Democratic senators, Adam Schiff from California and Ruben Gallego from Arizona, have accused President Donald Trump of facilitating insider trading following a surge in the stock market that reversed significant losses.
Market Turmoil and Reversal
President Trump caused turmoil in the markets after announcing reciprocal tariffs against global trade partners. However, his subsequent announcement of a 90-day pause on these tariffs led to a dramatic reversal in the market trends, with markets bouncing back.
Accusations and Concerns
In a letter to Office of Government Ethics Acting Director Jamieson Greer and White House Chief of Staff Susan Wiles, the senators raised concerns about potential benefits received by Trump's affluent allies due to the abrupt policy reversal. They pointed to the significant increase in Tesla stock price, suggesting that Department of Government Efficiency head Elon Musk may have profited from Trump's actions.
The senators emphasized the legal and ethical issues raised by these events, highlighting the conflict of interest surrounding President Trump's announcement and its implications for individuals, including special government employees, who had access to non-public information about tariff deliberations.
White House Response
Despite the accusations, the White House did not provide a response to inquiries from The National News Desk regarding the senators' claims.
Public Statements and Reassurances
President Trump made public statements about his tariff policies and their impact on the stock market. Through his social media platform, Truth Social, he encouraged individuals to view the current market conditions positively and even humorously dismissed concerns as a "Panican," which he defined as "A new party based on Weak and Stupid people!"
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