Congressman Steven Horsford and Congresswoman Terri Sewell, Ranking Member of the House Ways and Means Committee’s Subcommittee on Oversight, were joined by 131 Congressional Democrats in sending a letter today demanding accountability for the Trump Administration’s dramatic reversal of tariffs planned for 57 countries yesterday just hours after President Trump posted on social media that “THIS IS A GREAT TIME TO BUY!”
Trump’s decision to pause tariffs predictably led the U.S. stock market to rally significantly, raising the specter of market manipulation for anyone who invested in the market as a result of Trump’s message.
Horsford and Sewell’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:
- 1. A timeline of deliberations regarding the tariffs;
- 2. 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;
- 3. Any communications between the USTR and financial institutions, private investors, or public relations personnel in the 72 hours before and after the April 9th announcement;
- 4. A description of the role the Department of Commerce played in coordinating tariff policy;
- 5. A description of the role the Department of the Treasury played in the interagency process leading up to the April 9th delay announcement;
- 6. 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 2nd through April 10th – including a description, purchase price, and/or sale price of each security.
Notably, the pause came as his Trade Representative, Jamieson Greer, was in the midst of testimony to the House Ways & Means Committee in support of Trump’s tariffs. Greer had already spent four hours defending and promoting the tariffs when his staffer showed him Trump’s social media post reversing the policy. That moment of public humiliation led to a fiery exchange between Greer and Rep. Horsford about the president’s motives.
You can see the exchange here: https://youtu.be/h5wMPDuio78