President Trump said “impeachment nonsense” was causing stock markets to plummet Wednesday.
As the Dow Jones Industrial Average dropped more than 500 points Wednesday morning, Mr. Trump tweeted, “All of this impeachment nonsense, which is going nowhere, is driving the Stock Market, and your 401K’s, down. But that is exactly what the Democrats want to do. They are willing to hurt the Country, with only the 2020 Election in mind!”
Some economists blamed weak manufacturing numbers for the U.S. on Tuesday. The Institute for Supply Management reported that its index of manufacturing industry contracted further in September, falling to its weakest level since June 2009, far short of expectations.
Respondents in the survey cited the U.S.-China trade war depressing hiring and business activity in the manufacturing sector.
Stocks in Europe and Asia also fell broadly Wednesday as the global prospects for economic growth dim amid trade uncertainty. A group of leading think tanks joined the German government in cutting the economic forecast for Europe’s largest economy.
The European Union is trying to avoid even more uncertainty and is urging Mr. Trump to hold off on additional tariffs in a dispute stemming from subsidies for airplane makers Airbus and Boeing. The World Trade Organization on Wednesday ruled that the U.S. can impose tariffs on up to $7.5 billion worth of European goods over the EU’s subsidies for Airbus, which could lead to retaliation.
• This story is based in part on wire service reports.
• Dave Boyer can be reached at dboyer@washingtontimes.com.
Please read our comment policy before commenting.