In a post on social media, Trump declared, “There is NO INFLATION,” asserting that oil, food prices, and interest rates were all down. He added that the US is now collecting billions of dollars each week through tariffs, particularly from China, which he labelled “the biggest abuser of them all.”
Trump’s comments came after China raised tariffs by 34%, ignoring what he described as a direct warning not to retaliate. “They’ve made enough, for decades, taking advantage of the Good OL’ USA!” the president wrote, blaming past American administrations for enabling such imbalances.
The statement was released amid a massive sell-off in global markets. The S&P 500 index was poised to open 2% lower, marking a continued slide that brought it down more than 17% from its February peak. Deutsche Bank analysts told The New York Times that there were no clear signs that markets were beginning to stabilise.
In Asia, the impact was immediate. Japan’s Nikkei index plunged over 7% in early trading, while the broader Topix dropped nearly 8%. South Korea’s Kospi index also took a hit, falling 4.8% as investors pulled out amid concerns over prolonged economic instability.
Despite concerns from economists and financial institutions, Trump doubled down on his tariff policies. On Sunday evening, he dismissed price concerns and suggested he would not roll back tariffs “unless they pay us a lot of money.” He called the tariffs “a very beautiful thing.”
The escalating trade conflict, particularly between the US and China, has rattled markets and raised fears of a full-blown global trade war. Analysts warn that continued uncertainty could lead to long-term economic consequences.
As of now, the White House has not provided additional details on upcoming economic measures, while global investors await further developments in what is becoming a volatile economic landscape.
