President Donald Trump reiterated calls for Fed rate cuts, saying there is no inflation.

“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,” Trump said on a Truth Social post on Monday.

Trump imposed tariffs on several nations last week, boosting the total levy on China to 54%, which drew retaliatory action. Since then, markets have collapsed, with futures tied to Wall Street’s tech-heavy Nasdaq index hitting the lowest since January 2024. Bitcoin fell to under $75,000 early Monday.

The risk-off, coupled with OPEC’s plan to boost production, has driven the West Texas Intermediate (WTI) crude oil per barrel price lower by 16% to $60 in four trading days. A lower crude is known to inject disinflation into the global economy.

Trump’s bias for Fed rate cuts is consistent with the market pricing for five Fed rate cuts this year. Potential Fed easing may help markets better absorb the impact of Trump’s aggressive tariffs policy, which will likely stay here for some time.

Trump noted in his early Monday Truth Social post that China has made enough for decades while taking advantage of the U.S.

“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. 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.

Over the weekend Trump said he won’t make a deal with China unless the trade deficit issue is solved.