US senator demands Trump investigation for market manipulation
(MENAFN) U.S. Senator Adam Schiff has urged Congress to investigate President Donald Trump for possible insider trading and market manipulation following his sudden shift in trade policy, which triggered a major stock market surge. Schiff, a Democrat, expressed concerns that Trump's abrupt decision to pause tariff hikes may have been used to benefit financially.
Earlier this week, Trump announced a 90-day freeze on new tariffs for most U.S. trade partners, keeping duties at 10%, except for China, which saw its rate increased to 125% after retaliating with its own tariffs. The move came after a sharp market downturn and led to a dramatic rebound in stock prices.
Just before the announcement, Trump posted messages on his Truth Social platform urging Americans to “BE COOL” and calling it a “GREAT TIME TO BUY,” referencing the stock ticker of his media company, DJT. The timing of the post and the market’s immediate reaction sparked widespread speculation online about potential market manipulation.
Adding to the controversy, a White House staffer shared a video of Trump praising billionaire Charles Schwab for profiting billions during the rally, further fueling suspicions.
“This chaotic, on-again, off-again trade policy has caused turmoil in the markets,” Schiff said in a video statement on X. “But more troubling is the possibility of insider trading inside the White House. Who knew what Trump was planning—and did they act on that knowledge in the markets?”
Schiff also accused Trump of corruption, mentioning his family's cryptocurrency activities and business ties to Elon Musk. He vowed that Congress would take action to uncover the truth.
The White House has not addressed the allegations directly, with Press Secretary Karoline Leavitt defending the tariff shift as a calculated part of Trump’s “art of the deal” negotiation style.
Other Democrats joined the criticism. The House Financial Services Committee accused Trump of orchestrating “the world’s biggest market manipulation scheme,” and Representative Steven Horsford questioned the legality of the tariff freeze during a hearing with Trump’s trade representative.
Representative Alexandria Ocasio-Cortez also weighed in, urging lawmakers to disclose recent stock trades, noting that May 15 is the filing deadline. “It’s time to ban insider trading in Congress,” she stated.
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