WASHINGTON: A group of US senators on Friday urged the government’s markets watchdog to investigate whether President Donald Trump or White House insiders broke securities laws ahead of his dramatic reversal on global tariffs.
The six Democrats — led by Massachusetts progressive Elizabeth Warren — noted in a letter to the Securities and Exchange Commission (SEC) that Trump posted on his website Truth Social early Wednesday that “THIS IS A GREAT TIME TO BUY!!!” as stock markets were tanking.
A few hours later, Trump announced a 90-day suspension of additional tariffs against dozens of countries, triggering a historic stock market rebound and the best day for the S&P 500 since the recovery from the 2008 financial crisis.
“We urge the SEC to investigate whether the tariff announcements... enriched administration insiders and friends at the expense of the American public,” senators wrote in a letter to regulators at the Securities and Exchange Commission.
The letter urged the SEC to probe whether “any insiders, including the president’s family, had prior knowledge of the tariff pause that they abused to make stock trades ahead of the president’s announcement.”
Trump signed his Truth Social post with the letters “DJT” — both his initials and the stock market abbreviation for his media company, Trump Media & Technology Group.
The company’s shares closed up 21.67 percent on Wednesday.

“Corruption and lawlessness”

The senators called on the SEC to investigate whether the president, his donors or other insiders had engaged in market manipulation, insider trading or other violations of securities laws.
SEC chairman Paul Atkins has history with Warren, the top Democrat on the Senate Banking Committee, who has accused him of having conflicts of interest over his ties to the financial services industry.
Atkins is not obliged to do what the senators ask, and four of the group followed up with a second letter to the National Association of Attorneys General asking for state-level investigations.
“Corruption and lawlessness have become a calling card of the Trump administration,” said Senate Minority Leader Chuck Schumer, one of the signatories of both letters.

The demand for action came amid concern over the growing number of avenues through which Trump and his family can monetize the power of the presidency, although no evidence of corruption had emerged.
Days before his inauguration, Trump released a “memecoin” — a digital cryptocurrency token with no inherent value — opening the door for secret donations from foreign buyers.
“Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks,” his former aide Anthony Scaramucci posted on social media after the launch.
“Every favor — geopolitical, corporate or personal — is now on sale, right out in the open.”
The White House told The Washington Post that Trump’s Truth Social post sought only to “reassure” the public and that he had a responsibility to “reassure markets and Americans about their economic security.”
 

WASHINGTON: More than 100 Chinese citizens fighting for the Russian military against Ukraine are mercenaries who do not appear to have a direct link to China’s government, two US officials familiar with American intelligence and a former Western intelligence official said.
Chinese military officers have, however, been in the theater behind Russia’s lines with Beijing’s approval to draw tactical lessons from the war, the former official told Reuters.
The head of US forces in the Indo-Pacific, Admiral Samuel Paparo, confirmed on Wednesday that Ukrainian forces had captured two men of Chinese origin in eastern Ukraine after Ukrainian President Volodymyr Zelensky said his country had information about 155 Chinese citizens fighting there on Russia’s behalf.
China, which has declared a “no-limits” partnership with Russia and has refrained from criticizing Moscow’s 2022 full-scale invasion of Ukraine, had called Zelensky’s remarks “irresponsible” and said China was not a party to the war.
The US officials, speaking on condition of anonymity, said the Chinese fighters appear to have minimal training and are not having any discernable impact on Russia’s military operations.
The CIA, the US Office of the Director of National Intelligence, and the National Security Council, as well as China’s embassy in Washington, did not respond immediately to requests for comment.

The former Western intelligence official with knowledge of the issue told Reuters there were about 200 Chinese mercenaries fighting for Russia with whom the Chinese government has no link.
But Chinese military officers have, with Beijing’s approval, been touring close to Russia’s frontlines to draw lessons and tactics from the war. The officers “are absolutely there under approval,” the former official said.
China has for years provided Moscow with material support to help aid its war against Ukraine, primarily in the shipment of dual-use products – components needed to maintain weapons such as drones and tanks.
Beijing has also supplied Russia with lethal drones to use on the battlefield. In October, the Biden administration sanctioned for the first time two Chinese companies for providing the weapons systems to Moscow.
Volunteers from Western countries, including the US, have been fighting for Ukraine since the early days of the war, and North Korea has deployed more than 12,000 troops to support Russian forces, thousands of whom have been killed or injured in combat.