Trump Attacked By Ally Over Stock Market
Trump Supporter Breaks Ranks Over Economic Turbulence
Barstool Sports founder Dave Portnoy, a vocal supporter of President Trump in the past, surprised many this week by directly blaming the stock market’s recent struggles on the early economic policies of Trump’s second term—not on the residual impact of Joe Biden’s presidency.
“Don’t pee on my leg and tell me it’s raining,” Portnoy posted on X, taking aim at the president’s attempt to shift the blame. “The stock market is a direct reflection of Trump’s first 100 days back in office.”
His message echoed frustration felt by some investors who have seen volatility increase since Trump announced a sweeping new tariff policy in early April.
Trump Says Biden’s “Economic Overhang” Still Dragging Markets
In a statement posted on Truth Social, President Trump pushed back hard against the idea that his policies are causing market unease.
“This is Biden’s Stock Market, not Trump’s,” he wrote. “I didn’t take over until January 20th. Tariffs are just starting to kick in. Companies are coming back to the USA in record numbers.”
Trump emphasized that his global tariff strategy—a cornerstone of his America First economic agenda—will eventually lead to a major boom. But he warned that Biden’s legacy has left “bad numbers” that will take time to undo.
$6.6 Trillion Lost in Two Days After Tariff Announcement
The controversy follows a historic market plunge after Trump announced his new tariff plan on April 2. Within 48 hours, the stock market shed a staggering $6.6 trillion in value, according to The Wall Street Journal—the worst two-day loss in U.S. history.
Despite partial recoveries, the market continues to react sharply to policy changes. Wednesday morning, stocks dropped again just minutes after Trump posted about tariffs online.
GDP Turns Negative in Q1: The First Warning Sign?
Adding to the tension, the Commerce Department reported that the U.S. GDP shrank by 0.3% in Q1 of 2025, following a healthy 2.4% gain in Q4 of 2024. Economists attribute the slowdown in part to large-scale foreign product orders made in anticipation of tariffs, which could make goods significantly more expensive in coming months.
CNBC: Trump’s First 100 Days in Term 2 Among Worst for Markets
Financial analysts at CNBC noted that Trump’s return to office marks the weakest first 100 days for the stock market since Richard Nixon’s second term in the 1970s. While the long-term effects of Trump’s tariffs remain to be seen, early reaction from Wall Street has been cautious at best.
Conservative View: A Short-Term Dip for a Long-Term Gain
From a conservative standpoint, the criticism from Portnoy may be premature. Trump’s trade war with China during his first term brought real results: stronger borders, more American jobs, and a manufacturing revival.
The stock market dip—while concerning—could be a temporary response to bold reforms that put America back on top. With foreign companies beginning to relocate to the U.S., Trump’s strategy could bring explosive growth once the Biden-era economic drag is fully cleared out.
