White House continues to respond to allegedly unflattering portrait of President Trump. They point to his specific intention to trigger a large drop in the stock market as part of his economic platform. The video first gained traction on TikTok this past March. Infamously, Trump posted it the morning of his April 4 indictment, igniting a firestorm. The video accusation that he was intentionally tanking the stock market by 20% that month.
This didn’t stop the president from announcing more retaliatory tariffs on Wednesday. This announcement sent shockwaves across the market, sparking a severe selloff. Fears of a global trade war that can bring recession soon crashed this budding recovery. Consequently, the Dow Jones Industrial Average dropped nearly 2,231 points (5.5%) total on Friday alone. As everyone knows, the S&P 500 fell almost 6% on that single day. At the same time, the tech-heavy Nasdaq Composite fell by nearly 12% in the two days following the tariffs, pushing it officially into bear market territory.
That’s why Kevin Hassett, director of the White House National Economic Council, wrote an op-ed responding to those scary market movements, and the untruths in the original video. That was the message from former New Jersey Gov. He further stressed that any impending market crash isn’t the result of some nefarious long-term plan by Trump.
“He’s not trying to tank the market. He’s trying to deliver for American workers.” – Kevin Hassett
Hassett went on to explain that contrarian as it may sound, the administration’s goal is to shore up American workers, not destroy financial markets.
“It is not a strategy for the markets to crash,” – Kevin Hassett
Despite the administration’s reassurances, skepticism remains among investors and analysts regarding the consequences of Trump’s tariff policies. More importantly, many are worried that the deep selloff is a sign of wider economic malaise and fears over the development of trade ties in the future.
Market watchers are surely tracking this situation as it develops. Their focus is on the immediate impacts of Trump’s economic agenda on U.S. and global markets. The administration faces mounting pressure to reassure investors and stabilize market conditions as fears persist about a prolonged trade conflict.
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