Trump puts blame for stock market crash on Biden administration
(MENAFN) Former President Donald Trump has pinned the recent global stock market downturn on the current Democratic administration, specifically targeting President Joe Biden and Vice President Kamala Harris. In a fervent social media post on Sunday, Trump criticized the leadership, accusing them of causing the financial turmoil.
Trump's post, written in all caps, read: “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!” This statement underscores Trump's view that the Biden administration's policies are to blame for the market's steep decline.
The stock market in the United States, along with global markets, has been experiencing significant declines. On Friday, key stock indices on Wall Street suffered substantial losses, with the Nasdaq 100 alone losing more than USD2 trillion in value over the past three weeks. This sharp decline has been attributed to a market correction following an unprecedented surge in Big Tech stocks driven by advancements in artificial intelligence.
The repercussions of the United States market's troubles have extended internationally. For instance, Japan's Nikkei 225 index fell by 5.8 percent on Friday, exacerbated by the Bank of Japan's recent interest rate hike. The downward trend continued into Monday as Asian and European markets also took a hit.
Amid this economic turbulence, President Biden’s administration had been promoting the benefits of “Bidenomics,” claiming a swift economic recovery under his leadership as a key reason for his re-election bid. However, Biden’s recent withdrawal from the presidential race has shifted the focus to Vice President Kamala Harris, who is now the Democratic Party’s nominee.
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