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On Monday, former U.S. President and current Republican presidential nominee Donald Trump blamed Vice President Kamala Harris for a significant drop in the stock market, months after he had taken credit for its previous record highs. Trump posted on Truth Social, criticizing Harris and attributing the market’s downturn to her leadership, while also disparaging President Joe Biden.
The market decline, which began with a sharp fall in Asian markets, was reportedly triggered by recession fears following a disappointing jobs report. In contrast, Trump had previously claimed that the market’s rise in January was due to investor confidence in his potential victory over Biden, citing his favorable poll numbers.
In response, Harris’ campaign criticized Trump’s economic track record, highlighting his poor job creation record and the market’s volatility during his presidency. Ammar Moussa, a spokesperson for Harris’ campaign, emphasized the need for stable economic management over Trump’s erratic claims.
Moody’s chief economist Mark Zandi commented on the political risks of associating a campaign with the stock market’s fluctuations, noting that Trump is unique in doing so. Zandi recalled the significant market drops during Trump’s presidency in March 2020, driven by COVID-19 fears.
Since Biden’s withdrawal from the election and endorsement of Harris, she has gained a slight lead over Trump in recent polls. As Harris gains support, Trump continues to link her candidacy to Biden’s economic policies, which some voters blame for high living costs.
Despite Trump’s attempts to frame the market’s decline as a broader economic failure under Harris, Zandi suggested that the market’s dip might not indicate a deeper economic issue, noting that the market could recover by the end of the day.
Harris’ campaign referred to a recent speech in Atlanta, where she criticized Trump’s plans to benefit the wealthy and roll back healthcare protections, vowing not to return to past policies that disadvantaged vulnerable populations.
— Additional reporting by CNBC’s Kevin Breuninger.