More than a dozen U.S. lawmakers were linked to thousands of dollars in stock trades just before and after President Donald Trump announced major changes to U.S. tariffs earlier this year, according to a CNN analysis of congressional financial filings.
The timing of these trades has raised new questions about whether members of Congress can fairly participate in the stock market while having access to sensitive information.
On April 7, two days before Trump paused most of the tariffs he had announced in early April, seven Democrats and three Republicans reported stock transactions. That same day, a false post on X (formerly Twitter) claimed a tariff pause was already in effect, causing stock prices to drop sharply.
The next day, as the White House announced new tariffs on China and the S&P 500 hit its lowest point of the year, seven Republicans and four Democrats were also tied to stock trades.
On April 9, just before Trump officially paused many tariffs for 90 days, he posted online encouraging people to buy stocks. The market responded with its biggest single-day gain since October 2008.
Lawmakers have long traded stocks, often through third-party advisors who manage their portfolios without their direct involvement. However, the close timing of these trades with major policy announcements has fueled concerns about possible conflicts of interest. Some experts say even the appearance of lawmakers profiting from inside information can damage public trust.
Between March 31 and April 9, 35 lawmakers (19 Republicans and 16 Democrats) reported stock transactions worth between $8.6 million and $27.9 million in purchases and $5.9 million to $22.4 million in sales.
These trades included stocks, mutual funds, and bonds. Rep. Ro Khanna reported the most transactions, while Rep. Kevin Hern made the single largest trade, worth up to $5 million.
Lawmakers and their representatives told CNN that most trades were managed by independent advisors, and many were not direct stock purchases but part of trusts or bond investments. Some, like Rep. Marjorie Taylor Greene, said they do not direct their own trades and have agreements with portfolio managers.
Despite these explanations, some lawmakers and ethics experts argue that Congress should ban individual stock trading by members altogether. Rep. Chip Roy and Rep. Seth Magaziner are among those calling for stricter rules to prevent even the possibility of insider trading.
The debate intensified after March 3, when Trump announced new tariffs on China, Mexico, and Canada. Sixteen lawmakers reported hundreds of thousands of dollars in trades that day, mostly purchases, as the market experienced its worst day of the year.
Many lawmakers say they support efforts to ban or limit stock trading by members of Congress, with some already moving their investments into blind trusts or mutual funds. The issue remains under debate as public scrutiny grows over lawmakers’ financial activities during times of major policy changes.
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