Donald Trump has taught the world that tariffs are useless

As the selloff in technology and artificial intelligence-related stocks intensified, President Donald Trump directed his criticism towards Democrats, lamenting the decline in Americans' 401(k) portfolios. In a post on his Truth Social platform, Trump expressed his disappointment, stating, "Such a sad thing to watch!" He lamented the immense effort that had been invested to achieve unprecedented levels, only to be undone by the current turmoil.

Trump accused Democrats, who gained control of the House and Senate, of being responsible for the market losses. He emphasized that the decline in 401(k)s was not due to Republican policies, but rather the actions of the opposing party, whom he derisively referred to as "Dumocrats." In a separate post, Trump contended that the market decline was a direct result of Democrats' actions during the midterm elections, and he urged voters to recognize that they alone bore responsibility for the outcome.

Equity markets experienced a sharp downturn on Thursday, with concerns growing over the potential for Democrats to impose stricter regulations on the AI industry and the construction of data centers. The Nasdaq 100, which had already faced significant losses, plummeted 6.4% on the day, erasing $2.3 trillion in value. Despite strong public support for data centers, Trump has advocated for minimal regulatory oversight and dismissed attempts to restrict AI development.

The president has previously leveraged the stock market as an indicator of economic prosperity, often praising gains in his speeches and social media posts. However, as the market corrected sharply, Trump's rhetoric shifted to blame Democrats for the Republican Party's midterm election losses. Despite conceding defeat, Trump continued to deflect responsibility, suggesting that a landslide victory would have occurred had he faced the electorate directly.