The Dow Jones Industrial Average fell more than 620 points Friday, following the news that China would impose retaliatory tariffs on $75 billion worth of American products.

However, in a seemingly sarcastic tweet, President Donald Trump wrote that there was different reason for the stock market’s bad day.

Seth Moulton?

The Dow is down 573 points perhaps on the news that Representative Seth Moulton, whoever that may be, has dropped out of the 2020 Presidential Race! — Donald J. Trump (@realDonaldTrump) August 23, 2019

“The Dow is down 573 points perhaps on the news that Representative Seth Moulton, whoever that may be, has dropped out of the 2020 Presidential Race!” Trump wrote.

Moulton announced the end of his 2020 presidential campaign Friday, after failing to gain traction during his four months in the crowded Democratic primary race. Asked about Trump’s tweet Friday, the Massachusetts congressman told CNN that he was “glad [Trump] thinks that I have more influence over Wall Street than he does… He’s probably thrilled that I’m out.”


“I appreciate the compliment,” Moulton told reporters, somewhat exasperatedly, during a subsequent conference call Friday. “What can I say. It’s the president.”

Several observers noted that Moulton had been on cable news (which the president has a habit of watching) just minutes before Trump’s tweet.

Asked about an earlier tweet in which Trump ordered American companies to “look to alternatives to China,” Moulton blasted both the Republican president’s trade policies and authoritarian approach to the economy.

“He obviously does not understand basic economics and how tariffs work, because he’s carried on this trade war that’s accomplished nothing with China, but it’s hurt our farmers, our fishermen, our American families,” the Salem Democrat told MSNBC. “So we have someone in the commander-in-chief spot who doesn’t know how to give a lawful order. And that’s a real problem for our economic future, for our national security, and that’s ultimately why it’s so important that we come together and defeat him in 2020.”