Just hours after blaming Joe Biden for a tumbling stock market and claiming no responsibility for the economic slump, President Donald Trump reversed course, saying, "I'm not taking credit or discredit for the stock market."
Trump has long used market performance as a barometer of success, famously calling it the "Trump Stock Market" in January 2025 after gains fueled by expectations of his return to office.
On April 29, 2025, the Bureau of Economic Analysis reported a 0.3% contraction in U.S. GDP for Q1—the first decline in three years. Markets immediately slumped: the S&P 500 dropped 1.4%, the Dow shed nearly 400 points, and the Nasdaq fell 2%.
Trump initially dismissed responsibility, blaming "Biden's Overhang" in a Truth Social post and asserting tariffs had "nothing to do" with the downturn. However, when pressed by a reporter during a 100-day speech to clarify his contradiction, Trump distanced himself further from his own earlier claims, saying, "I'm not taking credit or discredit."
Trump's shift drew criticism from both economists and political opponents who accused him of cherry-picking data to suit his narrative. Meanwhile, April job data showed just 62,000 new private-sector hires—half of what analysts expected—fueling investor anxiety about the short-term impact of Trump's economic policies.
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