As stock markets in the US and worldwide are taking a tumble, former President Donald Trump has directed blame at the Democratic administration in Washington.

US President Joe Biden and Vice President Kamala Harris – the latter of whom is running for the White House against Trump – are responsible for the financial storm, according to the Republican nominee.

Trump made the accusation in a social media post on Sunday, writing in all caps: “STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!”

Leading stock indices on Wall Street have sunk, culminating in a major sale of equities on Friday. The drop of the Nasdaq 100 amounted to the wiping out of more than $2 trillion in value in just over three weeks. The financial press has described the development as a correction after record growth of Big Tech shares on the back of advancements in AI technology.

Ripple effects hit foreign markets, with Japan’s Nikkei 225, for instance, dropping 5.8% on Friday, days after the Bank of Japan raised its benchmark interest rate. The plunge continued as Asian and European markets opened on Monday.

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