Markets are going to go up and they’re going to go down but, you know what, we have to rebuild our country," Trump said Tuesday, addressing the recent stock market woes.

The U.S. stock market is struggling with soured sentiment over President Donald Trump’s tariffs, with the S&P 500 attempting to rebound from a big slump that left it near correction territory.

The S&P 500 index fell more than 10% from its record closing peak after U.S. President Donald Trump on Tuesday announced fresh tariffs on Canada, adding to investor unease that his trade policies could trigger an economic slowdown.

Speaking outside the White House on Tuesday, where he was testing out his brand new Tesla car with Elon Musk, President Donald Trump called the stock market “a fake economy” after dragging the S&P 500 into correction territory.

President Donald Trump’s tariffs have spooked investors, with fears of an economic downturn driving a stock market sell-off that has wiped out $4 trillion from the S&P 500’s peak last month, when Wall Street was cheering much of Trump's agenda.

President Donald Trump's flurry of tariffs, government layoffs and spending freezes may be doing more to harm the U.S. economy than to fix it.