President Trump claims NASCAR owner made millions out of stock market following tariff decision

President Donald Trump has claimed that NASCAR team owner Roger Penske made a lot of money after the stock market began to recover following his decision to pause controversial tariffs.

Penske and some of his drivers from NASCAR and IndyCar were in attendance at the White House on Wednesday, with the likes of Joey Logano, Ryan Blaney and Josef Newgarden meeting Trump in the Oval Office along with NASCAR commissioner Steve Phelps and NASCAR president Steve O'Donnell.

Wednesday also happened to be the day that Trump put a pause on the tariffs he introduced last week, which saw the stock market slowly begin to make a recovery following a crash when they were first introduced.

And, Trump was keen to point out to those in the room that some present had made a lot of money out of the rebound.

“He made $2.5 million today, and he made $900 million! That’s not bad,” Trump explained, pointing to financial investor Charles Schwab and NASCAR team owner Penske, as reported by The New Republic.

Of course, we do not know either Schwab or Penske's personal finances and so we cannot verify President Trump's claim, nor know how much, if anything, they made in the stock market recently.

However, his comments do highlight the fact that the introduction of tariffs presented some individuals with an opportunity to make a lot of money, with Bloomberg even reporting that Wednesday was the 'best-ever day' for billionaires.

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What impact will Trump's tariffs have on NASCAR?

Last week, NASCAR commissioner Phelps openly discussed the impact that Trump's tariffs will have on the stock car racing series.

In an honest admission, Phelps explained that he was unsure to what extent they would impact teams, but that it was something both NASCAR and its teams were monitoring closely.

"I don’t know the answer to that question, Phelps admitted on an episode of Hauler Talk when quizzed on the issue.

"It’s something that we are obviously going to watch very closely, and I’m sure the folks are having discussions. It’s an unknown.

"Like, I had a conversation with Rick Hendrick, and obviously, his base business is affected by the tariffs.

"What that looks like for him, he doesn’t know, but you can bet he’s monitoring that on a daily basis and we’re doing the same.”

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