Trump blames Biden, Harris for recent stock market drops

Donald Trump, a Republican candidate for the White House, has criticized the current U.S. administration, attributing the recent decline in stock markets in the U.S. and Asia to the incompetence of American leaders.

In a statement posted on his social media platform Truth Social, Trump expressed his views, saying, "Stock markets are crashing. And I told you so! Kamala [Harris] doesn’t have the slightest idea about this. And Biden is sound asleep. The incompetence of U.S. authorities is to blame for the situation on the stock markets!" Caliber.Az reports, citing foreign media.

The criticism comes as significant declines were observed in global stock markets. On August 5, the key Nikkei index on the Tokyo Stock Exchange, which tracks the performance of 225 major Japanese companies, fell by 12.4% by the close of trading. Analysts attribute this sharp decline to fears of a potential recession in the U.S., following weaker-than-expected labor market data released on August 2, and the strengthening of the yen.

The drop in the Nikkei index is expected to exacerbate the existing crisis in North American stock markets, which have already been showing negative trends since Thursday due to weak labour market and manufacturing sector data.