Former President Donald Trump has attributed the recent stock market slump to Vice President Kamala Harris’ rise as the presumptive Democratic presidential nominee, labelling it the "Kamala Crash."
On Monday, Trump criticised Harris as being worse than President Joe Biden, linking the market’s decline to her nomination. The hashtag #KamalaCrash is also going viral on X, formerly known as Twitter.
The Dow Jones Industrial Average plummeted by 1,000 points in morning trading, following a fall of over 600 points on Friday. Economists attribute the market sell-off to a disappointing jobs report, which revealed only 114,000 new positions created in July, well below the expected 175,000.
Harris secured the Democratic nomination after Biden ended his re-election campaign amid concerns about his mental acuity. Although Biden was trailing Trump in most polls, Harris is showing more promising early survey results.
Trump’s presidency saw significant stock market gains, though these were interrupted by a brief recession during the COVID-19 pandemic. Under Biden, the Dow has increased by around 25%, but this has been overshadowed by inflation and other economic issues.
The term “Kamalanomics” is also being used by conservatives to criticise Harris’s economic policies, which are similar to those of Biden. Trump has promised tax cuts and tariffs to bolster domestic industries, though critics argue this could raise consumer costs.
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