Sen. Adam Schiff, D-Calif., said he will demand that the White House tell him “who knew in advance” that Trump “was going to once again flip flop on tariffs.”
“Are people cashing in? There is just all too much opportunity for people in the White House and the administration to be insider trading, and you can’t put it past them for a minute. So we’re going to try to find out,” Schiff told reporters Wednesday afternoon.
Hours before Trump announced he was temporarily lowering his “reciprocal” tariff rates to a baseline 10% for all affected countries except China, he declared, “THIS IS A GREAT TIME TO BUY!!! DJT.”
Schiff said he believes that “someone is knowing about these events in advance.”
“They may have an hour to know, or they may have a day, but someone knows,” he said. “And the question is, are they trading on that information? Are they profiting while people’s retirement savings are on fire? Are people in the administration making money out of it?”
Tariff war updates President Donald Trump dramatically reversed course, dropping his country-specific tariffs down to a universal 10% rate for all trade partners except China.
China’s tariff rate will jump to 125%, effective immediately, the White House says.
White House advisors claimed the flip flop was always the strategy, suggesting that the past week of massive tariffs that triggered huge market losses was all for show.!!? 😡🤬
Beijing has announced a reciprocal 84% tariff rate on U.S. goods, effective April 10.
China issued new travel warnings for its citizens about visiting the United States.
Sen. Adam Schiff, D-Calif., said he will demand that the White House tell him “who knew in advance” that Trump “was going to once again flip flop on tariffs.”
“Are people cashing in? There is just all too much opportunity for people in the White House and the administration to be insider trading, and you can’t put it past them for a minute. So we’re going to try to find out,” Schiff told reporters Wednesday afternoon.
Hours before Trump announced he was temporarily lowering his “reciprocal” tariff rates to a baseline 10% for all affected countries except China, he declared, “THIS IS A GREAT TIME TO BUY!!! DJT.”
Schiff said he believes that “someone is knowing about these events in advance.”
“They may have an hour to know, or they may have a day, but someone knows,” he said. “And the question is, are they trading on that information? Are they profiting while people’s retirement savings are on fire? Are people in the administration making money out of it?”
The European Union on Wednesday voted to approve its first set of retaliatory measures to counter tariffs imposed by the U.S. on steel and aluminum.
The European Commission, the bloc’s executive arm, said duties would start being collected from April 15. The response package was unveiled last month targeting a range of goods.
China has responded again to U.S. President Donald Trump’s tariff policies by hiking its levies on U.S. imports to more than 80%.
China’s Office of the Tariff Commission of the State Council said that tariffs on U.S. goods will rise to 84% from 34% starting on April 10, according to a translation of the announcement. This comes after the latest U.S. tariff hike — which brings levies on Chinese goods to more than 100% — took effect at the start of April 9.
Trump is threatening to jack up tariffs on China by an additional 50% unless Beijing abandons its retaliatory duties on U.S. imports.
Trump in a Truth Social post gave China until Tuesday to undo its 34% tariffs, imposed in response to the “reciprocal” duties unveiled at the White House last week.
Trump also wrote that he will cancel all planned talks with China if they do not comply with his demand.
China’s action came “despite my warning” that any country retaliating against the new U.S. tariffs “will be immediately met with new and substantially higher Tariffs, over and above those initially set,” Trump wrote.
“Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!”
Federal Reserve Chair Jerome Powell said Friday that he expects President Donald Trump’s tariffs to raise inflation and lower growth, and indicated that the central bank won’t move on interest rates until it gets a clearer picture on the ultimate impacts. #InterestRateDecision
China’s finance ministry on Friday said it will impose a 34% tariff on all goods imported from the U.S. starting on April 10.
The ministry criticized Washington’s decision to impose 34% of additional reciprocal levies on China — bringing total U.S. tariffs against the country to 54% — as “inconsistent with international trade rules.”
U.S. stock futures and European markets fell sharply on news of the reciprocal tariffs
President Donald Trump said Monday any country that buys oil and gas from Venezuela will face a 25% tariff on any trade that they do with the United States.
The tariff will take place on April 2, the president said in a post on his social media platform Truth Social.
On March 12, 2025, the U.S. implemented 25% tariffs on all steel and aluminum imports, eliminating previous exemptions and quotas that had been in place for countries like Canada, Mexico, and the EU. This move, enacted under a national security justification (Section 232), marks a significant escalation from earlier policies where the Biden administration had suspended or replaced some tariffs with tariff-rate quotas. Trump has explicitly threatened to impose 25% tariffs on all EU goods, with in
Mexico president says retaliatory tariffs coming Sunday as Trump starts global trade fight
Latosha Hostert efLh
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Bearish
President Donald Trump said the U.S. will impose 25% tariffs on imports from Canada and Mexico on Tuesday. Trump is also imposing an additional 10% tariff on imports from China.
China announced Tuesday it would impose additional tariffs of up to 15% on some U.S. goods from March 10 and restrict exports to 15 U.S. companies. The retaliatory measures from China’s Ministry of Finance and Ministry of Commerce came just as additional U.S. tariffs took effect on Chinese goods. After the first round of new U.S. tariffs in February, China’s retaliatory measures included raising duties on certain U.S. energy imports and putting two U.S. companies on an unreliable entities list that could restrict their ability to do business in the Asian country.
Canada will impose 25% tariffs on C$155 billion ($107 billion) worth of U.S. goods from Tuesday if U.S. President Donald Trump’s administration follows through with its proposed tariffs on Canadian goods, Prime Minister Justin Trudeau said on Monday. Canada will slap 25% tariffs on C$30 billion worth of U.S. goods from Tuesday, while tariffs on the remaining C$125 billion of products will come into effect in 21 days, Trudeau said in a statement.
President Donald Trump said the U.S. will impose 25% tariffs on imports from Canada and Mexico on Tuesday. Trump is also imposing an additional 10% tariff on imports from China.
China announced Tuesday it would impose additional tariffs of up to 15% on some U.S. goods from March 10 and restrict exports to 15 U.S. companies. The retaliatory measures from China’s Ministry of Finance and Ministry of Commerce came just as additional U.S. tariffs took effect on Chinese goods. After the first round of new U.S. tariffs in February, China’s retaliatory measures included raising duties on certain U.S. energy imports and putting two U.S. companies on an unreliable entities list that could restrict their ability to do business in the Asian country.
Canada will impose 25% tariffs on C$155 billion ($107 billion) worth of U.S. goods from Tuesday if U.S. President Donald Trump’s administration follows through with its proposed tariffs on Canadian goods, Prime Minister Justin Trudeau said on Monday. Canada will slap 25% tariffs on C$30 billion worth of U.S. goods from Tuesday, while tariffs on the remaining C$125 billion of products will come into effect in 21 days, Trudeau said in a statement.