“There is no indication that the president intended to influence the markets or that he or his advisers used any insider information.”
Following President Donald Trump’s announcement on Wednesday afternoon that he would delay country-specific tariffs for 90 days, some experts—along with critics and social media users—have begun questioning a statement he posted earlier that day. The post appeared to hint that the recent sharp decline in the stock market might soon reverse.
Shortly after markets opened at 9:30 a.m., Trump wrote on his Truth Social platform:
“BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!”
“THIS IS A GREAT TIME TO BUY!!! DJT”
Later that day, just before 1:30 p.m., Trump announced a 90-day pause on country-specific tariffs — a move that sent the stock market soaring. The Nasdaq, heavily weighted with tech stocks, posted its biggest single-day gain since 2008, jumping nearly 12%. The S&P 500 rose 9.5%, and the Dow Jones Industrial Average surged by approximately 2,800 points, or 8%.
While Trump may have simply been encouraging Americans to take advantage of lower stock prices, some interpreted the timing of his posts differently. Commerce Secretary Howard Lutnick, when asked about the remarks during a CNBC interview Wednesday evening, defended the president’s optimism.
“Donald Trump understands that… America is the greatest country, all right?” Lutnick said. “We are the greatest country, and we have the capacity for incredible greatness. But someone needs to take the shackles off.”
Still, on social media, speculation swirled. Some users — without offering evidence — suggested the possibility of market manipulation. Others began referring to the sudden market rally as the “Trump Pump.”
As of now, there is no evidence that Trump sought to manipulate financial markets or that he or his advisers acted on insider information.
However, ethics experts say the situation raises valid questions. Richard Painter, former chief ethics lawyer for President George W. Bush and now a professor of government ethics and securities law at the University of Minnesota, said Trump’s morning posts, at a minimum, leave room for scrutiny.
“This is a scenario that could expose the president to accusations that he engaged in market manipulation,” Painter said.
This isn’t the first time Trump has faced such criticism. Even before the start of his second term, Trump was accused of potential insider behavior surrounding the launch of his $TRUMP meme coin. The Trump Organization made clear that a group of investors involved in launching the coin stood to profit if its value increased. Still, some reports revealed significant profits, including one crypto wallet — owner or owners unknown — who reportedly made $109 million, according to a New York Times analysis
Some Democrats were quick to blast Trump’s actions on Wednesday.
Sen. Richard Blumenthal, D-Conn., told NBC News that the Trump administration is “replete with grifters” and that “corruption is its middle name.”
“Insider trading is a real threat, and I hope there will be a surge of penetrating investigations into the potential for manipulation and insider trading of securities,” Blumenthal said, “since the knowledge of what Trump’s plans have been and may be is widely spread.”
Sen. Adam Schiff, D-Calif. — a frequent object of Trump’s scorn — also suggested an inquiry was warranted.
“Trump is creating giant market fluctuations with his on-again, off-again tariffs,” Schiff wrote on social media. “These constant gyrations in policy provide dangerous opportunities for insider trading. Who in the administration knew about Trump’s latest tariff flip flop ahead of time? Did anyone buy or sell stocks, and profit at the public’s expense? I’m writing to the White House — the public has a right to know.”
A White House spokesman rejected the Democrats’ assertions.
“It is the responsibility of the President of the United States to reassure the markets and Americans about their economic security in the face of nonstop media fearmongering,” White House spokesman Kush Desai said in a statement. “Instead of grasping at straws to try landing a punch on President Trump, Democrats should focus on working with the administration to restore American Greatness.”
A Justice Department spokesperson declined to comment. The Securities and Exchange Commission did not immediately respond to a request for comment.
Painter said the incident could result in investigations “into who knew what and when before [Trump] announced he was going to postpone the tariffs on all the countries except for China.”
“This was a terrible idea to make those posts,” Painter said of Trump’s suggestion that it was “a great time to buy.”
Painter further admonished Trump, saying, “I would hope that he would focus on doing his job — and try to calm the markets and have a predictable trade policy and let the markets do their thing without the White House giving what appears to be investment advice.”
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