WASHINGTON (AP) — Recently, President Donald Trump has downplayed concerns about a recession and ignored the recent stock market decline, claiming, “You really can’t pay attention to the stock market.” This is a shift for a leader who has often used market fluctuations as a reflection of his own success and actions, even when he was not in office.
In the past year, during President Joe Biden’s administration, Trump took credit for stock market surges as indications of his electoral viability. If the market fell, he attributed the decline to Biden and Vice President Kamala Harris. Moreover, he warned that if Democrats won the 2024 presidential race, a stock market crash would be imminent.
Here are some of Trump’s comments regarding the stock market over the previous year:
Jan. 29, 2024, on Truth Social
“THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO POSITIVE THAT INVESTORS ARE ANTICIPATING MY VICTORY, WHICH WILL BOOST THE MARKET — EVERYTHING ELSE IS CHAOTIC (WATCH THE MIDDLE EAST!), AND RECORD INFLATION HAS ALREADY IMPACTED US. MAKE AMERICA GREAT AGAIN”
March 12, 2024, on Truth Social
“High interest rates and inflation are straining our hardworking middle class, while the economy is struggling, and the stock market is rising only because polls strongly indicate our WIN in the 2024 Presidential Election.”
April 25, 2024, entering court for his New York trial
“The stock market is somewhat crashing. The figures are alarming. This is the outcome of Bidenomics. It’s catching up to him. It’s fortunate that this is occurring before he exits office rather than after.”
May 15, 2024, on Truth Social
“Thank you to Scott Bessent, one of the great financial forecasters on Wall Street! Many believe the stock market is booming solely because I’m ahead in the polls, and if I don’t win, we could face a CRASH similar to 1929. I agree, but let’s hope we can avoid that!”
May 18, 2024, at an NRA event in Dallas, Texas:
“As a nation, our stock market’s ongoing success hinges on a MAGA victory in the upcoming election.”
July 16, 2024, on Truth Social
“Dow Jones UP 742 due to the Market’s expectation of a TRUMP WIN in November! What a nice compliment — Thank you!”
Aug. 4, 2024, on Truth Social
“STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA IS CLUELESS. BIDEN IS SOUND ASLEEP. ALL DUE TO INCOMPETENT U.S. LEADERSHIP!”
Aug. 14, 2024, at a rally in Asheville, North Carolina
“If Harris wins this election, it will lead to a Kamala economic crash, similar to the Great Depression of 1929. When I win, we will set off a brand-new Trump economic boom. It’ll be tremendous. Many believe the stock market is high simply because they foresee my victory.”
Oct. 29, 2024, during a rally in Allentown, Pennsylvania
“You want to witness a market crash? If we were to lose this election, I believe the market would plunge.”
Nov. 4, 2024, at a rally in Grand Rapids, Michigan
Trump commended Bessent, stating: “His theory is that the stock market’s only sign of vitality is its rise because everyone believes Trump will win the election. Others, too. I’m observing this trend. I think they’re following your lead. Thank you for your confidence.”
Nov. 14, 2024, at a Mar-a-Lago gala in Florida:
“We had three or four record-setting days in the stock market recently. We’ve achieved significant economic milestones.”
In comments to House Speaker Mike Johnson, Trump said: “Mr. Speaker, I think it’s crucial that you should consider drafting a bill starting my term from Nov. 5, or Nov. 6, if you prefer. Let’s say Nov. 5, because the market has surged. Enthusiasm has doubled.”
Dec. 12, 2024, in a CNBC interview at the New York Stock Exchange:
When asked by host Jim Cramer if stock market indexes remain a valid measure of his performance, Trump responded:
“I’ve always maintained that to me, the stock market — it, along with everything else, is crucial. It’s an honor to be at the New York Stock Exchange. I joked that I purchased the building across the street because this exchange was here. It’s a significant matter.”
Dec. 16, 2024, during a Mar-a-Lago news conference
When questioned about concerns his tariffs might negatively impact the stock market, Trump responded: “Making our country wealthy. Tariffs will lead to a wealthy country.”
Jan. 7, 2025, during a Mar-a-Lago news conference
“Since my election, we’ve set records in the stock market. The S&P 500 has surpassed 6,000 points for the first time ever, something never before achieved.”
Jan. 19, 2025, at a rally in Washington, D.C.
“Everyone is referring to it as the — I don’t want to sound too boastful, but we’ll call it the Trump effect. It’s you. You are the effect. The stock market has skyrocketed since the election, and small business optimism has surged a record 41 points to a peak not seen in 39 years.”
Feb. 19, 2025, at an investment conference in Miami Beach
“I believe the stock market is on the verge of greatness. Essentially, we will swiftly grow our economy by significantly reducing the federal government.”
Feb. 21, 2025, speaking to governors at the White House
“When we handed over control, the stock market was higher than just before COVID happened, which was an incredible accomplishment.”
March 4, 2025, in a joint address to Congress
Amidst a North American trade conflict and the S&P 500 losing all its gains since the election, Trump declared, “Tariffs are about restoring American wealth and greatness, and it’s happening, and it will occur rather swiftly. There may be some upheaval, but we’re fine with that. It won’t be significant.”
March 9, 2025, in a taped interview on Fox News Channel’s “Sunday Morning Futures”
Following a week of volatile stock market activity due to uncertainty surrounding his tariffs, Trump was asked if he expected a recession in 2025. He replied: “I dislike making predictions like that. We’re in a transitional phase because what we are implementing is substantial. We’re revitalizing American wealth. That’s a major initiative.” He added, “It takes some time. It does take time. But I believe it should turn out great for us.”
In another part of the interview, when asked about the market’s downturn, Trump said: “You can’t really keep an eye on the stock market. … You can’t base decisions on that. You must do what is right.”
March 9, 2025, to reporters on Air Force One
When inquired about his hesitance during the “Sunday Morning Futures” interview, Trump remarked: “You know what? Of course, one hesitates. Who knows? All I know is that we are going to collect hundreds of billions of dollars in tariffs, and we will become so wealthy you won’t even know how to spend all that money. I’m telling you, just watch.”
March 11, 2025, to reporters at the White House
Trump was asked about the market following a selloff on Monday and further market instability on Tuesday. “Markets will rise and fall. We need to work on rebuilding our country,” he stated.
In response to a query about whether his tariffs triggered the market disruption, Trump replied: “Biden left us with a terrible economy. His policies resulted in rampant inflation. I believe the market was on track for severe downturns. If anything, I have numerous intelligent associates, successful businesspeople. They’re not investing due to my actions.”
On whether he anticipates a recession: “I don’t perceive that at all. I expect this country to prosper. But, as I mentioned, I can accomplish it the easy way or the hard way. The challenging approach, which I’m currently pursuing, will yield 20 times the results. Remember, Trump is invariably correct.”
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