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Trump Blames Oil War and Coronavirus ‘Fake News’ for Stock Market Plunge

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March 10, 2020

President Donald Trump reacted to the stock market crash on Twitter Monday by criticizing the establishment media for fueling fears.

“Saudi Arabia and Russia are arguing over the price and flow of oil,” he wrote on Twitter. “That, and the Fake News, is the reason for the market drop!”

The price war between Saudi Arabia and Russia did have a big impact on the market, but the drop also further heightened fears of the effect of the coronavirus on the United States economy.

Russia refused to cut oil production to maintain oil prices, and Saudi Arabia responded by additionally slashing prices, causing oil markets to plunge sharply on Monday.

The stock market plunged seven percent on Monday, triggering a threshold that halted trading for 15 minutes.

Trump stated on Twitter that an oil price war would only help American consumers.

“Good for the consumer, gasoline prices coming down!” he wrote.

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This article was posted: Tuesday, March 10, 2020 at 4:42 am

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