Fox Business host Larry Kudlow bizarrely blamed former President Joe Biden for the stock market plummeting after Donald Trump confirmed tariffs on goods from Canada and Mexico go into effect on Tuesday.
“What’s left of the Biden economy is slumping so badly,” Kudlow said in an interview with Press Secretary Karoline Leavitt. “It’s just slumping. This is the legacy of the Biden economy.”
“Truly, this administration is working around the clock to bring down the cost of living for the American people,” Leavitt responded.
Trump announced 25% tarriffs on imports from Mexico and Canada would start Tuesday.
“Tomorrow — tariffs 25% on Canada and 25% on Mexico. And that’ll start,” Trump told reporters. “They’re going to have to have a tariff.”
In response, the Dow tumbled 650 points, or 1.48%, to close at 43,191. The Dow fell almost 900 points in afternoon trading before pulling back slightly. The broader S&P 500 fell 1.76% and the Nasdaq Composite fell 2.64%, CNN Business reports.
The S&P 500 posted its biggest one-day decline of the year. The Nasdaq is down about 6.5% since since Trump took office on January 20.
