'NO INFLATION': Trump stands firm on 'beautiful' tariff plan amid market rout, says US bringing billions of dollars

A defiant President Donald Trump showed no signs of backing away from his sweeping tariff plan early Monday. Trump claimed there is "NO INFLATION" even as stock markets across Asia and Europe crashed, recalling the mayhem markets witnessed in the past.

The US President has doubled down on his stance and said, "Oil prices are down...there is no Inflation" as experts have warned of a high risk of recession. Earlier too, Trump stood firm on his tariff move, calling the retaliatory duties a "beautiful thing" that the Americans would "realise someday".

The commander in chief also ripped China after Beijing struck back against Trump’s far-reaching “Liberation Day” with its own 34% levy last week. The US's economic rival, China, retaliated against Trump tariffs by announcing new 34-per-cent tariffs on US imports starting April 10.


China said it would sue Washington at the World Trade Organization and restrict the export of rare earth elements used in high-end medical and electronics technology.

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What Trump said about oil prices

Trump posted on his social media platform, Truth Social and said, "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."

“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,” Trump said.

“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!”

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It came as S&P 500 and Dow futures plunged more than 20% from their peak on Monday. In the two sessions after Trump’s tariff decision, the S&P 500 has tumbled 10.5%, erasing nearly $5 trillion in market value, marking its most significant two-day loss since March 2020.

On Sunday, Trump told reporters late on Sunday that investors must endure the consequences and that he would refrain from negotiating with China until the US trade deficit is addressed.