US President Donald Trump, who is on a two-day trip to India, said on Tuesday (February 25) the stock market, which had just ‘one bad’ day on Monday, will ‘crash like nobody has seen before’ if he loses the forthcoming US presidential election in November.
Trump told business leaders that stocks would jump thousands of points if he is re-elected, but “if I don’t win you’re going to see a crash like you’ve never seen before.”
“We are going to win again because if you look at what we have done, you will realise it. That is why you are happy in the United States,” added Trump.
He said his administration planned to announce tax cuts for the middle class in the not too distant future.
Trump also said that Monday’s steep fall in share prices was bad because of fears of the coronavirus, but the United States was in good shape in terms of tackling the problem.
“I have spoken to President Xi they are working very hard. They had a rough patch and right now it seems they are getting it under control, they are getting it more and more under control so I think it is a problem that is going to go away,” Trump said.
The high-profile CEO roundtable with Trump included captains of the Indian industry such as Reliance Industries chairman Mukesh Ambani, Mahindra Group chairman Anand Mahindra, Tata Sons chairman N. Chandrasekaran and Aditya Birla Group chairman Kumar Mangalam Birla.
Trump said that the US economy had done well during his tenure of the past four years. The US was seeking investments from Indian companies, mainly in the manufacturing sector, to create jobs.
(With inputs from agencies)