On Wednesday, Senator Adam Schiff called for Congress to investigate whether former President Donald Trump engaged in insider trading or market manipulation when he unexpectedly paused a broad set of tariffs—a move that sent the stock market soaring.
“I’m going to do my best to find out,” Schiff, a Democrat from California, told TIME. The call for an investigation, which hadn’t been previously reported, came after the S&P 500 surged more than 9% Wednesday afternoon, following Trump’s announcement.
Just minutes after markets opened, Trump posted on Truth Social: “THIS IS A GREAT TIME TO BUY!!!” along with “DJT,” which refers both to his initials and the stock ticker for his media company.
The White House declined to comment.
Schiff is the first Senator to publicly call for a congressional investigation into potential insider trading related to Trump’s sudden tariff decision.
While individual lawmakers can initiate inquiries through their offices, such efforts don’t carry the subpoena power of full committee investigations—something only panels like the Senate Judiciary or Senate Finance Committee, both led by Republican allies of Trump, could enforce.
“There’s no reason to think Trump or his family’s meme coins or anything else are off limits when it comes to profiting off government decisions,” Schiff said. “I intend to find out.”
The suspicious timing of Trump’s announcement and the resulting market rally have sparked concern among lawmakers.
“When even my barber is asking whether Trump is manipulating the markets for personal gain, that tells you the public is paying attention,” said Senator Tim Kaine, a Democrat from Virginia.
Senator Tina Smith of Minnesota also expressed concern when asked if Trump’s actions warranted an investigation. “It’s a great question. He certainly had a lot to gain. I hadn’t thought of that,” she told TIME.
Earlier that day, Representative Steven Horsford of Nevada confronted Trump’s trade representative, Jamieson Greer, during a contentious hearing, accusing the administration of market manipulation. “This is amateur hour,” Horsford exclaimed.
“You just got the rug pulled out from under you.” He demanded to know if the administration had deliberately moved the markets. “This is not a game. This is real life,” he added.
Markets responded swiftly and dramatically to Trump’s announcement. Stocks spiked more than 7% within minutes and closed up more than 9%. Bond yields eased, and oil prices rebounded as investor sentiment flipped almost instantly.
Treasury Secretary Scott Bessent, a former hedge fund manager, said the tariff pause was designed to allow room for strategic negotiations with allies.
He noted that he had discussed the move with Trump beforehand, and acknowledged it had the added effect of pressuring China. “The only certainty we can offer is that we’re negotiating in good faith,” Bessent said.
Trump’s explanation only added to the confusion. He referenced “yippy” people who were afraid and said he had been watching the bond market, which he called “beautiful” after his announcement. “You have to be flexible,” he told reporters. “The last few days looked pretty glum.”
Schiff criticized Trump’s erratic economic decision-making. “What American businesses need is predictability,” he said. “Instead, they’re getting chaos. And Americans whose retirement savings have been wiped out deserve answers.”
Schiff has been one of Trump’s most prominent critics. He led the prosecution in Trump’s first impeachment trial and played a key role in congressional efforts surrounding the Russia investigation.
Although he didn’t launch the 2017 probe into Trump’s ties to Russia, he quickly became a leading voice on the issue, often warning of Trump’s cozy relationships with authoritarian leaders.
The Republican-led House later censured Schiff for his statements during the investigation.
Schiff was also a major figure in Trump’s first impeachment over the Ukraine scandal, in which Trump allegedly pressured Ukraine’s president to launch a probe into Joe Biden in exchange for military aid. Though the House impeached Trump for abuse of power, the Senate acquitted him.
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