Barstool Sports activities founder Dave Portnoy knocked President Trump on Wednesday for suggesting the present inventory market volatility is a consequence of insurance policies from former President Biden’s time period in workplace, moderately than his personal.
“What’s that previous expression? Don’t piss down my again and inform me it’s raining?” Portnoy wrote in a put up on X. “Effectively that applies right here.”
“The inventory market is a direct reflection of Trumps 1st 100 days in workplace,” he continued. “Doesn’t imply it received’t get higher and that we don’t must be affected person, however that is his market not Biden’s.”
Portnoy’s put up included a screenshot of Trump’s statement from Wednesday morning, when the president insisted his sweeping world tariffs should not the reason for the market turbulence and urged Individuals to be affected person.
“That is Biden’s Inventory Market, not Trump’s. I didn’t take over till January twentieth. Tariffs will quickly begin kicking in, and firms are beginning to transfer into the USA in report numbers. Our Nation will growth, however we have now to eliminate the Biden ‘Overhang,’” Trump mentioned on Truth Social.
The president added: “This can take some time, has NOTHING TO DO WITH TARIFFS, solely that he left us with unhealthy numbers, however when the growth begins, it is going to be like no different. BE PATIENT!!!’”
The assertion got here because the Commerce Department released new data displaying the U.S. GDP fell at an annualized charge of 0.3 p.c in the course of the first quarter of 2025, following an annualized enhance of two.4 p.c within the fourth quarter of 2024.
Economists had anticipated U.S. GDP to fall amid a steep enhance in orders of international merchandise, which might be far dearer as soon as Trump’s full slate of tariffs take impact.
Trump’s sweeping tariff announcement on April 2 despatched the market on a record-breaking nosedive. The market misplaced $6.6 trillion in worth over the 2 days that adopted the announcement, which The Wall Avenue Journal reported was the biggest two-day pullback in historical past.
The market has bounced again some however continues to wrestle. It opened with losses on Wednesday simply minutes after the president’s put up on Reality Social.
Trump’s first 100 days in workplace had been the worst for the inventory market originally of a presidential time period since former President Nixon’s second time period within the Seventies, CNBC reported.
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