House Minority Leader Hakeem Jeffries announced Thursday that Democrats will pursue an investigation into whether former President Donald Trump or any Republican lawmakers benefited financially from insider information tied to the recent tariff policy reversal.
The controversy stems from Trump’s early morning Truth Social post urging investors to “buy,” just hours before he unexpectedly rolled back steep tariffs that had caused a massive sell-off on Wall Street. The market rebounded sharply after the announcement, raising questions about potential stock market manipulation.
“We need to uncover whether advance knowledge was shared within Republican circles for personal profit,” Jeffries told reporters. “This situation raises red flags.”
Trump’s tariffs—first introduced the previous week—led to a global market plunge, with over $6 trillion wiped from global equities in 48 hours. Then, on Wednesday, Trump posted:
“THIS IS A GREAT TIME TO BUY!!! DJT”
Shortly afterward, he announced a reduction of the tariffs to 10% for most nations, excluding China. The market soared in response, marking the biggest single-day gain in two decades.
Economists and legal scholars have expressed concern over the possibility of Trump or close associates leveraging policy shifts for private gain. Under federal insider trading laws and the STOCK Act, members of Congress are barred from using non-public information for personal investment decisions.
Jeffries noted that any lawmakers involved must disclose trades within 30 to 45 days. “Disclosure is inevitable. Better to do it now than be exposed later,” he said.
Democrats are expected to request financial records and trading disclosures from both public officials and their associates. While it remains unclear who will lead the effort, Jeffries emphasized that public trust is at stake.
This comes amid broader scrutiny of Republican economic policy. Earlier this month, President Trump imposed a sweeping 145% tariff on Chinese goods—a move that China condemned as “economic blackmail.” The international fallout has sparked boycotts and increased fears of a global recession.