by Robert Faturechi, Pratheek Rebala and Brandon Roberts

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The week before President Donald Trump unveiled bruising new tariffs that sent the stock market plummeting, a key official in the agency that shapes his administration’s trade policy sold off as much as $30,000 of stock.

Two days before that so-called “Liberation Day” announcement on April 2, a State Department official sold as much as $50,000 in stock, then bought a similar investment as prices fell.

And just before Trump made another significant tariff announcement, a White House lawyer sold shares in nine companies, records show.

More than a dozen high-ranking executive branch officials and congressional aides have made well-timed trades since Trump took office in January, most of them selling stock before the market plunged amid fears that Trump’s tariffs would set off a global trade war, according to a ProPublica review of disclosures across the government.

All of the trades came shortly before a significant government announcement or development that could influence stock prices. Some who sold individual stocks or broader market funds used their earnings to buy investments that are generally less risky, such as bonds or treasuries. Others appear to have kept their money in cash. In one case unrelated to tariffs, records show that a congressional aide bought stock in two mining companies shortly before a key Senate committee approved a bill written by his boss that would help the firms.

Using nonpublic information learned at work to trade securities could violate the law. But even if such actions aren’t influenced by insider knowledge, ethics experts warn that trading stock while the federal government’s actions move markets can create the appearance of impropriety. The recent trades by government officials, they said, underscore that there should be tighter rules on how, or if, federal employees can trade securities.

“The executive branch is routinely engaged in activities that will move the market,” said Tyler Gellasch, who, as a congressional aide, helped write the law on insider trading by government officials and now runs a nonprofit focused on transparency and ethics in capital markets. “I don’t think members of Congress and executive branch officials should be trading securities. To the extent they have investment holdings, it should be managed by someone else outside their purview. The temptation to put their own personal self-interest ahead of their duties to the country is just too high.”

There is no evidence that the trades by government officials identified by ProPublica were informed by nonpublic information. Still, when government officials trade stock at opportune times, Gellasch said, even if it was based on luck and not inside information, it undermines trust in government and the markets

“It then becomes a thing where our markets look rigged,” he said.

In response to questions from ProPublica, the officials who made the trades either said they had no insider information that would help them time their decisions or did not respond to questions about the transactions.

Questions about trades based on nonpublic information have swirled around Congress for years and began anew after Trump’s tariffs announcements led to wild swings in the market. Lawmakers’ trades are automatically posted online and, after multiple congressional stock-trading scandals, are widely scrutinized as soon as they become public.

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