Trump Finally Shares How Much His Friends Made After He Announced Global Tariffs
- Donald Trump suspended most of his global tariffs for 90 days, causing a dramatic stock market surge that benefited billionaires like Charles Schwab and Roger Penske
- Critics accused Trump of insider trading, alleging he tipped off associates about the policy change to profit from the market rally
- Calls for a congressional investigation into potential illegal financial transactions have intensified amidst the controversy
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Former US President Donald Trump boasted about the financial windfalls his billionaire associates reaped during the recent stock market fluctuations.
In a video posted to X on 9 April, Trump introduced NASCAR drivers to Charles Schwab, founder of Charles Schwab Corporation, and highlighted Schwab’s $2.5 billion gain from the market surge.
Source: Getty Images
The market had experienced dramatic swings following Trump’s announcement of reciprocal tariffs on 2 April, which triggered global sell-offs. However, his subsequent 90-day suspension of most tariffs, excluding China, caused stocks to soar by over 9% by the market’s close on Wednesday.
Accusations of insider trading
The sudden tariff suspension and subsequent market rally led to accusations of market manipulation and insider trading.
Critics, including California Democrat Adam Schiff and Arizona Senator Ruben Gallego, called for a congressional investigation into whether Trump or his associates profited from non-public information about the policy change.
A letter sent to the White House demanded an urgent inquiry into potential illegal financial transactions involving the administration.
Billionaires’ record-breaking gains
Bloomberg reported that Wednesday marked the “best day ever” for billionaires, with the world’s wealthiest individuals collectively gaining $304 billion.
Trump pointed out the financial successes of Charles Schwab, estimated to be worth $12.9 billion, and NASCAR team owner Roger Penske, worth $5.6 billion, during an Oval Office meeting.
Critics argued that such gains underscored the need for transparency and accountability in policymaking.
Source: Getty Images
White House response
A White House spokesperson dismissed the allegations as “partisan games,” defending the administration’s actions.
Trump, meanwhile, urged investors to capitalise on the market surge, declaring on Truth Social, “THIS IS A GREAT TIME TO BUY!!!!” shortly before the tariff suspension announcement.
South Sudan to allow entry of man deported from US
Legit.ng earlier reported that South Sudan announced it would allow the entry of a man deported from the United States, marking a significant reversal aimed at easing a diplomatic visa dispute between the two nations.
The decision followed US Secretary of State Marco Rubio’s April 5 announcement to revoke visas for all South Sudanese, citing the country’s refusal to accept its repatriated citizens. South Sudan’s foreign ministry clarified that the deported individual, initially misidentified as South Sudanese, was actually a Congolese national.
The man is expected to arrive in Juba as early as Wednesday, with authorities instructed to facilitate his entry. The US move to revoke visas for South Sudanese marked the first blanket measure targeting all passport holders from a specific country since President Donald Trump’s return to office in January. Rubio stated the action was a response to South Sudan’s failure to cooperate in accepting deported citizens.
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Source: Legit.ng
