Trump's tariff twist: Insider trading allegations ignite debate
Democratic Senator Cory Booker believes there is "enough smoke" surrounding potential manipulations by Donald Trump and insider trading on the stock market. "There is enough wrongdoing here," the politician assessed. The opposition wants the president to be questioned before Congress.
On Sunday, Booker appeared on the "Meet the Press" program on CNBC. The politician was asked if there is any evidence of insider trading when Trump suddenly halted the introduction of tariffs.
Let's recall that last Wednesday, the U.S. president announced that he was raising tariffs on China to 125% but suspending tariffs for other countries for 90 days—this concerns additional tariffs announced a week earlier, which were to come into effect from April 9. During these three months, countries including the EU, and thus also Poland, are to be subject to tariffs of 10%. The American stock market immediately reacted. Investors welcomed this decision with enthusiasm.
"He made $2.5 million, and he made $900 million! That’s not bad!" said Donald Trump in the Oval Office on April 9, pointing at financial investor Charles Schwab. On that very day, the U.S. stock market soared when the president announced a 90-day suspension of tariffs.
Furthermore, the American magazine "Newsweek" added that Republican Congresswoman Marjorie Taylor Greene, one of the most ardent "Trumpists," bought a large batch of shares a few days before the decision to suspend tariffs, when the stock prices were plummeting. According to the weekly, the rebound in the prices of these assets likely brought substantial profits to Taylor Greene. The question arises whether individuals close to Trump might have known that after a significant drop in stock prices, there would be a subsequent increase in their value.
"Enough smoke"
The Democrats are demanding an investigation before Congress and accuse Trump of market manipulation. They believe the president may have been using insider information when he abruptly withdrew from implementing tariffs.
According to Senator Cory Booker, our entire system was designed with checks and balances in mind. — Not to have hearings, not to do any kind of oversight, undermines the faith we have in our government, undermines the trust we need in our nation right now, — he assessed on CNBC.
Booker, who recently spoke in the Senate for 25 hours and 5 minutes (in protest against Trump), assessed that there is "enough wrongdoing" in the president's actions. — There is enough of an offense here, there’s enough smoke here that should demand congressional hearings, — he announced. He also added that "legitimate" questions need to be asked about the president's actions.
Booker is another opposition politician taking a jab at Trump. Earlier, a letter to the Securities and Exchange Commission was written by, among others, Massachusetts Senator Elizabeth Warren and Senate Minority Leader Chuck Schumer.
