President Donald Trump urged investors not to panic on Monday morning, coining a new term—“PANICAN”—for what he described as a political party of “Weak and Stupid people,” just moments before the markets opened.
“The United States has a chance to do something that should have been done DECADES AGO,” Trump wrote on Truth Social. “Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
Despite the message, the Dow Jones Industrial Average plunged more than 1,000 points at the opening bell.
Later in the morning, Trump posted again on Truth Social, boasting about the state of the U.S. economy. He claimed, without offering evidence, that “the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.” He also pointed to lower oil prices, interest rates, and overall prices.
“This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning for abusing countries not to retaliate,” Trump wrote.
He did not address the steep losses seen Monday in Asian and European markets.
