Donald Trump blamed Joe Biden for the stock market's downturn and a shrinking economy, despite calling it the "Trump stock market" days after his presidential inauguration.
On January 29, 2024, Trump declared the rising markets were due to expectations of his election victory, calling it the "Trump Stock Market." After winning the presidency, Trump promised aggressive tariffs, tax cuts, and a manufacturing revival to spark a new economic boom.
— David Weigel (@daveweigel) April 30, 2025
However, economists warned of volatility tied to protectionist trade policies, while voters skeptical of inflation gave Trump a second shot at steering the economy.
The Bureau of Economic Analysis reported that the U.S. economy contracted 0.3% in the first quarter of 2025—the first decline in three years, according to Newsweek. Markets reacted sharply: the S&P 500 dropped 1.4%, the Dow fell nearly 400 points, and tech-heavy Nasdaq slid 2%.
In a Truth Social post, Trump responded by deflecting blame to Biden, denying that his own tariffs were to blame and insisting that the "Biden Overhang" was still dragging the economy down.
"This is Biden's Stock Market, not Trump's. I didn't take over until January 20th," Trump wrote. "Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers. Our Country will boom, but we have to get rid of the Biden "Overhang." This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!"
Meanwhile, weak hiring data from ADP revealed just 62,000 private-sector jobs were added in April, signaling broader economic slowdown and fueling investor concern about the impact of Trump's trade policies.
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