Kevin Hassett, director of the White House National Economic Council, addressed recent speculation surrounding the stock market’s decline, asserting that any downturn is not part of an intentional strategy by President Donald Trump. His comments came during an appearance on ABC’s “This Week,” following a video shared by Trump on his social media platform, Truth Social, that accused the president of deliberately crashing the markets as part of his broader economic agenda.
The controversial video initially surfaced on TikTok in March and was reposted by Trump on April 4, closely timed with his announcement of new tariffs.
In the video, it was claimed, “Trump is crashing the stock market by 20% this month, but he’s doing it on purpose. … And it could make you rich.” It further suggested that this approach would redirect cash towards treasuries, compelling the Federal Reserve to lower interest rates in May, while also weakening the dollar and reducing mortgage rates. The narrative portrayed the situation as a “wild chess move” that would ultimately be beneficial.
During the interview, when pressed about the possibility of Trump deliberately orchestrating a market selloff, Hassett reaffirmed, “He’s not trying to tank the market. He’s trying to deliver for American workers.” He emphasized that “It is not a strategy for the markets to crash.”
The tumultuous rollout of the president’s retaliatory tariffs prompted a significant selloff on Wall Street, with investors growing increasingly concerned about a prolonged global trade conflict and the risk of recession. On Friday, the Dow Jones Industrial Average plummeted by approximately 2,231 points, equating to a 5.5% loss, marking its most significant drop since June 2020. In tandem, the S&P 500 fell nearly 6% that same day, following a 4.8% drop the previous day. The Nasdaq Composite experienced a steep decline of nearly 12% over the two days following the tariff announcement, officially entering bear market territory.
