‘No Inflation, Dollars Coming Back’: Trump Harps On Tariffs In MAGA Pitch, Asks Fed To Cut Rates – News18
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President Trump urged the Federal Reserve to cut interest rates and criticized China and other nations for imposing tariffs on US imports, claiming the US economy benefited.
Donald Trump argued that the Federal Reserve, which he called “slow moving,” should act promptly and cut rates. (IMAGE: REUTERS)
US President Donald Trump on Monday called on the Federal Reserve to cut interest rates and doubled down on his criticism of China and nations who have imposed tariffs on US imports.
“There is NO INFLATION,” Trump wrote, while claiming that the US economy was pulling in “Billions of Dollars a week” from tariffs imposed on what he described as “abusing countries,” particularly China.
Trump claimed that inflation in the United States had been tamed, citing falling oil, food and interest rates and argued that the Federal Reserve, which he called “slow moving,” should act promptly and cut rates in a lengthy post on his social media platform, Truth Social.
He accused Beijing of retaliating with a steep 34% hike in tariffs despite what he said was a prior warning. “They’ve made enough, for decades, taking advantage of the Good OL’ USA!” Trump said, blaming previous American administrations for enabling what he described as unfair trade practices.
Calling China “the biggest abuser of them all,” the Republican also claimed Chinese markets were “crashing” in the face of global economic headwinds.
In a separate social media post later in the day, he urged Americans and lawmakers to remain steadfast as the country navigates what he described as a historic opportunity for economic correction.
In a post on his social media platform, Trump said the United States has “a chance to do something that should have been done decades ago,” calling on leaders to avoid what he labelled “weak” and “stupid” decision-making.
“Don’t be a PANICAN,” Trump wrote, coining a new term to criticise what he described as a hypothetical party “based on Weak and Stupid people.” He added that strength, courage, and patience would lead the country to “GREATNESS”. He told Americans to not “be weak, be stupid”.
Global markets plunged Monday following last week’s two-day meltdown on Wall Street, and US President Donald Trump said he won’t back down on his sweeping new tariffs, which have roiled global trade.
Countries are scrambling to figure out how to respond to the tariffs, with China and others retaliating quickly.
China on Monday accused the United States of unilateralism, protectionism and economic bullying with tariffs.
“Putting ‘America First’ over international rules is a typical act of unilateralism, protectionism and economic bullying,” Foreign Affairs spokesperson Lin Jian told reporters.
Last week, Trump put an additional 34% tariff on Chinese goods, on top of two rounds of 10% tariffs already declared in February and March, which Trump said was due to Beijing’s role in the fentanyl crisis. China and other governments retaliated quickly. China announced its own 34% tariff rate on US goods.
Trump’s tariff blitz fulfilled a key campaign promise as he acted without Congress to redraw the rules of the international trading system. It was a move decades in the making for Trump, who has long denounced foreign trade deals as unfair to the US.
The higher rates are set to be collected beginning Wednesday, ushering in a new era of economic uncertainty with no clear end in sight.
(with Associated Press inputs)
- Location :
Washington D.C., United States of America (USA)
