The White House slams Democrats for participating in the “guerrilla game” and calls for an investigation into so-called insider trading after Donald Trump stopped custom-made reciprocity tariffs on Wednesday for 90 days.
“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 passione. Democrats railed against China's cheating for decades, and now they're playing partisan games instead of celebrating President Trump's decisive action yesterday to finally corner China,” White House spokesman Kush Desai said in comment to Fox Digital when asked about Democrats claiming Trump manipulated the market.
D-Calif. Sens. Adam Schiff and D-Ariz. Ruben Gallego wrote a letter Thursday to White House Chief of Staff Susie Wiles and Trade Representative Jamieson Greer, calling for an investigation into potential internal transactions.
“This incident has caused serious legal and ethical issues. The president, his family and his advisers are uniquely privileged and use non-public information to inform their investment decisions.”
Trump says he will “look” to exempt some large U.S. companies from being hit by tariffs in particular
President Donald Trump posted a chart of reciprocity tariffs at an event held in the Rose Garden in Washington, D.C. on April 2, 2025. (Brendan Smialowski/AFP via Getty Images)
Trump posted to Truth Social before suspending reciprocity tariffs: “Be cool! Everything will be fine. The United States will be bigger than ever, better!” “This is a purchase! The president has previously stated that he will not suspend tariffs but is willing to negotiate with other countries.
Trump only stopped, with his higher custom tariffs on countries that install trade barriers on U.S. goods, and countries around the world face lower commodity tariffs as the Trump administration and world leaders negotiate reciprocity tariffs.
Donald Trump's allies, supporters and donors, led by Elon Musk
Senator Adam Schiff wrote a letter asking for an investigation into potential internal transactions. (Screen shot/NBC)
However, China is not part of the tariff moratorium and has suffered a 125% tariff rate after retaliating against its own additional tariffs on the United States.
“I'll try to find out the answer,” Schiff, who has long been Trump's enemy, told Time that an investigation into the president's alleged insider trading, said. “The family meme coins and the rest are not insider trading or something to enrich themselves. I hope it will be found soon.”
Charlie Gasparino breaks Trump's tariff suspension: “This is what forces hands”
Treasury Secretary Scott Bessent said custom tariffs were suspended as Trump wanted to “in-person” negotiations and dozens of countries contacted the White House to strike.
President Donald Trump maintained high tariffs in China while pausing for 90 days for reciprocal tariffs from countries willing to accept negotiations. (Andrew Harnik/Getty Images)
“We've had more than 75 countries contacting us. I think there will be more today. So it's just a matter of dealing with it. Each of these solutions will be custom-made. It will take some time. President Trump wants to be involved in it in person. So that's why we're getting a 90-day pause,” Bessent went to the press on Wednesday in the media outside the White House, which is why we're getting a 90-day pause. ”
Trump added Wednesday that he was watching the volatile bond market, calling it “tough” and making people “a little uneasy” but denied that convinced him to change his custom tariff courses.
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“I thought people jumped a little bit. They became Yippy. You know, they became a little bit Yippy, a little bit scared, unlike these champions because we have a lot of work to do. No other president would do what I do. … I know the president, they didn't do it, they had to do it,” Trump added that in his remarks. ”
