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The Stock Market Just Had Its Fourth Worst Single Day of Losses Ever, Give You One Guess Who Was President For the Top Three Worst
Oh dear.
The Dow Jones Industrial Average plunged nearly 800 points on Tuesday amid uncertainty over the future of trade relations between the United States and China.
The markets bottomed out at -818 points before nudging slightly upward to close down 799 points.
Bryan Tyler Cohen of Occupy Democrats pointed out on Twitter that Tuesday's point drop was the fourth-largest in US history and that the top three occurred under President Donald Trump's watch.
"The Dow just plummeted 799.36 points, the 4th biggest one-day drop in US history," wrote Cohen. "The top 3? All took place during the Trump administration. He promised he'd run the country like he ran his businesses. Turns out he was right."
The Dow just plummeted 799.36 points, the 4th biggest one-day drop in US history. The top 3? All took place during… https://t.co/vMQEEDo4AW— Brian Tyler Cohen (@Brian Tyler Cohen) 1543958200.0
One person noticed a common thread throughout all of the biggest drops.
@briantylercohen All 10 were during Republican presidencies.— J R O'Hara (@J R O'Hara) 1543960340.0
And in fact, of the biggest ten, six happened under Trump.
Most recently in October, stocks tumbled more than 830 points. In February, markets tanked more than 1,000 points - twice - in only three days.
Few are surprised that economic confidence is beginning to struggle under Trump, a real estate princelet from Queens who filed for bankruptcy six times.
@briantylercohen @ProudResister The 2008 housing crisis is going to look like peanuts compared to the recession that’s impending.— INTJ at Your Service (@INTJ at Your Service) 1543960638.0
@briantylercohen @ProudResister Yep just like his businesses. Unfortunately for us we’re the employees and debt hol… https://t.co/84IemWAaEA— Stephanie (@Stephanie) 1543959029.0
@briantylercohen @ProudResister Trump is killing our markets, economy, the future. Tariffs, trickle down, increased… https://t.co/Q8cHpZTJ3I— David Schurman (@David Schurman) 1543960116.0
@briantylercohen Proving he as absolutely no idea what he is doing .. #WorstPresidentEver— John H (@John H) 1543963934.0
@briantylercohen 🤣 He is working on bankrupting us!— Just say Yes! (@Just say Yes!) 1543963480.0
Tuesday's losses are largely attributed to Trump's cavalier distortion of trade relations with China. Trump met with Chinese President Xi Jinping at the G20 summit in Argentina last Saturday.
Trump hit China with substantial tariffs earlier this year, which were in-kind met with retaliatory taxes from the Chinese government. Trump and Xi reportedly discussed ending the trade war, which has wreaked havoc among American farmers and manufacturers.
No end to the fiscal hostilities was reached, though the two leaders did agree to avoid future escalations... for now.
Trump, however, tweeted on Sunday that Xi had agreed to eliminate the 40 percent tariff on American cars.
China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.— Donald J. Trump (@Donald J. Trump) 1543809625.0
This did not happen.
Trump's Tuesday tweets in which he called himself a "Tariff Man" while pledging to continue putting the pressure on China totally undermine his claim that the trade war was over.
....I am a Tariff Man. When people or countries come in to raid the great wealth of our Nation, I want them to pay… https://t.co/fj8Bwjgywu— Donald J. Trump (@Donald J. Trump) 1543935821.0
.....But if a fair deal is able to be made with China, one that does all of the many things we know must be finally… https://t.co/VMfAQjVXmz— Donald J. Trump (@Donald J. Trump) 1543936200.0
This mixed messaging, investors say, threw the markets into a tailspin Tuesday afternoon.
@briantylercohen @joncoopertweets The stock market is a reflection of Trump. It’s all over the place. Businesses ne… https://t.co/MckMUnMe2Y— FatNixon (@FatNixon) 1543962655.0
@briantylercohen We're on the Trump roller coaster and we can't get off.— Karen Myatt (@Karen Myatt) 1543962025.0
"People are still very concerned about the trade war," said Dan Suzuki, portfolio strategist at Richard Bernstein Advisors. "Financial markets are increasingly showing signs of fear of a recession."
Other major financial institutions, such as JP Morgan, TD Ameritrade, Bank of America Merrill Lynch, and Goldman Sachs urged caution to traders.
Treasury Secretary Steve Mnuchin said the market "is now in a wait-and-see." He told the Wall Street Journal's CEO Council annual conference in Washington that the market "is trying to figure out is there going to be a real deal at the end of the 90 days or not."
And while it is true the market fluctuates, soaring federal budget deficits and near full employment could indicate that the economic wave Trump rode into office may be about to dissipate.