Former President Trump on Sunday night appeared to gloat in response to the global market sell-off and 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 following a weaker-than-expected jobs report that raised fears the economy could be slowing down faster than analysts had predicted. By Monday, the sell-off was intensifying, with stock futures for the S&P 500 down more than 2 percent and down more than 4 percent for Nasdaq.
Markets around the world declined, especially across Asia and Europe. In Japan, the Nikkei 225 index fell 12.4 percent, and the Topix index fell 12.2 percent.
Stock markets have generally been climbing since the beginning of 2023 on a foundation of strong economic data, as employment levels have continually surpassed expectations in the face of the Federal Reserve interest rate hikes meant to slow the economy.
Trump, who tied himself to the stock market during his presidency, has 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 said investor sentiment was soaring because his polls against Biden were “so good.”
The Biden campaign mocked those comments in response, saying Trump was “desperately trying to take credit for the stock market hitting record highs under President Biden.”
Throughout the morning on Monday, Trump tried to tie the market downturn to Vice President Harris, calling it the “KAMALA CRASH.” He also warned of “THE GREAT DEPRESSION OF 2024!” and of “THE PROBABILITY OF WORLD WAR III.”
“TRUMP CASH vs. KAMALA CRASH!” he said in one post.
Republican lawmakers told The Hill that Trump was caught off guard by the surge in momentum behind Harris’s revamped campaign. Some Republican senators think Trump should have seen the swap atop the Democrat ticket coming and crafted a messaging and political strategy weeks ago.
The Hill has reached out to Harris’s campaign for a response to Trump’s recent comments.
Updated: 2:15 p.m.