Horsford Drives Democratic Accountability Push Over Tariff-Driven Market Manipulation

WASHINGTON, D.C. – Congressman Steven Horsford (NV-04) and Congresswoman Terri Sewell (AL-07), Ranking Member of the House Ways and Means Committee’s Subcommittee on Oversight, are today leading a letter to demand accountability for the Trump Administration’s dramatic reversal of tariffs planned for 57 countries yesterday just hours after President Trump posted on social media that “THIS IS A GREAT TIME TO BUY!”

Trump’s decision to pause tariffs predictably led the U.S. stock market to rally significantly, raising the specter of market manipulation for anyone who invested in the market as a result of Trump’s message.

“This administration claims their tariff pause was all part of their plan, and also claims the pause wasn’t market manipulation – it’s hard to believe both are true,” Rep. Horsford said. “My constituents in Nevada, and every single American, deserve to know who is benefiting and how they are benefitting from the market turmoil that’s harming so many working-class people and families right now.”

Horsford’s letter, which is addressed to the President, the Office of the United States Trade Representative, the U.S. Department of Treasury, the U.S. Department of Commerce, and the Securities and Exchange Commission, requests key details within 15 days that would clarify if market manipulation was a factor, and provide insights into the planning involved in the policy reversal. Specifically, the letter requests:

1. A timeline of deliberations regarding the tariffs;
2. Any documentation or correspondence shared with the White House or Executive Office of the President regarding the timing of the tariffs, and a list of who was informed about tariff plan changes;
3. Any communications between the USTR and financial institutions, private investors, or public relations personnel in the 72 hours before and after the April 9^th announcement;
4. A description of the role the Department of Commerce played in coordinating tariff policy;
5. A description of the role the Department of the Treasury played in the interagency process leading up to the April 9^th delay announcement;
6. Information about any securities purchased or sold by the President, Chair of the SEC, or any Cabinet Member between when reciprocal tariffs were announced on April 2^nd through April 10^th – including a description, purchase price, and/or sale price of each security.

The full text of the letter is available here.

“Since the Administration insists this was not market manipulation, they should welcome this opportunity to prove that claim true,” Rep. Horsford said. “The questions I’m asking drive at more than accountability – they would lead to vindication if there truly was nothing untoward taking place.”

Today’s letter follows a tense confrontation between Rep. Horsford and U.S. Trade Representative Greer yesterday in the House Ways and Means Committee as Greer learned in real time that the tariffs he was testifying to Congress about had just been paused by the president.

“What we witnessed yesterday was unbecoming for any administration official, and any presidential administration,” Horsford added. “Not only is it clear that President Trump does not care for the counsel of his advisors – it’s also clear that his advisors are less important to him than his billionaire backers are. He made the rich richer yesterday, and he does not care if it came at the expense of the American people or his trade representative’s dignity.”

Video of Horsford’s exchange with U.S. Trade Representative Greer is available here.

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