Amid a global market downturn, former U.S. President Donald Trump on Monday claimed there was no inflation in the country. He pointed fingers at previous American administrations for implementing policies that he argued gave foreign nations like China an unfair edge over the U.S.

Commenting on the market slump, Trump took to social media to say, “Oil and food prices are falling, interest rates are dropping — the sluggish Federal Reserve should slash rates! There’s no inflation, and the U.S., long taken advantage of, is now earning billions weekly through tariffs on countries that have exploited us.”

Trump criticized China for disregarding his earlier caution against retaliatory measures. He noted that existing tariffs were already generating significant revenue and claimed China’s recent move to raise tariffs by 34% defied his warning.

Describing China as “the worst offender,” Trump argued that Chinese markets were plummeting as the global economy reeled. He added, “Despite their markets tumbling, China — the biggest exploiter — raised tariffs again, ignoring my warning to those who’ve abused our economy not to strike back. They’ve profited off America for decades. Our former leaders let it happen.”

On the same day, global stock indices plunged. The S&P 500 was set to open roughly 2% lower, inching closer to bear market territory, having already dropped over 17% from its February high. Financial experts cautioned that volatility could persist.

“There’s still no indication that the markets are stabilizing or recovering,” said analysts at Deutsche Bank, as quoted by The New York Times.

In Asia, Japan’s Nikkei index saw losses exceeding 7% in early trading, while the broader Topix slipped nearly 8%. South Korea’s Kospi index also fell sharply by 4.8%.

Speaking Sunday night, Trump reiterated that tariffs would remain unless foreign nations made substantial financial concessions. He dismissed inflation worries, calling the tariffs “a very beautiful thing.”