White House hopeful Julián Castro released a new digital advertisement Friday slamming President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE’s “failing economy” amid growing fears of a possible U.S. recession.

“Hello, Mr. President. Julián Castro here, in one of the many empty warehouses in Iowa. I’m sorry that your presidency is failing,” Castro says in the clip. “Drug prices are up. The immigration crisis is worse. The debt has exploded. Job growth slowed. Not a lot to run on there.”

Castro, a former Housing and Urban Development secretary under former President Obama, goes on to accuse Trump of “trying to distract us” from economic troubles with his incendiary rhetoric."

“So, you’re trying to distract us. And divide us, with dangerous and hateful rhetoric. I won’t be distracted. I’m going to keep the American people focused on your failed record,” he says.

Trump inherited a booming economy from @BarackObama, and now he's driving it into a recession. He thinks he can distract us by dividing us—but I won't be distracted.



You're failing, @realDonaldTrump. pic.twitter.com/tnHqvIgKjQ — Julián Castro (@JulianCastro) August 16, 2019

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The ad, titled “Sorry You’re Failing,” is running in Iowa on Facebook, Spotify, Hulu, YouTube and Google Display with an additional upcoming investment of $50,000, according to his campaign.

The video comes days after Castro released an ad airing on Fox News that blamed Trump’s immigration rhetoric for the recent mass shooting in El Paso, Texas.

The accused shooter is believed to have authored a racist manifesto in which he warned of a “Hispanic invasion,” with Democrats noting that it echoed rhetoric Trump has used in the past when describing a flow of migrants entering the U.S.

Castro's ad focusing on the strength of the U.S. economy under Trump comes after economists at Bank of America, Goldman Sachs and Moody’s Analytics warned this week that the odds of a recession between now and the 2020 election have risen, partially fueled Trump’s trade policies. The Dow Jones Industrial Average also fell 800 points, or 3 percent, this week, its largest drop this year.

Despite the warning signs, the president has expressed confidence in the U.S. economy’s strength.

“The United States is now, by far, the Biggest, Strongest and Most Powerful Economy in the World, it is not even close! As others falter, we will only get stronger. Consumers are in the best shape ever, plenty of cash. Business Optimism is at an All Time High!” he tweeted Thursday.