President Donald Trump began Monday with a Truth Social post celebrating his tariff moves — as experts warned a chaotic multi-day market plunge was set to continue.
Fears of an international trade war have sent markets spiraling since Trump announced Wednesday a baseline 10% tax on imports from all countries, along with higher rates for nations running trade surpluses with the U.S.
Experts were gearing up for a bloodbath when the U.S. market opened Monday, heralded by a massive decline in Asia.
But Trump sounded a different note on his social media platform.
“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.
“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.”
He was referring to China’s announcement that it would levy its own tariffs in retaliation for Trump's policy.
“ They’ve made enough, for decades, taking advantage of the Good OL’ USA!” wrote Trump.
“ Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country. MAKE AMERICA GREAT AGAIN!