During a press conference on Wednesday, U.S. President Donald Trump stated that the stock market was negatively affected after the high chances for a Democrat to win the upcoming presidential elections. 

He went on to say that the market will pick up pace again and recover, amid the coronavirus fears. 

Trump said, “I think it took a hit maybe for two reasons. I think [the traders] look at the people that you watched debating last night and they say ‘if there’s even a possibility’” for a member of the Democratic Party to get elected, there will be a slowdown in the country’s economy. 

“I think the financial markets are very upset when they look at the Democrat candidates standing on that stage making fools out of themselves.”

The U.S. President acknowledged that the spreading coronavirus also left an impact on the economy. “And it certainly took a hit because of [the virus] and I understand that’s also because of supply chains and various other things. But I think the stock market will recover. The economy is very strong. The consumer is the strongest it’s ever been.”

As he was speaking during the press conference, Trump noted that the Federal Reserve’s rate increases in 2018 also affected the U.S. economy. 

“We’ve been hurt, in my opinion, very badly by our own Federal Reserve who has also created a very strong dollar.” 

Read the latest news update: China’s economy recovering steadily