Trump cries ‘no inflation’ as global experts flag rising prices, markets crash

DONALD Trump on Monday denied that the United States is facing an inflation problem, claiming there is “no inflation” and that food prices are down, before shifting his criticism to China.

Taking to his social media platform Truth Social, Trump also defended his tariff move.

“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 (sic),” he said.

Earlier, JPMorgan Chase CEO Jamie Dimon warned in a letter to shareholders on Monday that Trump’s broad tariffs “will likely increase inflation.”

“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” Dimon said, adding that “the recent tariffs will likely increase inflation.”

Trump's dig at China

Donald Trump further took a dig at China, saying that the country did not acknowledge his warnings of retaliatory tariffs.

“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 said.

Trump said that other countries are taking advantage of the “Good OL’ USA”, adding that “past leaders” are to be blamed for such a situation.

“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 said.

Trump defends tariffs

Since he announced retaliatory tariffs on April 3, Donald Trump has repeatedly defended his move, even as US stock markets have been at their worst in five years and economists have flagged severe repercussions.

He has insisted his tariffs are necessary to rebalance global trade and rebuild domestic manufacturing.

On Sunday, he posted a video of himself hitting a drive and told reporters aboard Air Force One that evening that he had won a club championship. “It’s good to win,” Trump said. "You heard I won, right?”

He also said that he wouldn’t back down from his tariffs despite turmoil in the global markets and fears of a recession. “Sometimes you have to take medicine to fix something,” Trump said on the day.