Trump calls for lower interest rates, blames Biden for inflation

US President Donald Trump on Wednesday said that interest rates should be lowered and that would go "hand in hand" with his upcoming tariffs and blamed his predecessor Joe Biden for an unexpected uptick in consumer inflation last month.

"Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!!!" Trump wrote in a post on his Truth Social platform.

He later wrote in a separate post that "BIDEN INFLATION UP!" as the consumer price index edged up to 3.0 percent in January from a year ago. On the election campaign trail, Trump made tackling inflation and the cost of living a priority.

Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25 percent "without exceptions or exemptions" in a move he hopes will aid struggling industries in the United States, but which also risks sparking a trade war.