Stock Market Manipulation? Senators Call for Probe into Trump's Alleged Scheme

Picture: Newsweek

The allegations against Donald Trump regarding stock market manipulation have sparked significant controversy. Before the dramatic imposition of global counter-tariffs, Trump allegedly encouraged the public to buy shares, raising concerns about insider trading. Several U.S. senators have called for an investigation into whether Trump was involved in this manipulation.

Democratic Senator Adam Schiff posted on social media platform X, questioning who in Trump's administration knew about the stock market's decline in advance. He asked whether anyone profited by buying or selling shares at the expense of the public.

Schiff emphasized the public's right to know, while Nevada Representative Steven Horsford grilled trade representative Jamison Greer, asking why certain details were omitted from official statements and testimonies. Greer responded, saying he does not disclose conversations with the president.

The controversy intensified when Trump declared, "This is a great time to buy stocks!" shortly after the New York Stock Exchange opened. Hours later, the U.S. administration suspended increased tariffs on imports from all countries except China for 90 days, leading to a surge in U.S. stock indices.

This sequence of events raised allegations that Trump played a reverse "pump and dump" scheme—artificially lowering stock prices to buy them before their value increased again. The Dow Jones Industrial Average rose by 8%, Nasdaq by 12%, and S&P 500 by 9.5%, marking their best performances in years.

These developments have led to calls for a thorough investigation into Trump's actions and their impact on the economy. Source: Time Magazine.