White House economic advisor Kevin Hassett stands next to President Donald Trump in the oval office of the White House in Washington, DC on March 7, 2025.
Rear Miris | Reuters
The crashing stock market is not part of President Donald Trump’s intentional strategy, White House National Economic Council director Kevin Hassett told ABC “this week” on Sunday. This came after Trump shared a link to a video for his social media platform, Truth Social. This claimed that the president was intentionally plunging markets as part of his broader economic plan.
The video, which first appeared on Tiktok in March, was shared by Trump on April 4th, two days after his tariff announcement.
“Trump has crashed the stock market by 20% this month, and he’s doing it intentionally, and it can make you rich,” the video said. Such a move by Trump “helps pushing cash into finances and forces them to cut interest rates in May. It also weakens the dollar and lowers mortgage rates. It’s a wild chess move now, but it works.”
When repeatedly asked whether Trump intentionally strategized the market selling, Hassett replied, “He’s not trying to fight the market. He’s trying to deliver for American workers.”
“It’s not a strategy that will cause the market to crash,” Hassett said.
The president’s retaliation tariffs on Wednesday led to sudden market sales due to a prolonged global trade war and growing fears about the recession. Dow Jones Industrial Average About 2,231 points (5.5%) fell on Friday alone. This is the largest decrease since June 2020. S&P 500 It sold almost 6% on Friday, following a 4.8% entry on Thursday. There are a lot of technology Nasdaq Composite It sank almost 12% in two days after the tariff rollout and fell into the territory of the Bear Market.
