The White House has criticized Democrats for what it calls "partisan games" following a call by Democratic senators for an investigation into potential insider trading related to President Donald Trump's recent tariff announcement. On Wednesday, President Trump announced a rollback of tariffs to 10% on all countries except China, leading to a significant surge in the stock market. Before the announcement, Trump posted on Truth Social, encouraging followers that it was "a great time to buy."
Democratic Senators Adam Schiff and Ruben Gallego sent a letter to the White House, expressing concerns that the sequence of events may have involved insider trading by those with advance knowledge of the tariff changes. They requested an investigation into whether any White House officials or family members were informed beforehand. The senators highlighted the unusual market movements, with the Nasdaq soaring 12.1% and the Dow increasing by 7.8% following Trump's post.
ABC News reported that the White House has not immediately commented on the investigation request. However, Treasury Secretary Scott Bessent and White House Press Secretary Karoline Leavitt stated that the decision was part of a broader plan involving negotiations with 75 countries.
The tariff rollback, which paused Trump's initial plan, has drawn mixed reactions. According to The Guardian, Republicans praised the move as a strategic maneuver, while some Democrats accused the administration of market manipulation. Former Treasury Secretary Janet Yellen criticized the economic policies as harmful.
The White House has dismissed the insider trading concerns, with some Republicans calling the accusations "ridiculous." The debate continues as the market experiences volatility, and Democrats push for transparency and accountability.