Schiff Probes Insider Trading After Trump's Sudden Tariff Move

A market surge following President Donald Trump's unexpected suspension of tariffs for most countries, excluding China, has triggered calls for a federal probe into possible insider trading within the Trump administration.

Sen. Adam Schiff, a Democrat from California, on Thursday demanded that the White House disclose whether senior officials or associates exploited advance knowledge of tariff shifts for personal financial gain.

"There are legitimate concerns that individuals within or close to the administration may have used confidential information for trading," Schiff said during a Capitol Hill briefing. He pointed to a now-deleted post from Trump earlier in the day that encouraged Americans to invest, which coincided with the tariff announcement.

Schiff raised questions about whether Trump's message influenced trading decisions and who may have known of the change in trade policy beforehand. "The issue isn't just about chaos in trade decisions, but whether that chaos is being used for private enrichment," he said.

Recent volatility on Wall Street has coincided with inconsistent White House trade positions. Schiff alleged the unpredictability may mask coordinated financial strategies by those with insider access. "Between the tweet and the policy shift, we must investigate who had knowledge and how it was used," he added.

He also cited the president's known affiliations with cryptocurrency ventures, raising concerns about self-dealing involving Trump family members and business figures like Elon Musk. "There are reports of administration figures trading in cryptocurrencies they are promoting," Schiff stated.

He said Congress must act beyond statements. "Oversight is required, especially when financial gain could be linked to public policy," Schiff said, criticizing what he described as a lack of Republican interest in pursuing allegations of misconduct.

The senator said he will formally request information from the White House about any potential insider trading involving administration officials. He also encouraged whistleblowers to report unethical practices, referencing past resignations at the Justice Department as examples of integrity.

"We owe it to Americans whose savings are vulnerable to ensure the market isn’t being manipulated by those in power," Schiff said.

As of Thursday evening, the White House had not issued a statement in response to Schiff's remarks or the insider trading allegations.