Former President Trump on Sunday night appeared to gloat over the global market selloff. He suggested his Democratic rivals were to blame.
“STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!” Trump wrote on his Truth Social platform late Sunday night.
U.S. stock markets plunged Friday after a weaker-than-expected jobs report. This raised fears the economy could be slowing down faster than predicted. By Monday, the sell-off was intensifying, with S&P 500 futures down more than 2 percent. Nasdaq futures dropped more than four percent.
Markets around the world declined, especially in Asia and Europe. In Japan, the Nikkei 225 index fell 12.4 percent. The Topix index fell 12.2 percent.
Stock markets have generally been climbing since early 2023. Strong economic data and high employment levels have persisted despite Federal Reserve interest rate hikes.
Trump often tied himself to the stock market during his presidency. He frequently tried to claim responsibility for stock-market records set under President Biden.
Earlier this year, he said the market was doing well “because they think I’m going to be elected.” He also claimed investor sentiment was high due to his strong poll numbers against Biden.
The Biden campaign mocked those comments. They said Trump was “desperately trying to take credit for the stock market hitting record highs under President Biden.”
The Hill has reached out to the Harris campaign for a response to Trump’s recent comments.