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President Donald Trump celebrated lower prices and “no inflation” in a social media post on Monday, calling out China’s “crashing” market following its increased tariffs against the United States.
Trump shared the comments in a Truth Social post early Monday that also blamed the past leaders for allowing other nations for “taking advantage” of America.
“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,” the president 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 continued.
“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!” Trump concluded.
On Wednesday, Trump announced a wide range of tariffs during his Liberation Day event at the White House Rose Garden.
The tariffs include a 10 percent baseline tax on imported goods, with higher charges on items from some nations.
“Taxpayers have been ripped off for more than 50 years,” Trump said during his remarks. “But it is not going to happen anymore.”
The changes are part of the president’s plan to “Make America Wealthy Again.” According to a White House fact sheet released Wednesday, “A 2024 economic analysis found that a global tariff of 10% would grow the economy by $728 billion, create 2.8 million jobs, and increase real household incomes by 5.7%.”
The fact sheet also cited an Industry Week report showing how tariffs are strengthening America’s steel production: “With steel imports down, America’s steelmakers have started investing at home. In addition to Nucor and US Steel, companies like Cleveland-Cliffs, Steel Dynamics, CMC, and AK Steel have invested billions of dollars in at least 16 major new projects throughout the nation. The top five US steel companies more than doubled their total annual investments between 2017 to 2019, from $1.5 billion to $4.2 billion.”
Trump announced that Canada and Mexico will face 25 percent tariffs on many items, while cars made outside the U.S. will face a 25 percent tariff starting Thursday. A 25 percent tariff will also be applied to imported beer.