State prosecutors in New York are looking into whether the Trump administration engaged in insider trading, according to a report.
The office of New York Attorney General Letitia James told CNN on Monday it is looking into potential insider trading by officials and associates after Trump announced — then paused — broad tariffs for 90 days.
The review is still early and is not a full investigation, according to the report. It wasn't immediately clear if the review would result in finding evidence of any wrongdoing.
The Trump administration faced insider trading questions last week due to the timing of Trump's public statements and policy actions regarding tariffs, which coincided with roller-coaster stock market movements.
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Trump posted on his Truth Social platform on April 9, "THIS IS A GREAT TIME TO BUY!" minutes after the market opened. Hours later, he announced a 90-day pause on tariffs for most countries and increased tariffs on Chinese imports. The head-turning reverberated through financial markets, leading to a sharp rebound in the stock market, with the S&P 500 surging by 9.5 percent after a steep nosedive.
Democratic lawmakers and market observers expressed concerns about possible insider trading and market manipulation, with Sen. Adam Schiff (D-CA) and others calling for investigations.
The White House has denied that Trump's post was meant to manipulate the market and insisted he was trying to ease concerns about markets and uncertainty.