SkyBridge Capital founder Anthony Scaramucci on Tuesday accused President Donald Trump of damaging the economy, arguing the stock market would be doing far better if he had tightened the border and left everything else alone.

Tariffs Take the Blame

In a post on X, Scaramucci said the president "has inflicted self-harm on the economy," calling his tariffs "an unmitigated disaster."

Scaramucci told Barron's that "a lot of the stuff was illegal" about the tariffs and those imposed under national security authority were "probably also illegal."

A Cato Institute/Morning Consult survey found that 74% of Americans blame tariffs for higher store prices, and 75% of registered voters say tariffs will matter in their midterm vote.

Stock Market 'Could Be Doing So Much Better'

Scaramucci said former President Joe Biden was "actually good for the stock market," with rates and inflation heading lower, and that equities "could be doing so much better" now.

The S&P 500 has gained nearly 29% since Trump began his second term in January 2025, compared with an approximately 58% increase during Biden's four years in office.

Inflation peaked at 9.1% in June 2022 during the COVID crisis, a 40-year high, and averaged 4.95% under Biden.

Annual inflation accelerated to 3.7% in September from 3.4% in August, as gasoline prices jumped 9.1% as the war in Iran pushed oil prices and accounted for more than half the monthly increase.

Regular gasoline averaged $4.2661 a gallon nationally on Tuesday, according to the American Automobile Association, compared with $3.0520 a year ago. Diesel averaged $6.3521 compared to $3.6619 a year ago.

Midterm Pressure Builds

A Washington Post/ABC News/Ipsos poll showed Trump's approval at a record low 33% and his economic approval at 28%, down from 49% at this point in 2018, with 71% of voters saying gasoline is unaffordable.

Polymarket traders give Democrats a 92% chance of winning the House and a 67% chance of taking the Senate at the Midterm elections on Tuesday.

Price Action: The State Street SPDR S&P 500 ETF Trust SPY closed 0.56% higher on Tuesday at $769.66 and fell 0.02% to $769.47 in overnight trading, according to Yahoo Finance.

Market data rankings indicate the State Street ETF has a Momentum score in the 69th percentile.