President Joe Biden said the United States is in a stronger position than any other country to deal with global challenges, as he urged companies that control gas stations, banks and cellphone services to cut costs for consumers who are facing with high inflation.

During a meeting at the White House on Monday, President Biden said that “junk fees” banking and cell phone service termination fees were hurting families and that gas station operators should lower prices.

Biden’s comments followed a sharp drop in the New York stock market as investors worried that the Federal Reserve’s aggressive campaign to reduce inflation could cause a sharp downturn in the US economy.

Meanwhile, the Paris-based Organization for Economic Co-operation and Development (OEBCD) said there will be a slowdown in the global economy for the rest of this year and further into 2023.

The OECD lists the Russian attack on Ukraine and China’s socio-economic policies as the main causes of the global economic slowdown.