Trump insists there is no inflation despite market crash
What's the story
US President Donald Trump has brushed away concerns regarding inflation in the country, amid a massive sell-off in global markets.
Trump blamed the economic crisis on former American leaders and their policies, which he alleges have let foreign nations like China take advantage of the US.
Trump's comments suggest he remains confident in his economic strategy.
Economic outlook
Trump's response to global market meltdown
In a Truth Social post, Trump claimed, "Oil prices are down, interest rates are down (the slow moving Fed should cut rates!) , food prices are down, there is NO INFLATION."
He said the US is earning billions of dollars every week from tariffs on foreign countries.
His comments came in the wake of a global market meltdown that has witnessed heavy losses across Asia and Europe.
Trade tensions
China retaliates with new tariffs
China has announced a 34% tariff on all US imports effective April 10, in retaliation to Trump's recent trade tariffs.
This is seen as a further escalation in the ongoing trade war between the two countries.
In his post, Trump referred to China as "the biggest abuser of them all," and accused them of ignoring his warnings against retaliating.
Market impact
Global stocks experience sharp decline
Global stocks have plunged sharply, with the S&P 500 set to open about 2% lower, approaching a bear market.
In Asia, Japan's Nikkei index plunged over 7% and South Korea's Kospi dipped 4.8%.
Hong Kong saw its steepest drop of 13.2% today - its worst performance in almost three decades - while Taipei registered its largest-ever fall of 9.7%.
Economic strategy
Trump remains unfazed by market fluctuations
While the global market is down, Trump continues to defend his economic strategy. He has refused to lift tariffs "unless they pay us a lot of money," and pushed aside concerns of rising prices, calling the tariffs "a very beautiful thing."