Washington, D.C.: Former U.S. President Donald Trump has strongly defended his tariff policies following a wave of global stock market declines and a sharp fall in oil prices. The developments, which experts attribute to fears of a potential trade war, have sparked economic concerns worldwide.
Markets fell sharply on Monday amid rising anxiety over the impact of Trump’s tariffs on global trade. Analysts warned that the additional duties could drive up consumer prices and trigger an economic slowdown.
Responding to the criticism, Trump addressed the issue on his social media platform, Truth Social, dismissing inflationary fears and highlighting the supposed economic benefits of the tariffs.
ALSO READ: Telangana Government Withdraws Cases Against HCU Students Over Land Protest
“Oil prices have dropped globally. So where is the inflation? Compared to the past, the current tariffs have led to a reduction in oil prices. Interest rates and food prices are also coming down,” Trump wrote. “Saying inflation is rising is incorrect. That is simply not happening.”
Trump claimed that billions of dollars that had previously flowed out of the United States are now returning due to the tariffs. He also accused China of benefiting from the U.S. for decades, blaming previous administrations for allowing it.
“China imposed heavy tariffs on us and ignored my warnings. That won’t be tolerated again,” he stated. “China has now levied 34% tariffs, and these developments have impacted global stock markets. But we will continue to make America greater than ever before.”
The comments come amid growing uncertainty over the long-term implications of U.S. tariff policy on the global economy.