A defiant President Trump confirmed no signal of backing away from his sweeping tariff plans early Monday — whilst inventory index futures tumbled.
“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,” he wrote on Fact Social simply earlier than 7 a.m.
The commander in chief additionally ripped China after Beijing struck again in opposition to Trump’s far-reaching “Liberation Day” with its personal 34% levy final week.
“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 mentioned.
“They’ve made enough, for decades, taking advantage of the Good OL’ USA! Our past “leaders” are in charge for permitting this, and a lot else, to occur to our Nation. MAKE AMERICA GREAT AGAIN!”
It got here as S&P 500 and Dow futures plunged greater than 20% from their peak on Monday.
Within the two classes after Trump’s tariff resolution, the S&P 500 has tumbled 10.5%, erasing practically $5 trillion in market worth, marking its most vital two-day loss since March 2020.
In the meantime, Trump instructed reporters late on Sunday that buyers should endure the results and that he would chorus from negotiating with China till the US commerce deficit is addressed.
