President Donald Trump took to Twitter on Saturday to brag that “everyone” at the G-7 economic summit in Biarritz, France, was talking about “our great economy” a day after his tweet and escalating war with China sent U.S. stocks plummeting.
“Our great economy is the talk of everyone!” Trump claimed.
Our great Economy is the talk of everyone!
— Donald J. Trump (@realDonaldTrump) August 24, 2019
The Dow Jones Industrial Average plunged over 200 points in just five minutes following a series of Trump tweets attacking China and Federal Reserve Chairman Jerome Powell.
At 10:57 Friday morning, Trump posted a tweet in which he asked “who is our bigger enemy, Jay Powell or Chairman Xi?”
Two minutes later, Trump posted a series of tweets attacking China in which he said, among other things, that “We don’t need China and, frankly, would be far better off without them,” and that American companies are “hereby ordered to immediately start looking for an alternative to China.”
Within five minutes of those tweets, the Dow plunged 223 points, then dropped another 150 points five minutes later, reports Mediaite.
The Dow Jones Industrial Average closed down 623 points, or -2.37%. The Nasdaq lost 3%, and the S&P 500 was off 2.59%.