President Donald Trump is facing mounting accusations of insider trading and market manipulation after a Truth Social post urging investors to buy stocks was followed within hours by a surprise announcement reversing key trade tariffs, sending global markets soaring.
At 9:30 a.m. Wednesday, just minutes after the U.S. markets opened, Trump posted, "THIS IS A GREAT TIME TO BUY!!! DJT." Roughly four hours later, he declared a 90-day pause on sweeping new tariffs for most countries-excluding China-igniting a dramatic rally in equity markets worldwide. The S&P 500 closed up more than 9%, while the Nasdaq surged 12.2%, its best single-day performance in over two decades.
Trump's decision to exempt all but China from the new levies came after weeks of escalating trade tensions that had rattled investors and shaved more than 10% off the S&P 500 following his April 2 "Liberation Day" tariff announcement. He maintained a 125% tariff on Chinese imports, up from 104%, a move that drew retaliatory 84% duties from Beijing.
The timing of Trump's statement and the market reaction triggered immediate calls for an investigation. Senator Adam Schiff, Democrat of California, stated: "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? I'm writing to the White House - the public has a right to know."
Schiff added in a video posted on social media, "We in Congress need to do more than demand answers. We need to do the oversight necessary to get those answers." He said whistleblowers were invited to step forward, adding, "We're gonna get to the bottom of this."
Several other Democrats echoed the call for transparency. Senator Chris Murphy, of Connecticut, said: "Which of his Mar-a-Lago friends or his billionaire advisers were able to capitalize on that inside information?" Representative Alexandria Ocasio-Cortez wrote on X: "Any member of Congress who purchased stocks in the last 48 hours should probably disclose that now."
Representative Tim Kaine added to TIME magazine, "When my own barber asks me whether Donald Trump is selling short or doing this to try to make money for himself, it shows that a lot of people are pretty suspicious about what's going on."
Analysts also raised concerns about unusual activity in the options market just before the tariff reversal. "NASDAQ call volume spiked minutes before the 90-day tariff pause was announced. Not a good look at all," said Spencer Hakimian, CEO of Tolou Capital Management, on X.
The controversy deepened as it emerged that shares of Trump Media & Technology Group-the owner of Truth Social and traded under the ticker "DJT"-rose 22% on the same day. Trump rarely signs posts with his initials, fueling speculation that the comment was designed to influence stock behavior.
Asked by reporters when he made the decision to pause the tariffs, Trump said, "For a period of a time. I would say this morning. Over the last few days, I've been thinking about it." The White House press secretary, Karoline Leavitt, insisted the pause was always part of "the art of the deal."
Meanwhile, Representative Marjorie Taylor Greene disclosed stock purchases made on April 3 and 4, shortly after the initial tariff hike. The purchases included Amazon and Apple shares, which rose by 12% and 15% respectively on Wednesday.
