economy
Trump says oil and stock market reaction to Iran conflict not as severe as he expected
Trump expressed confidence in the war effort and said the economic damage will reverse.
TL;DR
- President Trump believes the economic impact of the Iran war on oil prices and the stock market has been less severe than anticipated.
- He expressed confidence in the war effort and predicted that economic damage would reverse after the war ends.
- Oil prices have surged over 40% during the war, increasing gasoline prices by more than $1 a gallon.
- The S&P 500 is down 4.8% in March and 6.5% from its earlier record high.
- Wall Street economists are increasingly predicting a recession within the next 12 months due to inflation and oil repercussions.
- Trump criticized former President Joe Biden when gas prices rose under his administration.