Administration

Trump warns of 'market crash' if he loses in 2020

President Trump asserted on Saturday there would be dire economic consequences should he lose the 2020 presidential race, leaning into his reelection slogan, "Keep America Great."

"The Trump Economy is setting records, and has a long way up to go....However, if anyone but me takes over in 2020 (I know the competition very well), there will be a Market Crash the likes of which has not been seen before! KEEP AMERICA GREAT," he tweeted. 

Trump has leveraged a strong economy to help boost him in the 2020 race, though polling shows him trailing former Vice President Joe Biden, Sen. Bernie Sanders (I-Vt.), Sen. Kamala Harris (D-Calif.) and other Democrats in a handful of crucial swing states.

Several Democratic contenders have put forth plans to reduce income inequality and say that other platforms will be paid for in part by revoking Trump's tax cut plan that was passed in 2017.

The White House often touts record-low unemployment rates and strong job growth, but economists fear the administration's multifront trade war could take a bite out of any economic gains.

A top Federal Reserve official said earlier this month that the central bank may be forced to cut interest rates this year if economic growth slows and inflation remains low, noting that the economy "is expected to grow more slowly going forward, with some risk that the slowdown could be sharper than expected due to ongoing global trade regime uncertainty."

The White House has maintained that tariffs are an effective tool to combat historical trade imbalances, though the levies are often ultimately paid by American consumers who buy foreign products.

Trump escalated his criticism of Federal Reserve Chairman Jerome Powell over previous rate hikes in an interview broadcast Friday, saying he has "waited long enough" for the Fed to cut interest rates.

Outbrain