’Great time to get rich, richer than ever before,’ Donald Trump says to investors amid US stock market crash

US President Donald Trump on Saturday stated that major corporations are largely indifferent to his broad tariff strategy, which had triggered the most significant stock market decline since the COVID-19 pandemic.

Also Read: Trump extends TikTok deadline by 75 day after China halts spinoff deal amid trade tensions - 10 things to know

He suggested that these companies are more focused on a legislative proposal aimed at expediting the extension of his 2017 tax cuts, Bloomberg reported.

Here's what Trump said

In another post, Trump said, “To the many investors coming into the United States and investing massive amounts of money, my policies will never change. This is a great time to get rich, richer than ever before!!!”

“Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy. Very important. Going on right now!!!” Trump posted Friday evening on his social media platform Truth Social.

On Friday, the US Senate is set to vote on a Republican budget proposal, marking the next step in a multi-phase effort to extend tax cuts that are scheduled to expire at the end of the year. Lawmakers still face tough choices, including deciding which spending programs to reduce and which tax cuts to prioritise, as reported by Bloomberg.

Earlier that day, President Trump criticised China for imposing a 34% tariff on all American goods in retaliation for his own tariffs, which increased duties on Chinese imports to at least 54%. This tit-for-tat escalation raised concerns that the trade conflict could intensify and push global economies toward a recession.

Also Read: Trump tariffs: US President hits India with 27% reciprocal tariff—how could it impact the Indian stock market?

US stocks suffered another sharp decline on Friday, with the S&P 500 Index falling 6%. This marked the steepest two-day drop since the pandemic began in March 2020, erasing around $5 trillion in market value.

Despite the market turmoil, the president seemed undeterred, buoyed by March jobs data that exceeded expectations. U.S. nonfarm payrolls rose by 228,000 last month, reflecting hiring decisions made before he unveiled his tariff strategy.

Also Read: Global markets crash: Is US recession unavoidable after Donald Trump tariffs?

“GREAT JOB NUMBERS, FAR BETTER THAN EXPECTED. IT’S ALREADY WORKING,” the president wrote in another social media post earlier Friday.

Complicating the challenge for foreign leaders and business executives are Trump’s own mixed signals about his willingness to negotiate to reduce the size and scope of his levies. Late Thursday, Trump indicated he would be willing to lower his duties if other nations offered him something “phenomenal.”

Also Read: Global markets crash: Is US recession unavoidable after Donald Trump tariffs?

Trump and his top advisers believe that tariffs—especially a minimum 10% tax on all US trading partners—will drive domestic investment as companies seek to avoid import duties. White House trade advisor Peter Navarro explained in a Thursday CNBC interview that granting exemptions could weaken this incentive for businesses to invest in U.S. manufacturing.

Separately, Trump shared a TikTok video from another user claiming he was deliberately causing a 20% market crash as part of a broader strategy to pressure the Federal Reserve into cutting interest rates. The video argued that the tariffs would push companies to invest more in the U.S. and encourage farmers to sell more products domestically, ultimately lowering grocery prices.

(With inputs from Bloomberg)