President Donald Trump has lauded his billionaire friends for profiting off the trade war just hours after urging Americans to buy on the stock market.
Footage is circulating online showing the 78-year-old Republican boasting that two of his already plenty-rich friends had profited more than $3 billion between them as stocks temporarily bounced back.
Yesterday morning (April 9), the POTUS took to Truth Social to post: "THIS IS A GREAT TIME TO BUY!!! DJT."
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Charles Schwab obviously listened, I'm on about the individual not the company... to reference Trump.
Speaking from inside the Oval Office, he joked: "This is Charles Schwab…it’s not just a company, it’s actually an individual!"
Before going on to explain how he profited $2.5 billion on the stock market, while another mate of his made $900 million.
Quite the contrast to how everyday Americans are living, with many under bracing themselves for what could be another recession.
His advise came just under four hours before he announced that he was going to pause tariffs previously held against numerous countries for 90 days.
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"Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately," he wrote on his social media platform.
"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.
"Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed."
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The president's post continued: "Relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States.
"I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!"
Critics have slammed Trump for telling his followers to buy stocks before pausing the tariffs, with some claiming it could be deemed as insider trading.
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Including US senator for Connecticut, Chris Murphy, who wrote: "An insider trading scandal is brewing.
"Trump's 9:30am tweet makes it clear he was eager for his people to make money off the private info only he knew. So who knew ahead of time and how much money did they make?"
Topics: Donald Trump, Politics, US News
Joe Yates