Trump administration accused of 'market manipulation' with tariff reversal: 'WTF! Who's in charge?' [View all]

Source: The Independent

Wednesday 09 April 2025 23:04 BST


Donald Trump told the world to “be cool” as his sweeping import taxes took hold, tanking global markets and sending shockwaves through the U.S. economy. Then, minutes after the opening bell on the New York Stock Exchange, Trump announced: “THIS IS A GREAT TIME TO BUY!!!” Four hours later, the president reversed course.

He paused and lowered tariffs on goods from most nations for 90 days while raising tariffs on imports from China to 125 percent. Markets soared. White House officials — who just one day earlier said Trump would never back off — said “this was his strategy all along” and “the art of the deal” at work. Social media erupted with accusations that the president played a reverse “pump and dump” scheme with the American economy: driving stock prices down only to buy them up before prices rise again.

Democratic Senator Adam Schiff is calling for an investigation into insider trading. Trump’s surprise turn on Wednesday appeared to be news to the administration’s own trade representative, who was in the middle of testifying to a House committee, deflecting allegations that the president purposefully manipulated the markets.

“If you came here knowing that … these tariffs were going to be turned off, why didn’t you include that in your opening statement? Why didn’t you reference that in your testimony?” asked a furious Nevada Democratic Rep. Steven Horsford. “I don’t disclose my conversations with the president, sir,” trade representative Jamieson Greer replied.

Read more: https://www.independent.co.uk/news/world/americas/us-politics/trump-market-manipulation-tariffs-b2730542.html