US President Donald Trump has blamed the Democrats’ gains in the midterm elections for a claimed $3 trillion loss in the US, while defending his decision to strike Iran. Speaking to reporters in Florida, Trump linked the market fall to the election results and said stopping Iran from getting a nuclear weapon remained a priority.
Trump told reporters in West Palm Beach, Florida, on Friday that markets took a hit after the vote. “We lost about $3 trillion when they found out that the Democrats did well in the election, rather surprisingly, but that’s the way life goes. It had to do with the fact that we won’t let Iran have a nuclear weapon, so you always have to go with that first.”
As per Bloomberg, Trump said something similar at an event also. “You know our country lost $3 trillion all because of an election,” he said. “By the way, I was not on the ballot. Just in case you had any question, because if we were on the ballot, we would have won.”
Also read: Trump ally Laura Loomer denies taking thousands of dollars for undisclosed political posts
According to Bloomberg, Trump rejected blame for the Republican losses and defended his decision to strike Iran. The conflict had angered many voters. He also spoke about the fall in AI and technology stocks this week. Investors are worried that Democrats may introduce stricter rules for these industries.
Republicans lost control of both chambers of Congress and several key state-level races in Tuesday’s elections. Democrats have promised to increase their scrutiny of the Trump administration in the next Congress. They are also expected to examine private companies that may have benefited from their links to the White House, amid public anger over corruption claims and the rising cost of living.
As per Bloomberg, worries about a possible clampdown on the AI industry wiped around $3 trillion off the S&P 500 on Thursday. It was the index’s steepest drop in more than a year. The Nasdaq 100 fell 6.4% the same day.
Also read: Trump celebrates Diwali at White House, Indian entrepreneur gifts him copy of Hanuman Chalisa
Trump talks about new US air show
According to Bloomberg, Friday’s event at the John F Kennedy Space Center was Trump’s first scheduled speech since Republicans suffered losses in Tuesday’s elections. He spoke at the UP Summit, a gathering of transport and aerospace investors.
Trump supported NASA’s plan to launch a major US air show to compete with popular events in the UK, France and Dubai. These events attract companies that showcase new aircraft and make business deals.
Trump said the US would host the “biggest air show anywhere in the world” in about two years. “You’ll have all of the big commercial flights and companies, Boeing, everybody’s going to be here.”
“Those foreign air shows have drawn the biggest crowds and big contracts, big headlines,” Trump said. “But those foreign countries do not dominate aviation, and they don’t dominate aerospace.”
The new event, called CapeWeek, is expected to begin in 2028 at the Kennedy Space Center. According to Bloomberg, it is being developed through a partnership involving NASA, the state of Florida and Space Florida.