Following calls from Democrats to investigate alleged insider trading tied to U.S. President Donald Trump’s decision to temporarily halt some tariffs, Kevin Hassett, head of the National Economic Council under the Trump administration, flat out dismissed the claims of insider trading.
Insider Trading at 1600 Pennsylvania? White House Fires Back After Democrats’ Accusations
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‘Nothing Funny Was Happening’: Trump Economic Chief Defends White House as Markets Sway
Kevin Hassett, chief economic adviser at the White House and director of the National Economic Council, acknowledged that markets experienced significant shifts on the day President Trump opted to suspend broad tariffs affecting more than a hundred countries, excluding China. Nonetheless, he firmly denied allegations of insider trading.
His remarks came in response to Representative Adam Schiff’s announcement that a letter would be sent to the White House raising concerns about potential insider activity. Schiff wrote: “In any administration this corrupt, it is more than necessary to ask: Were people profiting from insider information while people’s savings, their retirement accounts, were being torched?”
“There was no insider trading at the White House,” Hassett insisted during an interview with Fox News. “But I can say that when there are big movements in markets, there are people around town that investigate and make sure that nothing funny was happening.” He added:
The issues will be investigated by the right officials, but I’m sure it’s not anything to do with the White House.
Equities opened with optimism but encountered renewed volatility by early Monday afternoon, around 1:30 p.m. EDT. Each of the major U.S. benchmark indices has posted modest gains, maintaining positive territory. Meanwhile, the crypto market has dipped by 0.64%, with BTC hovering below the $85,000 mark, reflecting a 0.17% decline over the past 24 hours. Much of the earlier excitement surrounding the Trump administration’s electronics tariff exemptions has largely dissipated. Especially since U.S. Commerce Secretary Howard Lutnick clarified the exemptions were temporary.
Although Hassett maintained that nothing questionable was occurring, Unusual Whales—a finance-focused account on X—alleged that Republican Marjorie Taylor Greene made significant equity purchases on April 8 and 9, when stock prices were notably depressed. Some observers pointed to Trump’s social media posts around that time, in which he declared it a prime opportunity to buy, preceding the tariff freeze. However, defenders argue the message was broadcast publicly, accessible to all, not exclusively to insiders.
