Wolf of Wall Street: Trump not guilty of market manipulation after tariff reversal

The controversial stockbroker, known as the “Wolf of Wall Street,” has weighed in on President Donald Trump’s recent actions regarding tariffs, providing his unique perspective on the matter. Jordan Belfort, who has previously admitted to being involved in stock manipulation, has given his take on Trump’s trade war decisions, particularly his sudden change in stance on tariffs.

Shortly before announcing a 90-day halt on global tariffs, Trump made public statements suggesting it was a good time to invest, which led to speculation about potential market manipulation and insider trading. However, Belfort does not believe that Trump’s actions constitute any form of illegal activity. He emphasized that Trump’s public disclosure to all investors simultaneously does not breach the law and dismissed any suspicions about insider trading.

In his interview with Sky News, Belfort highlighted that Trump’s advice to purchase stocks during a market decline is a well-known strategy and not a new revelation. He pointed out that Trump had previously made similar remarks, along with Treasury Secretary Bessent, indicating that it was a common and widely shared investment tip.

The abrupt implementation of tariffs by Trump caused significant turmoil in global stock markets, leading to a major decline in values. However, Trump’s subsequent decision to pause most tariffs for three months resulted in a historic surge in U.S. stock values, injecting a staggering $5.1 trillion into the market. The S&P 500 witnessed a substantial increase of 9.5 percent, the largest single-day rise since the 2008 financial crisis.

After Trump’s online statement, Democratic lawmakers raised concerns about potential insider trading and ethics violations, prompting demands for a thorough investigation. The White House defended Trump’s actions as part of his duty to provide reassurance to both markets and American citizens regarding their financial security in the face of media alarmism.

While the stock market experienced a temporary rally post-tariff announcement, experts warn of continued volatility as the U.S. and China engage in an ongoing trade dispute. Belfort acknowledged that tariffs are not typically favorable but asserted that Trump’s initiative was a necessary corrective measure to address trade imbalances that have depleted American wealth and industries.

Despite concerns about potential repercussions for consumers, particularly with Chinese imports like iPhones, Belfort believes that companies will pivot away from China for production. In response to Trump’s tariffs, China retaliated by imposing increased levies on U.S. goods, escalating tensions between the two nations.

Belfort also expressed support for Elon Musk’s efforts to streamline government operations and reduce wasteful spending. He commended Musk’s controversial decisions, such as cutting thousands of jobs, citing the need to combat abuse and inefficiency within governmental structures.