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US President Donald Trump has today announced massive new tariffs on Canadian steel and aluminium, while threatening to “shut down” its car industry and saying the best way to end the trade war was for Washington’s ally to be absorbed into the US.

  • ceenote@lemmy.worldEnglish
    113·
    1 day ago

    He’s probably having his stock broker sell off a bunch of stuff, announcing tariffs, then buying back. His stock transactions should be public record while president.

    • DarkWinterNights@lemmy.worldEnglish
      12·
      1 day ago

      Confirmed already; $1-5M lunch buy-ins with corporate execs per head - the topic? Tariff exemptions.

      Who cares about billions and trillions of wealth destruction of the public coffers when he can make millions per day personally?

    • tal@lemmy.todayEnglish
      6·
      1 day ago

      His stock transactions should be public record while president.

      I think that it may be.

      https://en.wikipedia.org/wiki/STOCK_Act

      The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 (Pub. L. 112–105 (text) (PDF), S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The law prohibits the use of non-public information for private profit, including insider trading, by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.

      The STOCK Act was modified on April 15, 2013, by S. 716. This amendment modifies the online disclosure portion of the STOCK Act, so that some officials, but not the President, Vice President, Congress, or anyone running for Congress, can no longer file online and their records are no longer easily accessible to the public. In Section (a)2, the amendment specifically does not alter the online access for trades by the President, the Vice President, Congress, or those running for Congress.[23]

      That being said, my guess is that there are probably trivial ways to game the transparency portion of the bill. Like, if I own a business, and the business holds stock rather than myself directly, I’ll bet that no disclosure is required. And I bet that if you have a spouse or kids doing transactions, no disclosure is required.

      Could still get in trouble for insider trading if it could be proven that you were doing so.

      kagis

      From Trump’s first term:

      https://www.npr.org/2016/12/22/506497041/trumps-businesses-could-be-tripped-up-by-a-2012-insider-trading-law

      “If he continues to own his businesses and he uses insider information, or information he has as president, then arguably it’s a violation of the STOCK Act,” says Larry Noble, general counsel of the Campaign Legal Center, a nonpartisan advocacy group.

      Trump has repeatedly said that he plans to turn over management of his businesses to his grown children once he is in the White House and play no role in operations himself.

      “The STOCK Act says all executive branch employees are subject to the securities laws, Trump included,” says New York University Law School professor Stephen Gillers.

      The STOCK Act originally applied to the buying and selling of securities, such as stocks and bonds. But some legal experts say privately held companies such as the Trump Organization could also fall under its purview, especially if Trump transfers ownership to his children.

      Because presidents are privy to an enormous amount of information that could affect stock prices, Trump would risk passing on inside information anytime he talks to his children, even if he doesn’t intend to. That could open Trump, his children and businesses up to nearly constant allegations of insider trading.

      Haven’t been following the issue since then.