U.S. President Donald Trump observes proceedings in the Oval Office while signing executive orders on March 6, 2025, at the White House in Washington, D.C.
Evelyn Hockstein | Reuters
On Thursday, President Donald Trump stated that his administration would not take the stock market’s performance into account while finalizing its tariff policies.
When questioned about the decision to temporarily halt tariffs on several products from Canada and Mexico for one month, Trump asserted that it had “nothing to do with the market.” He emphasized, “I’m not even monitoring the market, because in the long run, the United States will be very robust with what is unfolding here.”
“This is largely about companies and nations that have exploited this country, our nation, our cherished United States. And they will no longer be able to take advantage of us. I believe this will influence the market,” the president remarked.
Trump expressed these views in the Oval Office during an event for signing executive orders. When later asked about the decline in the market, he attributed it to “globalists,” a term he had used earlier in reference to certain countries and companies.
“I think it’s the globalists who recognize the immense wealth our country is set to achieve and are displeased. There’s a large market out there. But they have been taking advantage of this country for years, and everyone will ultimately benefit. However, we cannot allow this to persist, or we risk losing our country,” the president stated.
These comments emerged amid recent struggles in the stock market, with major Wall Street indices set for a losing week. On Thursday, the Nasdaq Composite closed over 10% below its recent peak, entering correction territory.
Some market analysts on Wall Street had hoped that Trump, viewed as business-friendly during his earlier term and campaign, would treat the stock market as a form of approval rating. This notion is sometimes referred to as the “Trump put,” a reference to options trading that insinuates the president would prevent significant drops in the stock market.
Nonetheless, the Trump administration has maintained a tough stance on trade even amidst apparent stock market declines, and Nomura economists commented that the realities of Trump’s first term raise questions about the validity of the “Trump put” theory.
Additionally, on Thursday, Commerce Secretary Howard Lutnick mentioned that Trump’s vision extends beyond the daily fluctuations of the stock market.
“The president is focused on fostering American growth and prosperity, alright? The fluctuations of the stock market—whether it drops by half a percent or rises by that same margin—are not what drives our outcomes,” Lutnick stated on CNBC Thursday. “The president aims to rebuild America, and you’re going to witness substantial growth. … Expect interest rates to decrease by 1% or more. Prepare for the stock market to soar.”
