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Friday, April 11, Ways and Means Oversight Subcommittee Ranking Member Terri A. Sewell, AL-07, and Congressman Steven Horsford, NV-04, led a letter with Ways and Means Democrats demanding accountability for President Trump’s reversal of “reciprocal tariffs” planned for 57 countries just hours after he posted on social media that “THIS IS A GREAT TIME TO BUY!!! DJT.” Trump’s later tariff announcement caused the U.S. stock market to spike, raising widespread concerns of market manipulation.
“Donald Trump’s chaotic trade actions have thrown the global economy into turmoil, and working-class Alabamians are hurting,” said Oversight Subcommittee Ranking Member Terri Sewell. “The American people deserve to know if any of Trump’s billionaire friends knew about the tariff pause before it was announced and profited off Trump’s policies that are hurting everyday Americans.”
“This administration claims their tariff pause was all part of their plan, and also claims the pause wasn’t market manipulation – it’s hard to believe both are true,” said Rep. Horsford.“My constituents in Nevada, and every single American, deserve to know who is benefiting and how they are benefitting from the market turmoil that’s harming so many working-class people and families right now.”
Sewell and Horsford’s letter, which is addressed to the President, the Office of the United States Trade Representative, the U.S. Department of Treasury, the U.S. Department of Commerce and the Securities and Exchange Commission, requests key details within 15 days that would clarify if market manipulation was a factor, and provide insights into the planning involved in the policy reversal. Specifically, the letter requests:
- A timeline of deliberations regarding the tariffs;
- Any documentation or correspondence shared with the White House or Executive Office of the President regarding the timing of the tariffs, and a list of who was informed about tariff plan changes;
- Any communications between the USTR and financial institutions, private investors or public relations personnel in the 72 hours before and after the April 9 announcement;
- A description of the role the Department of Commerce played in coordinating tariff policy;
- A description of the role the Department of the Treasury played in the interagency process leading up to the April 9 delay announcement;
- Information about any securities purchased or sold by the President, Chair of the SEC, or any Cabinet Member between when reciprocal tariffs were announced on April 2 through April 10 – including a description, purchase price, and/or sale price of each security.
Full text of the letter is available here.
