‘What billionaire just got richer’: Trump faces market manipulation allegations amid tariff U-turn | World News

United States President Donald Trump on Wednesday abruptly hit pause on his stiff reciprocal tariffs for 90 days. While he handed most countries a much-needed breather, his erratic economic policies have not gone down well with US lawmakers, who have accused Trump of “market manipulation”.The timeline of his social media posts has raised red flags among Democrats. Trump started Wednesday, when reciprocal tariffs announced last week came into effect, with an assurance for Americans: “BE COOL! Everything is going to work out well”. Minutes later, he told his followers, “THIS IS A GREAT TIME TO BUY!!! DJT”.  DJT refers to the stock symbol for the President’s company, Trump Media & Technology Group.
Just hours later, Trump announced the 90-day pause, citing willingness from at least 75 countries to negotiate trade deals with the US.
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Citing the social media post, the Democrats’ House Committee on Financial Services, stated, “The President of the United States is literally engaging in the world’s biggest market manipulation scheme.”
Adding fuel to the fire is a now-viral video posted a White House aide, Margo Martin, in which the President says, “He made $2.5 billion today, and he made $900 million. That’s not bad,” while pointing to two corporate executives.

“This is Charles Schwab…it’s not just a company, it’s actually an individual!” President @realDonaldTrump pic.twitter.com/uOHJF8VD4v
— Margo Martin (@MargoMartin47) April 9, 2025
US trade representative, Jamieson Greer, who was testifying in the House about Trump’s tariffs, however, defended the President’s actions. “It’s not market manipulation. We are trying to reset the global trading system,” Greer said, as Democratic Representative Steven Harsford grilled him.
“If you came here knowing that these tariffs were going to be turned off, why didn’t you include that in your opening statement?” Harsford asked. “I don’t disclose my conversations with the President,” Greer responded.
Democrats flag concerns over insider trading
Harsford doubled down, questioning, “If this was always the plan, how is this not market manipulation?” He added, “Who’s benefiting? What billionaire just got richer?”Story continues below this ad
Democratic Senator Adam Schiff, meanwhile, announced that he was formally launching an investigation to “see if members of Donald Trump’s Adminration illegally profited off of today’s stock market shenanigans”. “Who in the adminration knew about Trump’s latest tariff flip-flop ahead of time? Did anyone buy or sell stocks, and profit at the public’s expense?” he asked in a social media post.

“This is a President who is trading his own meme coin even as he is President. You have got people like Elon Musk who are doing their own conflicted self-dealing in the adminration,” he added in a video.
White House dismisses ‘market manipulation’ allegations
However, White House officials have dismissed the allegations. “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,” a spokesman said.
The White House has been sending mixed signals on Trump’s tariff U-turn. Treasury Secretary Scott Bessent suggested that this was part of the strategy “all along”. Trump, meanwhile, admitted people were getting “yippy” and “afraid” and that he was acting on “instinct, more than anything else.”
— with inputs from The Washington Post