Trump: "Current Stock Market is Biden's... Be Patient"

Son Min

Summary

President Trump emphasized that the current stock market downturn is the responsibility of former President Biden and urged patience.
He stated that the effects of tariffs will soon be seen, companies are returning to the U.S., and the U.S. economy will grow rapidly again.
The first quarter GDP fell short of expectations, leading to a decline in major U.S. stock indices.

U.S. President Donald Trump urged patience, stating that the current stock market downturn is due to former President Joe Biden. On the 30th (local time), President Trump stated on Truth Social, "The current stock market is Biden's market, not Trump's market," and added, "Tariffs will soon show their effects, and companies are returning to the U.S." He continued, "America will start to grow rapidly again," emphasizing, "It may take some time, but once the rise begins, it will be incomparable to anything else. Be patient."

He further explained that the recent economic situation is not due to tariffs. Trump added, "(The economic situation) is not at all because of tariffs. It's because Biden left bad numbers."

Previously, the U.S. GDP for the first quarter of this year fell by 0.3% compared to the previous quarter, falling short of market expectations. This marks the first negative growth in three years.

As a result, the three major U.S. stock indices also started lower. The S&P 500 fell by 1.36%, while the Nasdaq and Dow fell by 2.06% and 0.75%, respectively.