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Investing.com -- Amidst rumors that President Donald Trump might be intentionally causing the stock market to plummet, White House National Economic Council director Kevin Hassett has refuted these claims. During an interview on ABC’s “This Week” on Sunday, Hassett firmly stated that a crashing stock market is not part of President Trump’s broader economic strategy.
The controversy arose when President Trump shared a video on his social media platform, Truth Social, on April 4. The video, originally posted on TikTok in March, suggested that the president was purposefully causing the markets to crash as part of his larger economic plans. The video 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 Trump’s action would push cash into treasuries, force the Federal Reserve to cut interest rates in May, weaken the dollar, and lower mortgage rates.
However, when repeatedly questioned about whether Trump had intentionally strategized a market selloff, Hassett denied these allegations. He asserted, "He’s not trying to tank the market. He’s trying to deliver for American workers." Hassett further clarified, "It is not a strategy for the markets to crash."
The video was shared by Trump two days after his announcement of new tariffs, adding fuel to the rumors about his intentional role in the market downturn. However, the White House’s firm denial has made it clear that these allegations are not part of Trump’s economic strategy.
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