The White House dismissed claims that Trump was involved in market manipulation, accusing Democrats of “engaging in partisan antics.”
“It is the duty of the President of the United States to provide reassurance to the markets and the American people regarding their economic well-being amidst relentless media alarmism,” stated White House spokesperson Kush Desai. “For decades, Democrats have criticized China for its deceptions, and now they’re resorting to partisan games instead of applauding President Trump’s firm actions yesterday to finally put pressure on China.”
No evidence has surfaced suggesting Trump attempted to manipulate markets or that he, or any of his close advisors, acted on confidential information. However, the timing of his social media posts has prompted demands for examination.
Rep. Maxine Waters, the leading Democrat on the House Financial Services Committee, plans to send a letter to two top government oversight officials asking for an investigation into potential insider trading and market manipulation in light of the tariffs announcement. NBC News has acquired the letter beforehand.
“Considering the ambiguity of when the President privately decided to delay the tariffs, and the fact that he held several meetings during that period (including with Members of Congress), there is an unresolved question regarding who had access to this material, nonpublic, and market-moving information,” the letter to Deborah Jeffrey, the inspector general of the Securities and Exchange Commission, and Gene Dodaro, the head of the nonpartisan Government Accountability Office, states.
Representatives for Jeffrey and Dodaro have not yet responded to requests for comment.
Sen. Elizabeth Warren, D-Mass., expressed that Trump’s Truth Social post was “at least enough smoke” to warrant an investigation, adding that it should be undertaken by an independent body, “not by Democrats or Republicans.”
“We need a comprehensive independent investigation into who was trading, who profited, who had knowledge, and when this information was available,” Warren stated.
Sens. Adam Schiff, D-Calif., and Ruben Gallego, D-Ariz., sent a letter to U.S. Trade Representative Jamieson Greer and White House chief of staff Susie Wiles on Thursday, demanding answers to several queries regarding whether Trump, his family, or any officials from his administration participated in “insider trading or illegal financial transactions” connected to the tariff announcements.
Rep. Alexandria Ocasio-Cortez, D-N.Y., who co-sponsored legislation this year to prohibit members of Congress from owning or trading stocks, remarked to reporters that “any individuals who traded within the 48 hours leading up to this tariff announcement and profited significantly need to account for their actions.”
On a post on X, Ocasio-Cortez mentioned on Wednesday that members of Congress must submit their financial disclosure reports by May 15. “Any member of Congress who acquired stocks in the last 48 hours should disclose that now,” she stated.
Sen. John Cornyn, R-Texas, defended the president and dismissed allegations of market manipulation or insider trading, telling NBC News on Thursday, “They seize every chance to criticize President Trump … any notion of insider trading is absurd.”
House Speaker Mike Johnson, R-La., also seemed to mock the allegations while addressing reporters.
“I believe today is a fantastic day to invest in stocks,” he remarked.
Frank Thorp V, Syedah Asghar, Alexandra Marquez, Kyle Stewart and Alana Satlin contributed.
