President Donald Trump held a conference call with the CEOs of the three largest U.S. banks on Wednesday as the stock market plunged, reports CNBC.
Trump held the call with J.P. Morgan Chase CEO Jamie Dimon, Bank of America’s Brian Moynihan and Citigroup’s Michael Corbat, according to people with knowledge of the situation.
The Dow plunged 800 points, or 3%, marking its worst day of the year amid a recession warning from the bond market.
When Trump asked the three men to give him a read on the health of the U.S. consumer, the executives said that the consumer is doing well, but that they could be doing even better if issues including his ongoing trade war with China were resolved.
Trump was reportedly receptive to the idea that the trade dispute is harming corporate confidence.
The call, which reportedly lasted roughly 20 minutes, also covered the Federal Reserve and the global economic slowdown that has led several central banks to ease monetary conditions.
Despite the bankers’ warnings, Trump has publicly boasted of high economic strength and confidence, saying that concerns are fueled by “fake news,” while openly accusing the Fed of hindering growth by not cutting interest rates quickly enough.
The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election. The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!
— Donald J. Trump (@realDonaldTrump) August 15, 2019