Sens. Adam Schiff, D-Calif., and Ruben Gallego, D-Ariz., on Thursday accused President Donald Trump of facilitating insider trading after the stock market rallied to reverse major losses.
Trump sent markets into a tailspin last week by announcing reciprocal tariffs against other world trade partners. His Wednesday announcement that these tariffs would be paused for 90 days sparked a major reversal as markets roared back.
The senators in a letter addressed to Office of Government Ethics Acting Director Jamieson Greer and White House Chief of Staff Susan Wiles said the sudden reversal might have benefitted Trump’s wealthy allies.
“We write to request an urgent inquiry into whether President Donald Trump, his family, or other members of the administration engaged in insider trading or other illegal financial transactions, informed by advanced knowledge of non-public information regarding his changes to tariff policy, yesterday or at any time during this administration,” they wrote.
The senators specifically highlighted an 18% surge in the price of Tesla stock, arguing Department of Government Efficiency head Elon Musk might have benefitted from Trump’s actions.
“This sequence of events raises grave legal and ethical concerns,” they added. “The apparent conflict on interest issues President Trump’s announcement presents regarding Mr. Musk apply to all White House and executive branch employees — including special government employees — who may have had access to non-public information regarding the deliberations and ultimate changes in tariff policy.”
The White House has not responded to a request for comment about the accusations.
Trump made several public statements regarding his tariff policy and its effect on the stock market, such as his Wednesday Truth Social post that said “THIS IS A GREAT TIME TO BUY!!! DJT.” He also predicted via Truth Social last week “I think it’s going very well — The MARKETS are going to BOOM.”
The president urged those concerned by his tariff policy not to be a “Panican,” which he defined as “A new party based on Weak and Stupid people!” He wrote “Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
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