Stocks have plunged in amid fears that tariffs will weigh on economic growth. Yet, there may be a more under-the-radar reason behind the sell-off.

Over the last year, while President Joe Biden was in office, Trump took credit for stock market rallies as a vote of confidence in his electoral prospects. When the market dipped, he blamed Biden and Vice President Kamala Harris. And he predicted that if Democrats won the 2024 presidential election, the stock market would have crashed.

The U.S. stock market is sinking further Thursday after President Donald Trump raised the stakes in his trade war, pulling Wall Street more than 9% below its record set just a month ago. The S&P 500 was down 1.