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.

Wall Street’s sell-off hit a new low Thursday after President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month. A 10% drop is a big enough deal that professional investors have a name for it — a “correction” — and the S&P 500’s 1.