US Lawmaker Calls for Probe into Trump Following Tariff U-Turn

By Staff, Agencies

Lawmakers in the United States are calling for an investigation into whether President Donald Trump engaged in insider trading or market manipulation following his abrupt shift on global tariffs, a move that triggered a historic stock market rebound.

The controversy erupted after Trump posted “IT’S TIME TO BUY” just minutes after Wall Street opened on Wednesday.

Hours later, he announced a 90-day suspension of additional tariffs on dozens of countries, except for China, which triggered a market rally.

Markets across the globe surged following Trump's announcement, with Wall Street rebounding sharply after days of volatility and Asian markets following suit.

The Dow Jones jumped 7.87%, its largest gain since 2008, while the Nasdaq soared 12.16%, the most since 2001.

Trump, speaking to reporters, dismissed claims that he had backtracked on his tough trade stance. “You have to be flexible,” he said. “People were jumping a little bit out of line, they were getting yippy, a little bit afraid.” 

The president added that he was closely monitoring US bond markets before making his decision.

“I saw last night where people were getting a little queasy,” he said, referring to rising bond yields amid a broader stock sell-off, a signal of investor anxiety during times of uncertainty.

California Democratic Senator Adam Schiff took to X to question whether individuals close to the president had advance knowledge of the policy reversal and acted on it financially.

“Who in the administration knew about Trump’s latest tariff flip flop ahead of time? Did anyone buy or sell stocks, and profit at the public’s expense?” Schiff wrote. “I’m writing to the White House — the public has a right to know.”

Democratic members of the House Financial Services Committee echoed his concerns, writing on X, “The President of the United States is literally engaging in the world’s biggest market manipulation scheme.”