Former President Donald Trump ripped into President Joe Biden on Sunday as stocks around the world dropped amid recession concerns following a dismal jobs report in the United States.  

On Monday, Japan’s Nikkei 225 dropped more than 12%, Germany’s DAX dropped 2.3%, France’s CAC fell 1.9%, and London’s FTSE 100 dropped 1.5%, a three-month low. The drops come as there are growing concerns over an economic recession in the United States. 

CNBC reported that the Nikkei 225’s drop was the worst for the market since Wall Street’s 1987 Black Monday crash. Paired with a 5.8% fall on Friday, it was reportedly the worst two-day period for the Nikkei 225 ever. 

Stocks also dropped in the United States, with the NASDAQ 100 Futures falling 4.41%, the Dow Jones Futures 2.10%, and the S&P 500 Futures more than 300%. 

Trump weighed in on the plunging stock markets in a Truth Social post on Sunday night, saying that poor American leadership was causing the problems. 

“STOCK MARKETS CRASHING. I TOLD YOU SO!!! KAMALA DOESN’T HAVE A CLUE. BIDEN IS SOUND ASLEEP. ALL CAUSED BY INEPT U.S. LEADERSHIP!” he posted. 

Trump has been a harsh critic of Biden’s economic policies, frequently pointing to the inflation that has plagued his presidency.

Investors appear to be reacting to a Friday report from the Bureau of Labor Statistics showing that U.S. unemployment in July reached its highest point since October 2021. The report showed that unemployment rose to 4.3% while just 114,000 non-farm jobs were added last month, far less than the 185,000 expected by analysts. 

Analysts with banking and research company Evercore also pointed to the potential recession indicators. 

“With the soft employment report, the NASDAQ correction, the plunge in bond yields, and the plunge in commodity prices, it’s possible we’re seeing recession signals coming home to roost. In any event, this week, bad news was bad news for the stock market.”

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Victoria Greene, chief investment officer at G Squared Private Wealth, told CNBC that there was a “lot of bad news getting price in.”

“It’s painful,” she said. “I think there’s a lot being absorbed that happened over the weekend between Berkshire cutting Apple…you had the Japan sell-off… you have the yen spike and the end of that carry trade.”

JP Morgan analysts now predict a 50-50 chance of a recession as the 10-year Treasury yield fell five basis points.