On April 2nd, President Trump declared a 10% tariff impacting all countries, alongside additional tariffs determined by perceived trade imbalances, resulting in tariffs applied to territories lacking permanent populations.
Further tariffs against China elevated the total tariff rate on goods from that nation to roughly 125%.
Market Reacts to Policy U-Turn with Volatility and New Tariff Threats
These tariffs caused market declines until Wednesday when President Trump announced that while the 10% base tariff and China tariffs would remain, other tariffs would be deferred for 90 days, subject to further policy changes.
This modification led to a temporary market recovery, which subsequently reversed following President Trump’s announcement of planned “sectoral” tariffs, including on pharmaceuticals.
Social Media Posts and Wall Street Meeting Fuel Corruption Claims
Notably, several hours before the public announcement of this tariff policy shift, President Trump posted on Truth Social, a social media platform linked to him, urging followers to “BUY!!! DJT.”
“DJT” is both President Trump’s initials and the stock ticker symbol for Trump Media & Technology Group Corp.
Such promotion of his own company’s stock has been characterized as a deviation from presidential protocol and indicative of commercial promotion from the executive office.
Senator Warren, during Senate proceedings, questioned whether these events constituted “market manipulation” or overt corruption.
Following the market’s upward movement after the tariff delay announcement, President Trump hosted representatives from major Wall Street firms at the Oval Office.
During this meeting, he reportedly highlighted individual financial gains resulting from the market increase, citing specific large dollar amounts earned by individuals present, which prompted apparent amusement from the financial executives present.
Family’s Financial Activities Add to Ethical Scrutiny
Furthermore, President Trump’s son, Eric Trump, in his role as “Web3 Ambassador” for the Trump-associated entity World Liberty Financial, previously posted on X advising followers to “add $ETH,” adding, “You can thank me later.”
Subsequently, World Liberty Financial initiated the transfer of substantial ether (ETH) holdings to the Coinbase exchange.
Although Eric Trump later edited the post to remove “thank me later,” the value of ETH has since decreased by 45% from the time of his initial statement.
Also Read: Trump Signs Resolution to Block IRS Rule on DeFi Brokers
