Over the last year, while President Joe Biden was in office, Trump took credit for stock market rallies as a vote of confidence in his electoral prospects. When the market dipped, he blamed Biden and Vice President Kamala Harris. And he predicted that if Democrats won the 2024 presidential election, the stock market would have crashed.

U.S. stocks climbed after President Donald Trump pulled back on some of his tariffs, raising hopes he may avoid a worst-case trade war that grinds down economies and sends inflation higher.

Donald Trump never told voters there might be a recession on the road to his new “golden age.” The president’s refusal – twice – to rule out an economic contraction this year set off a stock market plunge on Monday that hammered Americans’ retirement accounts.