A defiant President Trump showed no sign of backing away from his sweeping tariff plans early Monday — even as stock 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 Truth Social just before 7 a.m.
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.
“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!”
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.
Meanwhile, 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.
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