Donald Trump has sharply criticized US President Joe Biden and Vice President Kamala Harris following a significant global stock market decline, particularly impacting Asia and Europe. Trump took to Truth Social to lambast the current administration, stating:
“STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!”
STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!
Donald Trump Truth Social 11:07 PM EST 08/04/24 @realDonaldTrump
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) August 5, 2024
Trump’s comments came after a worse-than-expected employment report on Friday heightened fears of a possible economic downturn, which could prompt the Federal Reserve to cut interest rates. This led to a sharp sell-off in US stock markets, with S&P 500 futures dropping over 2 percent and Nasdaq futures falling more than 4 percent. The decline was mirrored in Japan, where the Topix and Nikkei 225 indexes fell by 12.2 percent and 12.4 percent, respectively.
Trump’s criticism extended to Howard Lutnick, CEO of Cantor Fitzgerald, who blamed Harris for the market situation and claimed that “none of this happens if Trump is in.” In another post, Trump quoted Lutnick:
“Japan down 12%, India down 6%. Germany way down also. U.S. really bad. This is a preview of the world markets without Donald J. Trump in the White House. None of this happens if Trump is in,” Lutnick stated.
( @realDonaldTrump – Truth Social Post )
( Donald J. Trump – Aug 05, 2024, 8:27 AM ET )“Japan down 12%, India down 6%. Germany way down also. U.S. really bad. This is a preview of the world markets without Donald J. Trump in the White House. None of this happens if Trump is in.… pic.twitter.com/PqXAiNkWEg
— Donald J. Trump 🇺🇸 TRUTH POSTS (@TruthTrumpPosts) August 5, 2024
Trump further asserted:
“Kamala and the markets don’t go together. She’ll destroy the markets. She’s in power now and look at what is happening. One week of the fake media saying better polls and you get a market crash. — The Legendary Howard Lutnick!”
Stock markets had been rising since early 2023, driven by strong economic statistics and employment figures. However, recent instability has led to increased scrutiny of Federal Reserve Chairman Jerome Powell for not acting more decisively to adjust interest rates amidst stabilizing inflation data.
Trump has also faced criticism for attempting to take credit for stock market successes during Biden’s presidency. He previously claimed that market performance was linked to expectations of his return to office, suggesting that investor interest surged due to favorable polling projections. Biden’s team has ridiculed Trump for these claims, accusing him of “desperately” trying to take credit for economic conditions under Biden.
Left: Trump in 2020 claiming the stock market will collapse if President Biden wins
Right: Trump today desperately trying to take credit for the stock market hitting record highs under President Biden pic.twitter.com/LERIoDDh0L
— Kamala HQ (@KamalaHQ) January 29, 2024
Now THIS is gaslighting. Trump takes credit for the record high stock market because his polls “are so good”. He thinks the voters are idiots. pic.twitter.com/JH1taHg9AQ
— Mike Sington (@MikeSington) January 29, 2024