(WASHINGTON) — Two Democratic senators are demanding answers from the White House over serious concerns that President Donald Trump’s rollbacks on his tariffs and his social media posts earlier Wednesday may have been part of insider trading among White House allies.
Sens. Adam Schiff, D-Calif., and Ruben Gallego, D-Ariz., sent a letter to Trump’s chief of staff, Susie Wiles, and Trade Representative Jamieson Greer on Thursday asking for an investigation into potential conflicts of interest over the actions that took place Wednesday.
Hours before Trump announced he was rolling back tariffs to 10% to all countries except China, which sent the stock market soaring, he posted on Truth Social: “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.”
“This sequence of events raises grave legal and ethics concerns. The President, his family, and his advisors are uniquely positioned to be privy to and take advantage of non-public information to inform their investment decisions,” the senators said in their letter.
Stocks were down Wednesday morning before Trump’s Truth Social post immediately caused markets to spike. Nasdaq soared 12.1% at close, the index’s largest single-day gain since 2021, while the Dow jumped 7.8%, its biggest one-day increase in five years.
The White House has not immediately commented.
The senators asked the Office of Government Ethics to probe whether any White House or executive branch officials, to include special government employees, were informed of the announcement in advance and what financial transactions were made by officials with knowledge of nonpublic information.
The senators also said they wanted answers to several questions about Wednesday’s chain of events, including whether any Trump’s family members were informed of the deliberations prior to Trump’s Truth Social post announcing the tariff changes and if there were any records of communications with executive branch officials, family members or special government employees.
Treasury Secretary Scott Bessent and White House press secretary Karoline Leavitt told reporters Wednesday that the president’s decision was part of his plan and that 75 countries had called to negotiate with the president. They did not provide further details.
Hours later, however, Trump told reporters he made his decision Wednesday morning.
“I think it probably came together early this morning, fairly early this morning. Just wrote it up. I didn’t — we didn’t have the use of, we didn’t have access to lawyers, or it was just brought up. We wrote it up from our hearts,” he said.
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