Senator Elizabeth Warren is calling for an independent investigation into potential market manipulation linked to US President Donald Trump’s tariffs, accusing him of enriching Wall Street insiders while working Americans suffer the consequences of economic instability.

Speaking from the US Capitol on Wednesday, the Massachusetts Democrat and top Senate Banking Committee member lambasted the Trump administration for its erratic tariff policy and for “not acting” to stop the market bloodbath. 

I'm calling for an investigation into whether President Trump manipulated the market to benefit his Wall Street donors—all while working people and small businesses paid the price.

Did Trump help insiders cash in on his tariff flip-flopping? It sure looks like corruption. pic.twitter.com/5QZ1X5YOpz

— Elizabeth Warren (@SenWarren) April 9, 2025

Her words of denunciation came hours after Trump abruptly revised American import tariffs, dropping them to 10% across several nations except China, to which he bumped up duties from 104% to 125%.

Senator Warren: Trump tariffs are hurting Americans

“Now there’s chaos…no one knows what the tariffs will be tomorrow, the next day, or next week. But prices are still rising, businesses are still hesitant to invest, and working families are still worried about their jobs.”

~ said Warren.

In her speech, Warren accused Trump of tipping off wealthy allies before the policy reversal. She referenced a now-deleted post from Trump on Truth Social that stated: “THIS IS A GREAT TIME TO BUY,” made shortly before the tariffs shifted.

After Trump announced the US was pausing tariffs for 90 days, the equities market index, the S&P 500, closed the day with a 9.5% gain. Earlier in the session, markets had been sliding due to fears that a Trumpian trade war could tip the global economy into recession. This gave Warren more ammo for her case.

Warren said the timing of the post is very suspicious and asserted that Trump or members of his administration had manipulated the market to benefit political donors. 

“We need an independent investigation into market manipulation. Americans need to know whether their president orchestrated economic decisions to enrich his billionaire friends while everyone else pays the price,” the Massachusetts Senator reckoned.

A falling economy calls for action, but Republicans are quiet

Warren told the Senate that President Trump’s pressing play-pause-play on tariffs was reckless, chaotic, and harmful to the US economy. “This might be the first time in history that a single action by a single man has destroyed this much economic value across the planet,” she said.

This chaos will keep hurting the American people. Maybe the President is looking for an exit ramp. Maybe he's not. Either way, this will only end when Congress reins Trump in. https://t.co/XD96fVwZ6X

— Elizabeth Warren (@SenWarren) April 9, 2025

According to the senator, since Trump’s tariffs were introduced one week ago, Americans’ retirement accounts have seen significant losses, businesses have begun raising prices, and some are preparing for layoffs. Consumer confidence has plummeted to its lowest point in years, with millions of Americans uncertain about job security.

The 75-year-old lawmaker cautioned leaders that the nation is headed toward a recession if the volatility continues. She compared the current crisis to the 2008 mortgage meltdown and the 2020 COVID-19 pandemic, except this time, she said, the damage is self-inflicted.

“There’s no housing collapse, no global virus. This crisis is the result of one man’s actions: Donald Trump,”

~ said Warren.

She then pushed the blame towards Congressional Republicans for standing by Trump’s tariffs when they harm farmers, small businesses, and American consumers. 

“Every single elected Republican in Congress knows what these tariffs mean. They just refuse to do anything about it.”

~ said Warren.

As reported by Cryptopolitan, several GOP senators are against the import duties. Senator John Kennedy of Louisiana likened the policy to excessive alcohol, warning, “Tariffs are like whiskey: a little under the right circumstances can be refreshing—but too much can make you drunk as a goat.”

Senator Thom Tillis of North Carolina asked policymakers to consider the real-world impacts, saying, “Anyone who says there may be a little pain before we get things right needs to talk to my farmers who are one crop away from bankruptcy.”

Senator Ted Cruz postulated that he was not “a fan of jacking up taxes on American consumers.”

Still, Warren accused Republicans of complicity through inaction. “They sit on their hands while millions of Americans are sitting at home wondering when Congress will step up,” she argued.

Manufacturing jobs decline despite tariff goals

Trump insists that tariffs are meant to protect and improve American manufacturing, but Warren told Congress that the opposite is happening. “These tariffs are not bringing back manufacturing jobs. Instead, companies are cutting them,” she propounded.

“As much as Trump loves to take credit for investment announcements that predate his policies, the reality is the tariffs are scaring off investors. Slapping tariffs on every country, including tiny islands populated only by penguins, is an economic policy that belongs in a satire film, not the real world.”

Warren closed her speech by reiterating that the consequences of Trump’s tariffs are being felt in every American community. 

“Farmers are pleading for help. Seniors nearing retirement are scrambling. Workers are facing layoffs,” she remarked. “And yet Trump and his allies treat it like a game. We must find out if market manipulation occurred. The American people deserve answers, they deserve action.”

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