Democratic senators call for probe into possible insider trading over Trump tariff reversal
Two Democratic senators, Adam Schiff of California and Ruben Gallego of Arizona, have raised concerns about potential insider trading among White House allies following President Donald Trump’s recent tariff rollbacks and social media posts. In a letter addressed to Trump’s chief of staff, Susie Wiles, and Trade Representative Jamieson Greer, the senators requested an investigation into possible conflicts of interest surrounding the events that transpired on Wednesday.
Prior to announcing a rollback on tariffs to 10% for all countries except China, President Trump made posts on his Truth Social platform, urging people to “BE COOL!” and expressing optimism about the future of the USA. These posts coincided with a significant spike in the stock market, with the Nasdaq rising by 12.1% and the Dow by 7.8%, marking the largest single-day gains in years.
Schiff and Gallego expressed alarm over the timing of events, pointing out the potential for White House officials to have access to non-public information that could influence their investment decisions. They called for an investigation by the Office of Government Ethics to determine if any White House or executive branch officials had prior knowledge of the tariff changes and if any financial transactions were made based on this information.
The senators also posed questions about communication between Trump’s family members and executive branch officials before the tariff announcement, seeking clarity on whether any insider information was shared. Treasury Secretary Scott Bessent and White House press secretary Karoline Leavitt defended the president’s decision, stating that it was part of a planned strategy and that numerous countries had reached out to negotiate with Trump.
Despite initial claims that the decision was made early in the morning, President Trump later admitted that it was put together hastily and without legal consultation. The senators remain adamant in their pursuit of answers to ensure transparency and accountability within the administration.
