- Trump blamed Biden for the stock market’s poor start during his second term and urged Americans to be patient.
- The Dow and S&P 500 have dropped nearly 7–8% since Trump returned to office in January.
- Trump said tariffs will soon fuel a major economic rebound despite early signs of contraction.
President Donald Trump took to Truth Social on Wednesday morning to point the finger at former President Joe Biden for the stock market’s weak performance during the first stretch of Trump’s second term. And he didn’t hold back.
“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th,” Trump posted. He went on to say that while the current dip has “nothing to do with tariffs,” Americans should “be patient” — because once the economy resets, he says, “it will be like no other.”
He acknowledged that the economy shrank slightly — down 0.3% in Q1 — but claimed it’s all part of a hangover from the last administration. “We have to get rid of the Biden ‘Overhang,’” Trump said, insisting that his tariff policies would soon spark a record wave of companies moving back into the U.S.
Tariffs, Uncertainty, and a Shaky Start
Since Trump returned to the Oval Office, he’s been pushing aggressive tariff measures — first rolled out during his fiery “Liberation Day” speech on April 2. The announcements have rattled both the stock and bond markets, triggering volatility that’s left investors unsure of what comes next.
Despite the fanfare marking his first 100 days in office — including a heavy focus on immigration and shaking up federal agencies — the economic numbers haven’t been kind. The Dow is down nearly 7%, and the S&P 500 has slipped close to 8% since Trump was sworn in. That makes it one of the worst early-market performances for any president since Richard Nixon’s second term in 1973.
Trump Says Patience Will Pay Off
Still, Trump insists it’s all part of a longer play. Back in January 2024 — when Biden was still in charge — Trump had called that rising market the “Trump stock market” because investors were already betting on his victory. Now, he’s saying the current dip is simply a leftover mess he needs time to clean up.
“Tariffs will start kicking in soon,” he said. “Companies are moving back. The boom will come.”
Whether or not markets agree with him? That’s still up in the air.
