Just hours after advising Americans to invest in the stock market, President Donald Trump praised his wealthy friends for benefiting from the ongoing trade war.
A video currently making rounds on the internet shows the 78-year-old leader boasting about two of his affluent friends who collectively made over $3 billion as the stock market experienced a temporary uptick.
On the morning of April 9th, the President took to Truth Social, posting: “THIS IS A GREAT TIME TO BUY!!! DJT.”
Referring to Charles Schwab, Trump mentioned: “This is Charles Schwab…it’s not just a company, it’s actually an individual!”
From the Oval Office, he humorously described how Schwab profited $2.5 billion in the stock market while another friend gained $900 million, contrasting sharply with the struggles of ordinary Americans who are bracing for a potential recession.
His stock market advice came a few hours before he announced a 90-day suspension of tariffs on several countries.
He wrote on his social media platform: “Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately.”
“At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.”
“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed.”
The post continued: “Relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States.”
“I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!”
Critics have condemned Trump for encouraging stock purchases before halting the tariffs, with accusations of potential insider trading.
Connecticut’s U.S. Senator Chris Murphy expressed concerns, stating: “An insider trading scandal is brewing.”
“Trump’s 9:30am tweet makes it clear he was eager for his people to make money off the private info only he knew. So who knew ahead of time and how much money did they make?”