A coalition of Senate Democrats has formally requested that the Securities and Exchange Commission open an investigation into President Donald Trump and several others for “potential violations of securities law” stemming from the president’s recent announcement regarding a pause on reciprocal tariffs affecting imports from various countries.
In a letter addressed to the SEC, the senators urged the agency to explore whether Trump, members of his cabinet, and other insiders engaged in insider trading, market manipulation, or other securities law infringements on April 9, 2025, the day Trump declared it was a “GREAT TIME TO BUY” into the stock market.
The senators pointed out that Trump’s statement was made mere hours before he announced a 90-day suspension of tariffs and coincided with a significant market rally following a period of steep declines.
The letter was endorsed by Senate Minority Leader Chuck Schumer (D-NY), Senators Elizabeth Warren (D-MA), Mark Kelly (D-AZ), Ruben Gallego (D-AZ), Adam Schiff (D-CA), and Ron Wyden (D-OR).
An SEC representative chose not to comment on the matter.
Finance Newso has reached out to the White House for a response to the senators’ letter.
On Thursday, White House spokesman Kush Desai dismissed concerns raised by Schiff and fellow Democrats regarding potential insider trading in connection with Trump’s tariff pause.
“It is the President’s duty to reassure both the markets and the American public about their economic security amid relentless media fearmongering,” Desai stated.
“Democrats have condemned China’s unfair practices for decades, and now they are opting for partisan antics instead of acknowledging President Trump’s decisive measures to finally address the issue with China,” he further remarked.
This is developing news. Check back for updates.
