Trump accused of stock market manipulation amid tariff delay

Public radio NPR quotes Richard Painter, the chief White House ethics lawyer under President George W. Bush:

- We can't have senior public officials, including the president, talking about stock prices and where to buy or to sell at the same time as they are making and announcing decisions that have a dramatic impact on stock prices.

Painter, a professor at the University of Minnesota, referred to accusations against Trump concerning insider trading, which involves using confidential information about companies, trends, or decisions affecting capital markets to gain benefits or favour selected investors.

Before announcing on Wednesday his decision to suspend tariffs on imports from nearly 60 countries for 90 days, Trump wrote on social media, "This is a great time to buy (stocks)." Once the official information about the deferment of the tariffs' implementation was announced, stock indices soared, resulting in substantial gains for investors who had previously purchased assets.

Painter noted that if anyone in President Bush’s administration had made a public statement advising on specific investment choices, they would most likely have been removed from their position. He also pointed out that Trump is, at the very least, testing the limits of what is considered acceptable conduct for a politician.

The American "Newsweek" points out that Republican Congresswoman Marjorie Taylor Greene, one of the most ardent "Trumpists," purchased a large batch of stocks days before the tariff suspension decision, when stock market prices were falling. The rebound in the prices of these securities must have brought Taylor Greene considerable benefits - writes the magazine. This raises the question of whether Trump’s close associates could have known there would be a resurgence in stock value after a significant markdown.

- While members of Congress are permitted to buy and sell stocks, their knowledge of political developments has often raised concerns about the possibility of insider trading. - comments "Newsweek".

According to the Arizona Republic, on the day he revealed the 90-day suspension of tariffs, Trump welcomed a group of extremely wealthy guests to the Oval Office and made remarks — half in jest, half seriously — about how much they had benefited from his decisions.

"The President pointed to Charles Schwab and stated he made $2.5 billion that day" - reports "AR". Schwab is a billionaire, the founder of the international financial services company - Charles Schwab Corporation - and a significant sponsor of the Republican Party.

Democratic politicians accused the President of market manipulation and approached the government ethics office to review transactions conducted by Trump administration officials who may have been aware of his tariff plans.

Senators Adam Schiff and Ruben Gallego sent a letter stating: "This sequence of events raises grave legal and ethics concerns. The President, his family, and his advisors are uniquely positioned to be privy to and take advantage of non-public information to inform their investment decisions."

The chances of resolving this matter, however, are slim, according to media and lawyers.

Republicans, who control both the House of Representatives and the Senate, show little interest in opposing Trump, similar to the Securities and Exchange Commission (SEC), which is responsible for insider trading investigations. On Wednesday, the Senate confirmed Trump-nominated Paul Atkins as chairman of the SEC, and in February, the president granted himself wider supervisory powers over independent market regulators, including the SEC, via an executive order - NPR reminds us.

The market manipulation allegations will also not be addressed by either the Senate's Judiciary Committee or the Senate Finance Committee. The Arizona Republic points out that they are under the influence of Republicans who either admire Trump, are afraid of him, or perhaps both.