Amid growing fears of a global recession sparked by an escalating trade war, former President Donald Trump declared that now is a “great time” to relocate businesses to the United States.

The statement comes after Trump imposed a 104% tariff on Chinese imports. In response, China enacted its own retaliatory tariff of 84%, further rattling global markets and deepening economic uncertainty.

Despite the market instability, Trump defended the tariffs as a necessary measure to revive U.S. manufacturing. On Wednesday morning, he claimed that “record numbers” of companies are returning to the U.S.

Posting on Truth Social, Trump wrote:

“This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing. ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!”

Global stock markets appeared less convinced. As of Wednesday, major indices were on track to fall for the fifth straight day.

U.S. Opposes Global Shipping Carbon Tax, Citing Economic Burden

Separately, the U.S. government is reportedly opposing a proposed carbon levy on international shipping, arguing that such a measure would impose “substantial economic burdens” and risk “driving inflation.”

The proposal—set to be debated this week in London—would place a charge of up to $150 per tonne on carbon emissions from ships. Supporters argue the levy is essential for generating billions in climate finance for poorer nations grappling with the effects of climate change.