Trump boasts about how delaying tariffs further enriched his associates

Donald Trump’s recent decision to halt his tariffs has resulted in a significant windfall for his billionaire associates, with the stock market skyrocketing. Trump proudly boasted about the substantial profits earned by his guests in the Oval Office, including financial investor Charles Schwab and Nascar team owner Roger Penske, who reportedly made $2.5 million and $900 million respectively. The world’s wealthiest individuals reaped a massive $304 billion in gains on the day of the tariff announcement, with Elon Musk emerging as the top gainer, pocketing a staggering $36 billion as Tesla stocks surged.

Trump’s unexpected move to temporarily suspend his stringent tariffs has raised concerns of potential market manipulation and insider trading. This pause came on the heels of the chaos triggered by Trump’s earlier “Liberation Day” tariff announcement. Following the tariff pause, stock performances experienced a significant surge, with the Nasdaq jumping by 12.2 percent and the Dow Jones Industrial average increasing by 3,000 points in a single session, the largest increase ever recorded. Representative Alexandria Ocasio-Cortez called for transparency in Congress, urging members who engaged in stock trading to disclose their recent activities in light of suspicious market movements surrounding the tariff pause.

Democrats, including Ocasio-Cortez and Senator Elizabeth Warren, have accused the Trump administration of manipulating the market to benefit themselves and their allies. Ocasio-Cortez’s investigation highlighted a spike in Nasdaq call volumes just before the tariff pause announcement, suggesting possible leakage of confidential information to privileged individuals. Senator Warren echoed these concerns, emphasizing the need for an independent probe into potential market manipulation and insider trading within the administration.

Elon Musk’s Department of Government Efficiency, known as DOGE, recently terminated car safety experts from the National Highway Traffic Safety Administration who oversaw Tesla’s compliance. This move, resulting in the dismissal of 30 employees, including those responsible for regulating self-driving vehicles, has sparked controversy. The NHTSA has multiple investigations ongoing against Tesla, particularly regarding Musk’s assertions about the company’s Autopilot system and Full Self-Driving software. Despite Musk’s ambitious plans to introduce driverless ride-hailing services and autonomous “cybercabs,” the recent layoffs at the NHTSA have raised concerns about regulatory oversight and potential safety risks associated with Tesla’s advanced technologies.