Trump tears into Biden & Harris as US recession fears spark selloff in global markets, quotes ‘legendary’ Howard Lutnick

US stock markets fell sharply on Friday after a worse-than-expected employment report stoked concerns that the economy may be declining sooner than economists had anticipated. This may encourage the Federal Reserve to start cutting interest rates.

The sell-off was getting more intense on Friday, with S&P 500 stock futures down more than 2 percent and Nasdaq stock futures down more than 4 percent.

In Japan, the Topix and Nikkei 225 indexes dropped 12.2 percent and 12.4 percent, respectively.

Blaming his Democrat rivals, Trump wrote on Truth Social on Sunday: “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!”

In another post on Monday, Trump quoted the CEO of Cantor Fitzgerald, Howard Lutnick, who blamed Harris for the current markets situation around the world and claimed that “none of this happens if Trump is in”.

“’Japan down 12%, India down 6%. Germany way down also. U.S. really bad. This is a preview of the world markets without Donald J. Trump in the White House. None of this happens if Trump is in,” Lutnick stated as per Trump.

“Kamala and the markets don’t go together. She’ll destroy the markets. She’s in power now and look at what is happening. One week of the fake media saying better polls and you get a market crash. — The Legendary Howard Lutnick!” the GOP presidential candidate’s post concluded.

Stock markets have typically been rising since the start of 2023 on the back of solid economic statistics, as employment levels have consistently outperformed forecasts despite the Federal Reserve’s intention to slow the economy through interest rate increases.

Meanwhile, US economists have started targeting Federal Reserve chairman Jerome Powell for refusing to act more swiftly to ease interest rate pressure, particularly after inflation data started to stabilize earlier this year.

Also Read: US stock market crash: Dow Jones plunges over 1000 points, S&P slides over 5%

Trump mocked for taking credit for record stock market

Trump’s response comes as he has made repeated attempts to take credit for the stock market records achieved under President Biden.

Earlier, he claimed that the market was performing well “because they think I’m going to be elected”. He went on to say that investor interest was surging as most of the polls projected him doing “so good” against Biden.

Responding to his remarks, Biden’s team ridiculed Trump for “desperately” attempting to take credit.