Stock market analysts terming it a ‘market manipulation’ said President Trump had allegedly paused tariffs to enable his followers to benefit from soaring markets.
“The tariff pause gave a fresh impetus to ailing stocks that rebounded just after the announcement,” a market analyst said.
The Colombo Stock Exchange (CSE) staged a dramatic rebound on Thursday, with the All-Share Price Index (ASPI) soaring 467.26 points, or 3.19 percent, to close at 15,127.71, decisively breaching the critical 15,000 psychological barrier. The bullish momentum marked a sharp reversal from recent volatility, fuelled by renewed investor confidence in Sri Lanka’s efforts to mitigate the impact of recently imposed U.S. tariffs and broader optimism across Asian markets.
Less than four hours before President Trump said that he was pausing tariffs sent markets soaring, he posted online telling his 9.4 million followers that it was a good time to buy.
“This is a great time to buy” he posted on his social media site. He said on the same site shortly, thereafter, that he would pause most new tariffs, causing the ailing stock markets to sharply rise.
Senator Elizabeth Warren on Wednesday called for a formal investigation on whether US President Donald Trump manipulated the stock market to benefit his Wall Street donors after his well-timed social media post to ‘buy’ prior to an announcement on tariffs.
“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,” she wrote in a post on X.
Did Trump help insiders cash in on his tariff flip-flopping? It sure looks like corruption,” the Massachusetts senior Senator added.
The world’s top 10 richest billionaires saw their combined net worth rise by $135 billion on Wednesday, according to the Bloomberg Billionaires Index, after US President Donald Trump announced a 90-day pause on his proposed tariff hikes for most countries.
“I have authorised a 90-day pause,” Trump said, acknowledging over 75 countries that are currently negotiating trade terms and have not retaliated against his recent tariff escalations.
