In a matter of moments, millions of people’s futures were devastated. Following the announcements made by the Trump administration about the implementation of new tariffs, the entire stock market plunged. Alongside it went countless retirement funds and savings as millions of Americans lost the funds they relied on to stay financially stable and retire.
The quick downturn of the market was soon contrasted by messaging from the Trump administration in the form of clarifications about the tariffs, resulting in a partial rebound. Although the rebound somewhat lessened the impact that Americans felt from the original drop, many Americans still lost significant portions of their savings, while a few made millions within days.
Rather than express concern over the devastation of working class Americans, Trump touted the success of the few that profited in the Oval Office. A video recorded in the office following the announcement showed Trump gesturing at a few other men in the room, saying, “he made $2.5 billion today and he made $900 million—that’s not bad.”
Alongside having made fortunes greater than the net worth of over 99.99% of the rest of the population, those who had benefited the most were also granted private access to the top office in the nation. The newfound access to the White House is a clear indication that the wealthy were closer to the president than ever.
Following the staggering transfer of wealth resulting from the two announcements from the Trump Administration, Democrats were quick to levy accusations of insider trading – an act wherein an individual buys or sells securities based on non-public information. The non-public information in this case was information regarding the timing of tariff announcements, the knowledge of which would allow for the purchasing and selling of stocks at the ideal time periods. Since only a few rich investors and firms were able to fully take advantage of the extenuating circumstances, the idea that they had received insider information quickly became of major concern.
The belief that insider trading had taken place was further compounded by a social media post made on Truth Social. A few hours before the second announcement about the tariffs President Trump posted “THIS IS A GREAT TIME TO BUY!!!” Although no context was publicly provided with the message, the fact that the president was urging his followers to make investments immediately prior to the release of information that led to a stock rise is indicative of a concerted effort to financially reward those that followed him.
Private investors were not the only ones making a significant profit from tariffs. A recent investigation by ProPublica revealed that numerous employees of the executive branch sold significant portions of their stock portfolios days before the tariffs were enacted. The highly unusual trades are suggestive of advanced knowledge of economic policies being used for financial gain, a violation of insider trading laws.
Soon after the market fluctuations caused by the messages resulted in billions of dollars in losses for millions of Americans and similarly sized profits for a select few, calls for investigations began. Several Democrats petitioned the Securities and Exchange Commission to investigate whether Trump was participating in insider trading.
Although the SEC has not publicly announced any form of investigation in response to the recent events and requests by Democrats, the public calls for scrutiny are growing. Although a formal investigation is critical in addressing such underhanded dealings, public engagement in the matter is also important and can lead to more scrutiny.
Calling out flagrant violations of ethics and responsibilities in pursuit of political support is essential in preventing abuses of power. With instances of unethical political practices becoming more prevalent every month, it can be easy to tune out the most recent instance of a jet being gifted or a favorable governmental action toward a particular private business.
While the constant barrage of news regarding the new administration can be overwhelming, it remains more essential than ever to notice their activities and rally representatives to continue fighting against corrupt practices. Not doing so will only encourage those in power to continue abusing their position to further themselves politically and financially, ultimately harming Americans in the process.