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Home / Business / Trump called bankers when stock market crashed Wednesday: report

Trump called bankers when stock market crashed Wednesday: report



President Trump Donald John TrumpWarren unveils Native American policy plan Live-action & # 39; Mulan & # 39; star track calls for a boycott call with support from Hong Kong police. Don't let other countries unfairly tax America's most innovative companies MER a conference call with CEOs of the three largest US banks Wednesday, and confer with them as the stock market plunged, Bloomberg News reported Friday.

People with knowledge of the situation told Bloomberg that Trump's conversation with JP Morgan Chase CEO Jamie Dimon, Bank of America's Brian Moynihan and Citigroup's Michael Corbat came when the Dow Jones Industrial Average had 800 points, or 3 percent, it worst case of the year.

The three leaders were already in Washington for a previously scheduled meeting with the Finance Minister Steven Mnuchin Steven Terner MnuchinThe Hill & # 39; s Morning Report – Trump and the New Controversy on Israel – & # 39; # 39; Trump pressed Mnuchin on labeling China a currency manipulator: report business groups to Trump: Customs delay is not enough MORE . The president made the phone call from his resort in Bedminster, N.J.

People familiar with the case told CNBC that leaders informed Trump that the ongoing trade war with China was hindering consumer and business spending. The president was reportedly receptive to the idea that the trade dispute was hurting corporate confidence.

The conversation, which reportedly lasted for about 20 minutes, also covered the Federal Reserve and the global economic downturn, which has led to several central banks easing monetary conditions.

The White House rejected The Hill's request for comment.

The Washington Post reported Thursday that Trump has privately reached out to business executives amid concerns that a financial downturn could hurt his re-election chances next year.

Publicly, however, the president has boasted high financial strength and confidence, saying the concerns are fueled by "fake news," while he openly accuses the Fed of preventing growth by not cutting interest rates fast enough.