Several U.S. senators have called for an investigation into whether President Donald Trump engaged in insider trading or market manipulation by urging people to buy stocks just before his sudden reversal on global tariffs.
“Who in the administration knew about Trump’s latest tariff flip-flop ahead of time? Did anyone buy or sell stocks and profit at the public’s expense?” California Democratic Senator Adam Schiff posted on X on Wednesday.
“I’m writing to the White House—the public has a right to know,” he added.
Democratic members of the House Financial Services Committee also took to X, accusing Trump of “literally engaging in the world’s biggest market manipulation scheme.”
The controversy erupted after Trump posted “IT’S TIME TO BUY” just minutes after Wall Street opened. A few hours later, he announced a 90-day suspension of additional tariffs against multiple countries—excluding China—triggering a historic stock market rally.
Following days of decline, the Dow Jones closed Wednesday up 7.87 percent, its largest gain since 2008, while the Nasdaq surged 12.16 percent, its highest increase since 2001.
Trump also signed his Truth Social post with “DJT”—his initials and the stock market ticker for Trump Media & Technology Group, whose shares soared 21.67 percent by the end of the day.
White House communications adviser Margo Martin later posted a video on X showing Trump hosting Charles Schwab, co-founder of Schwab Asset Management, in the Oval Office.
“This is Charles Schwab,” Trump introduced the 87-year-old billionaire to a group of race car drivers. “He’s not just a company; he’s actually an individual! And he made 2.5 billion dollars today.”
Former White House ethics lawyer Richard Painter suggested the situation warranted investigation.
“Presidents are not investment advisors,” said Painter, who served under former President George W. Bush. “This scenario could expose the president to charges of market manipulation,” he told NBC.
The White House defended Trump’s actions, saying he was merely trying to “reassure” the public.
“It is the responsibility of the president of the United States to reassure markets and Americans about their economic security in the face of constant media scaremongering,” White House spokesperson Kush Desai told The Washington Post.
