Former President Donald Trump has long linked stock market performance to his leadership, celebrating market gains as a sign of confidence in his policies while downplaying downturns.
As he seeks a return to the White House, Trump’s stance on the stock market remains a focal point of his economic messaging.
Throughout 2024 and into 2025, Trump has consistently attributed stock market rallies to investor confidence in his potential re-election. From posts on Truth Social to speeches at rallies and investment conferences, he has suggested that Wall Street sees a Trump victory as a stabilizing force for the economy.
In January 2024, he wrote:
“THIS IS THE TRUMP STOCK MARKET BECAUSE MY POLLS AGAINST BIDEN ARE SO GOOD THAT INVESTORS ARE PROJECTING THAT I WILL WIN, AND THAT WILL DRIVE THE MARKET UP.”
This narrative continued throughout the year, with Trump reinforcing the idea that a Republican win in 2024 would sustain stock market gains. In July 2024, after a major surge in the Dow Jones, he posted:
“Dow Jones UP 742 based on the fact that the Market expects a TRUMP WIN in November! Nice compliment — Thank you!”
By early 2025, following his election victory, Trump pointed to record-breaking market highs, calling it “the Trump effect.” In a January rally, he declared:
“Since the election, the stock market has surged, and small business optimism has soared.”
While Trump has welcomed market rallies as proof of his leadership, he has been quick to shift responsibility when markets decline. In April 2024, he criticized economic policies under President Joe Biden, blaming the administration for stock market struggles:
“The stock market is, in a sense, crashing… This is Bidenomics. It’s catching up with him.”
Even after taking office in 2025, he continued to attribute economic turbulence to the previous administration. When asked about market volatility in March, he dismissed concerns, saying:
“Markets are going to go up and they’re going to go down. We have to rebuild our country.”
Similarly, when questioned about potential recession fears, Trump framed the economic transition as necessary for long-term prosperity:
“There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America.”
A significant factor affecting recent market fluctuations has been Trump’s tariff policies. In March 2025, he announced a sudden increase in tariffs on Canadian metals, only to reverse the decision hours later. Such moves have kept investors on edge, leading some analysts to speculate about the existence of a “Trump Put”—the idea that Trump might intervene to stabilize markets if necessary.
Despite concerns about tariffs, Trump remains steadfast in his economic vision, arguing that his policies will strengthen America in the long run. At a news conference, he defended his approach:
“Tariffs will make our country rich.”
While critics warn that protectionist measures could spark market instability, Trump’s supporters argue that his focus on domestic economic strength outweighs short-term fluctuations.
With input from the Associated Press and Bloomberg.
