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chris murphy
'What Billionaire Just Got Richer?': Trump Tariff Pause Sparks Insider Trading Suspicions
"Who close to Trump knew that he was going to suspend the tariffs?" asked Democratic Sen. Chris Murphy. "Which of his Mar-a-Lago friends or his billionaire advisers were able to capitalize on that inside information?"
Apr 10, 2025
The timing of U.S. President Donald Trump's Wednesday social media post declaring that "this is a great time to buy" stocks and subsequent announcement of a three-month tariff pause quickly raised suspicions of possible insider trading and market manipulation by the highest levels of the American government.
The S&P 500, which tracks the performance of the nation's top publicly traded companies, posted its largest single-day gain since 2008 after Trump pumped the brakes on part of his tariff scheme, which had sent global markets into a tailspin in recent days.
Trump announced his decision hours after effectively urging Americans to buy stocks in a morning post on Truth Social—though at the time there was no public information indicating that any kind of tariff announcement was imminent.
"How is this not market manipulation?" asked Rep. Mike Levin (D-Calif.). "If you're a Trump supporter and you did what he said and you bought, then you did great. On the other hand, if you're a retiree or a senior or somebody in the middle class over the last few days that didn't have the tolerance for risk and you decided to sell, you got screwed."
When Trump's pause announcement came hours later, U.S. equities skyrocketed, adding over $5 trillion in value to the market in a matter of hours. Elon Musk, a top Trump lieutenant and the world's richest man, saw his wealth—which is largely tied up in Tesla stock—soar by nearly $30 billion on Wednesday, according to Forbes' real-time billionaire tracker.
"Who benefited? And who made money?" Sen. Chris Murphy (D-Conn.) asked in a video posted to social media Wednesday evening. "This should matter to you, too, because this could be an enormous scam."
"The question is, who close to Trump knew that he was going to suspend the tariffs?" said Murphy. "Which of his Mar-a-Lago friends or his billionaire advisers were able to capitalize on that inside information?"
An insider trading scandal is brewing.
Trump's 9:30am tweet makes it clear he was eager for his people to make money off the private info only he knew. So who knew ahead of time and how much money did they make? pic.twitter.com/AJbtEq372n
— Chris Murphy 🟧 (@ChrisMurphyCT) April 10, 2025
Rep. Alexandria Ocasio-Cortez (D-N.Y.)
recommended late Wednesday that "any member of Congress who purchased stocks in the last 48 hours should probably disclose that now."
"I've been hearing some interesting chatter on the floor. Disclosure deadline is May 15th," she wrote. "We're about to learn a few things. It's time to ban insider trading in Congress."
During a House Ways and Means Committee hearing on Wednesday, Rep. Steven Horsford (D-Nev.) grilled Trump trade representative Jamieson Greer on the tariff pause, saying, "It looks like your boss just pulled the rug out from under you and paused the tariffs—the taxes—on the American people."
"Is this market manipulation?" Horsford asked. "If it's not market manipulation, what is it? Who's benefiting? What billionaire just got richer?"
JUST NOW: Rep Steven Horsford GRILLS Jamieson Greer on Donald Trump’s tariff reversal: “Is this market manipulation? If it’s not market manipulation, what is it? Who’s benefiting? What billionaire just got richer?” pic.twitter.com/Wfx8VlLemu
— Marco Foster (@MarcoFoster_) April 9, 2025
Last week, Trump himself suggested that he's deliberately manipulating equity prices, reposting a video claiming that he is "purposely crashing the market" as part of a "secret game" that "could make you rich."
The Securities and Exchange Commission (SEC), the agency tasked with investigating insider trading and other violations, is now headed by Wall Street-friendly Trump appointee Paul Atkins, whom the Republican-controlled U.S. Senate confirmed on Wednesday.
The Wall Street Journalreported that all three of the major U.S. stock indexes closed Wednesday "with moves unseen since some of the most volatile stretches in recent decades."
"The S&P 500 jumped 9.5% on Wednesday, its largest one-day percentage gain since the financial crisis of 2008," the Journal noted. "The Dow surged more than 2,900 points, or 7.9%—its biggest daily increase ever in point terms and the biggest percentage gain since the coronavirus swept the globe in March 2020. The technology-heavy Nasdaq Composite soared 12.2%, its highest one-day jump since the dot-com era."
In the days leading up to the tariff pause, Trump faced widespread criticism and backlash, including from some of his billionaire supporters. Bill Ackman, a billionaire hedge fund manager, had urged Trump to enact "a 30-, 60-, or 90-day pause before the tariffs are implemented."
"This was brilliantly executed," Ackman gushed after Trump announced the partial tariff pause. "Textbook, Art of the Deal."
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'We're Turning Into a Dictatorship': Trump Tariffs Seen as Ploy to Further Consolidate Power
Democratic Sen. Chris Murphy called President Donald Trump's sweeping tariffs "a political weapon designed to collapse our democracy."
Apr 07, 2025
Analysts puzzling over the bizarre formula the Trump administration used to calculate its country-by-country tariff rates are wasting their time, U.S. Sen. Chris Murphy said in a response to the American president that has gone viral in recent days as global markets continue to nosedive.
"It's not economic policy, it's not trade policy," Murphy (D-Conn.) said in remarks recorded after Trump announced the sweeping tariffs last week. "It's a political weapon designed to collapse our democracy."
While President Donald Trump's universal tariffs on imports make no sense as an effort to rectify the failures of the status quo trade regime and bring back offshored U.S. jobs, they are comprehensible when viewed as "a tool to try to compel pledges of loyalty, this time from companies and industries in the United States," Murphy argued.
"You have to understand that everything Donald Trump is doing is in service of staying in power forever—either him or his family or his handpicked successors," the Democratic senator continued. "He's trying to destroy our democracy."
Murphy contended that the president designed the tariffs to be so widespread that corporations across private industry would have to come to the White House and "make an agreement with Trump in which he gives them tariff relief in exchange for a pledge of political loyalty."
"What could that pledge look like?" Murphy continued. "Well, maybe they agree to champion his economic policy publicly. Maybe they agree to make contributions to his political campaign. Maybe they agree to police their employees to make sure that nobody that works for that company works for the political opposition."
Politicoreported late last week that businesses across corporate America "fear Trump's wrath" and are thus declining to criticize the president's tariff policies even as they wreak havoc worldwide and threaten to spark a devastating recession.
"There is zero incentive for any company or brand to be remotely critical of this administration," one unnamed public affairs operative told Politico. "It destroys your ability to work with the White House and advance your policies, period."
"While the United States has plenty of real problems to deal with, Trump is ignoring them to manufacture the fake emergencies he needs to further enlarge and centralize his power."
Murphy is hardly alone in seeing Trump's tariffs as an instrument of power consolidation.
Robert Reich, the former U.S. labor secretary, wrote Monday that "we're turning into a dictatorship" as Trump conjures "fake national emergencies" to jack up tariffs, deport people en masse without due process, gut efforts to combat the climate crisis, and dismantle large swaths of the federal government.
"As Trump declares emergency after emergency to justify his reign of terror, he's simultaneously eliminating America's capacity to respond to real emergencies," Reich wrote. "Make no mistake about what’s really going on here. While the United States has plenty of real problems to deal with, Trump is ignoring them to manufacture the fake emergencies he needs to further enlarge and centralize his power."
One analyst, Zack Beauchamp of Vox, argued the tariffs are more a symptom of the decline of U.S. democracy rather than a cause of it.
"Trump's tariffs will, if fully implemented, be remembered as their own cautionary tale. While he campaigned on them, he wouldn't have been able to implement the entire tariff package had he gone through the normal constitutionally prescribed procedure for raising taxes," Beauchamp wrote. "The fact that America isn't functioning like a normal democracy, with public deliberation and multiple checks on executive authority, is what allowed Trump to act on his idiosyncratic ideas in the manner of a Mao or Putin."
"It's still possible that Trump steps back from the brink," he added. "But even if he does, and the worst outcome is avoided, the lesson should be clear: The long decay of America's democratic system means that we are all living under an axe. And if this isn't the moment it falls, there will surely be another."
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'Batsh*t Crazy' Trump Tariffs Should Be Seen as $7,000 Tax Hike on Workers, Says Economist
Instead of strategically imposing tariffs, Trump has chosen to "give the country the most massive tax increase in its history, possibly exceeding $1 trillion on an annual basis."
Apr 03, 2025
As stocks "nosedived" on Thursday, economists, policymakers, and campaigners around the world continued to warn about the impacts of U.S. President Donald Trump's trade war, which includes a 10% universal tariff for imports and steeper duties—that he claims are "reciprocal"—for dozens of countries, set to take effect over the next week.
"This is how you sabotage the world's economic engine while claiming to supercharge it," wrote Nigel Green, CEO of the international financial consultancy deVere Group. "Trump is blowing up the post-war system that made the U.S. and the world more prosperous, and he's doing it with reckless confidence."
As Bloombergdetailed after the president's "Liberation Day" remarks from the White House Rose Garden:
China's cumulative tariff rate of 54% includes both the 20% duty already charged earlier this year, added to the 34% levy calculated as part of Trump's so-called reciprocal plan, according to people familiar with the matter. The European Union's rate is 20% and Vietnam's is 46%, White House documents showed. Other nations slapped with larger tariffs include Japan with 24%, South Korea with 25%, India with 26%, Cambodia with 49%, and Taiwan with 32%.
In Europe on Thursday, "the regional Stoxx 600 index provisionally ended down around 2.7%," while "the U.K.'s FTSE 100 was down 1.6%, with France's CAC 40 and Germany's DAX posting deeper losses of 3.3% and 3.1%, respectively," according toCNBC.
In the United States, CNBCreported, "the broad market index dropped 4%, putting it on track for its worst day since September 2022. The Dow Jones Industrial Average tumbled 1,200 points, or 3%, while the Nasdaq Composite fell 5%. The slide across equities was broad, with decliners at the New York Stock Exchange outnumbering advancers by 6-to-1."
American exceptionalism.
[image or embed]
— Justin Wolfers ( @justinwolfers.bsky.social) April 3, 2025 at 12:14 PM
However, as Economic Policy Institute (EPI) chief economist Josh Bivens noted last week, "because most households depend overwhelmingly on wages from work as their primary source of income and not returns from wealth-holding, the stock market tells us nothing about these households' economic situations."
And Trump's tariffs are expected to hit U.S. households hard, as the cost of his taxes on imports are passed on to consumers.
"Tariffs can be a legitimate and useful tool in industrial policy for well-defined strategic goals, but broad-based tariffs that significantly raise the average effective tariff rate in the United States are unwise," Bivens and EPI senior economist Adam Hersh stressed in a Thursday statement—which also called out Trump for mischaracterizing one of the think tank's 2022 analyses.
"Further, the second Trump administration's rationale, parameters, and timeline for tariffs have been ever-shifting," Bivens and Hersh continued. "As the original post cited by the administration argues, tariffs should not be a goal unto themselves, but a strategic tool to pair with other efforts to restore American competitiveness in narrowly targeted industrial sectors."
Instead of strategically imposing tariffs, Trump has chosen to "give the country the most massive tax increase in its history, possibly exceeding $1 trillion on an annual basis, which comes to $7,000 per household," warned Center for Economic and Policy Research co-founder and senior economist Dean Baker. "And this tax hike will primarily hit moderate and middle-income families. Trump's taxes go easy on the rich, who spend a smaller share of their income on imported goods."
Baker—like various other economists and journalists—also took aim at Trump's claims that the tariffs are reciprocal, explaining:
Trump's team calculated our trade deficit with each country and divided it by their exports to the United States. Trump decided that this figure was equal to that country's tariff on goods imported from the U.S.
Trump's method of calculating tariffs is comparable to the doctor who assesses your proper weight by dividing your height by your birthday. Any doctor who did this is clearly batshit crazy, and unfortunately so is our president. And apparently none of his economic advisers has the courage and integrity to set him straight or to resign.
However, outside Trump's administration, the intense criticism continued to mount, including from groups focused on combating the fossil fuel-driven climate emergency, which also endangers the global economy.
Andreas Sieber, associate director of policy and Campaigns at 350.org, said Thursday that "Trump's tariffs won't slow the global energy transition—they'll only hurt ordinary people, particularly Americans."
"Despite his claims he 'gets' economic policy, his record tells a different story: Tariffs are tanking U.S. stocks and fueling inflation," Sieber added. "The transition to renewables is unstoppable, with or without him. His latest move does little to impact the booming clean energy market but will isolate the U.S. and drive up costs for American consumers."
Allie Rosenbluth, U.S. campaign manager at Oil Change International, similarly emphasized that "Trump's tariffs will hurt working families first and foremost, raising costs for essentials we depend on and threatening to plunge the U.S. economy into a recession. Though Trump pretends to care about the cost of living for ordinary people, his real loyalties lie with his fossil fuel industry donors."
"If he actually cared about energy affordability, he would stop bullying other countries into buying more U.S. liquefied natural gas (LNG), which boosts the fossil fuel industry's profits, but results in increased prices for domestic consumers and pushes us further toward climate catastrophe," she asserted. "The one step countries can take to hit Trump where it hurts most is wean off their dependency on fossil fuels from the United States."
The impact of Trump's new levies won't be limited to working-class people in the United States. Nick Dearden, director of U.K.-based Global Justice Now, pointed out that "Trump has set light to the global economy and unleashed a world of pain, not least on a group of developing countries that will suffer tremendous impoverishment as a result of his punitive tariffs."
"All those affected must come together and stand up to this bully by building a very different international economy that promotes the interests of ordinary people rather than the oligarchs standing behind Trump," he argued. "For all its scraping and crawling, the U.K. got no special treatment here, and the government should learn this lesson fast: They need to stop giving away our rights and protections in a futile effort to appease Donald Trump."
Leaders in the United States are also encouraging resistance to Trump. U.S. Sen. Chris Murphy (D-Conn.) said Wednesday that "this week you will read many confused economists and political pundits who won't understand how the tariffs make economic sense. That's because they don't. They aren't designed as economic policy. The tariffs are simply a new, super dangerous political tool."
Murphy made the case that "the tariffs are DESIGNED to create economic hardship. Why? So that Trump has a straight face rationale for releasing them, business by business or industry by industry. As he adjusts or grants relief, it's a win-win: the economy improves and dissent disappears."
"But as long as we see this clearly, we can stop him. Public mobilization is working. Today, a few Republicans joined Democrats to vote against one set of tariffs," he added, referring to a
resolution that would undo levies on Canadian imports. "The people still have the power."
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