Trump puts market struggles on Biden as economy shrinks under his watch
President Donald Trump's first 100 days in office have been the worst for the stock market since Richard Nixon's administration, with significant drops following his tariff announcements.
President Donald Trump's first 100 days in office have been the worst for the stock market since Richard Nixon's administration, with significant drops following his tariff announcements.
But according to Trump, it's all Joe Biden's fault.
"This is Biden’s Stock Market, not Trump’s," he posted on Truth Social on Wednesday morning. "I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers."
"Our Country will boom, but we have to get rid of the Biden 'Overhang,'" he added. "This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!"
Trump appeared to be responding to Wednesday's Commerce Department report showing the U.S. economy contracted 0.3% in the first quarter of 2025, the first negative reading since 2022. In the wake of the report, which also showed inflation remaining firm, stocks plunged.
Rating: 5