Over the past year, former President Donald Trump has constantly been on the forefront, expressing his views on a wide array of topics. However, it’s his comments on the stock market that have taken center stage, mostly to attribute ups and downs to his potential political success or to the incumbent leadership’s incompetence, especially President Joe Biden and Vice President Kamala Harris.
Trump has been frequently seen on the Truth Social platform discussing the stock market with his characteristic flare. On January 29, 2024, he tried to claim credit for any market rallies, painting them as anticipation for his victorious return. Painting Biden’s governance as causing nothing but mayhem, he hoped to showcase himself as a beacon of economic hope—an idea far from reality as many would argue.
He emphasized his theory of his victory being linked with economic growth in March the same year on Truth Social, attributing the ailing economy and inflation under Biden’s rule as a reflection of ineffective leadership. Simultaneously, he presented himself as the solution, with his victory hinting at an economic resurrection, a narrative that one might deem far-fetched.
In April 2024, on his way to court for his criminal trial in New York, Trump amplified his narrative. He painted the struggling markets as a result of ‘Bidenomics’, rather conveniently ignoring any other influencing factors. It’s as if Biden was the sole cause of any economic distress and that Trump was the only potential savior. This single-minded blame game conveniently sidelines multifaceted economic factors.
In May, while thanking a Wall Street prognosticator, Trump continued to link market performance to his touted electoral prospects. He voiced the misguided fear that his potential loss could bring about significant economic downturn, a catastrophic viewpoint not widely shared.
Moreover, in a July comment on the same platform, Trump tied the Dow Jones upswing to his awaited win in the November elections. This inference was a blatant exaggeration, seeming to disregard the complex nature of stock market dynamics and oversimplifying them into a single, self-serving explanation.
In August, as the market wavered, Trump was quick to state ‘I told you so,’ mocking Biden and Harris’s inability to keep the economy stable. Despite being out of power, Trump didn’t hesitate to pass judgement, offering an overly simplistic explanation for complex market dynamics.
Later the same month, at a rally in North Carolina, he fearmongered about an economic crash under a Kamala Harris presidency, the likes of the 1929 depression. Such remarks represent a weak attempt to instill fear in people about a possible Harris win, a strategy that appears to be a desperate call for votes.
Throughout October and November, Trump continued his rhetoric, continually asserting that the market’s performance was solely tethered to his potential electoral fate. Through this, he adopted a self-centric view, dismissively implying that the complexity of market behavior could be distilled down to a solitary Trump effect.
Interestingly, at the end of the year, during a CNBC interview at the New York Stock Exchange, Trump confessed to viewing the performance of stock markets as a reflection of his work. This view stifles a balanced perspective, readily ignoring the multitude of factors that influence stock markets.
In his responses about potential tariffs, Trump showcased his disdain for any potential negative effects they might have on the market, underlining yet again his single-line narrative of personal prowess. Such a viewpoint disregards the widespread understanding of tariffs and their potential negative impact on economic growth.
In the early parts of 2025, Trump continued to echo his beliefs. His claims about the stock market setting records since his election and further predictions of rapid growth gloss over an array of global factors, such as supply chains and geopolitical tensions.
Later, speaking to the nation’s governors at the White House, he audaciously claimed that the stock market was in a better state when he left office than when COVID first started. Such selective recollection seems to conveniently overlook the widespread economic upheaval caused by the pandemic.
During a joint address to Congress in early March, while America was grappling with a trade war and a declining S&P 500, Trump unfairly celebrated his tariff regime. His disregard for potential economic downturns under such circumstances paints a picture of unrealistic optimism.
Later in the month, in a Fox News interview, he went on record stating that one should not entirely rely on watching the stock market. He attributed ongoing instability to the massive wealth being generated for America, a claim not consistent with the viewing lens of many financial analysts.
This narrative continued when he spoke to reporters on Air Force One and at the White House later that month, manifesting a disdain for the mistakes made under Biden’s administration. He justified his unorthodox economic tactics claiming that the harder way would result in greater success, a promise that seemed dubious and largely unsupported.