Sun Apr 13 05:10:00 UTC 2025: **Schiff Calls for Investigation into Trump’s Tariff Pause Amid Insider Trading Concerns**
WASHINGTON, D.C. — Senator Adam Schiff (D-CA) is calling for a congressional investigation into whether President Donald Trump engaged in insider trading or market manipulation following his abrupt decision to pause a set of tariffs, a move that triggered a significant stock market surge. The Senator’s demand follows a more than 9% jump in the S&P 500 shortly after the announcement.
Schiff, in an interview with TIME, expressed concerns that Trump and his associates may have profited from advance knowledge of the tariff reversal. He specifically cited Trump’s celebratory social media post minutes after the market opened as cause for concern. The President’s post included the letters “DJT,” referencing both his initials and the stock ticker for his media company.
The White House has yet to respond to requests for comment.
Senator Schiff is not alone in his suspicions. Senator Ruben Gallego (D-AZ) joined Schiff in sending a letter to the White House demanding an inquiry into potential insider trading. The letter, also shared with TIME, highlights the significant increase in Tesla stock following the announcement, noting that CEO Elon Musk had publicly opposed the tariffs. The senators specifically requested that the Office of Government Ethics review financial transaction reports from relevant government officials.
Other lawmakers have voiced similar concerns. Senator Tim Kaine (D-VA) noted widespread suspicion, while Senator Tina Smith (D-MN) acknowledged the potential for Trump to have personally benefited from the situation. Representative Steven Horsford (D-NV) publicly questioned the timing of the tariff pause during a heated hearing with the administration’s trade representative.
Treasury Secretary Scott Bessent defended the decision, claiming it was part of a broader negotiation strategy, but acknowledged discussions with the President before the announcement. Trump himself attributed the decision to market anxieties, offering a less than transparent explanation.
Schiff’s call for an investigation faces an uphill battle, as the relevant Senate committees are chaired by Republicans who have largely avoided conflict with the White House. While Schiff can pursue an investigation using his own staff, such an inquiry would lack subpoena power. The timing of the announcement and the subsequent market reaction have sparked considerable debate and suspicion on Capitol Hill.
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