Senate Democrats demand investigation into potential insider trading related to Trump’s tariff alteration

Two Democratic senators are calling for an inquiry into possible insider trading among White House allies regarding President Trump’s tariff changes. Sens. Adam Schiff and Ruben Gallego penned a letter to Trump’s chief of staff, Susie Wiles, and Trade Representative Jamieson Greer on Thursday requesting an investigation into potential conflicts of interest surrounding the events that unfolded on Wednesday.

Before the announcement of rolling back tariffs to 10% for all countries except China, which caused a significant stock market surge, President Trump took to Truth Social to post messages such as “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” and “THIS IS A GREAT TIME TO BUY!!! DJT.” The senators view this sequence of events as a cause for concern, pointing to possible exploitation of non-public information for investment decisions by the President, his family, and advisors.

The stock market was initially in decline on Wednesday but spiked after Trump’s Truth Social post. Nasdaq experienced a 12.1% surge at close, the largest single-day gain since 2021, while the Dow saw a 7.8% jump, marking its most substantial one-day increase in five years. The White House has not responded to these allegations.

The senators are urging the Office of Government Ethics to investigate whether any White House or executive branch officials, including special government employees, were informed in advance of the tariff rollback announcement. They are seeking clarity on financial transactions made by officials with knowledge of nonpublic information, as well as details regarding communication records involving Trump’s family members or executive branch officials before the President’s Truth Social post.

Treasury Secretary Scott Bessent and White House press secretary Karoline Leavitt indicated that the President’s decision was part of a planned strategy, with 75 countries actively engaging in negotiations. However, they opted not to provide additional details. Trump later revealed in a statement to reporters that the tariff decision was made early Wednesday morning, emphasizing that it was drafted without legal consultation and from the heart.

The line of questioning by the Senators also probes a potential prior knowledge of the tariff changes among Trump’s family members or executive branch officials before the public announcement. The curiosity extends to any engagement with government officials, family members, or special government employees relating to the tariff adjustments on Wednesday.

As the controversy lingers, the Democratic senators are pressing for accountability and transparency, emphasizing the need to uphold ethical standards and prevent any potential misconduct surrounding the tariff modifications and their market repercussions. The call for an investigation seeks to shed light on the events that transpired and ensure that public officials are not leveraging non-public information for personal gain.