AsianFin -- U.S. Senator Adam Schiff on Wednesday called on Congress to examine whether U.S. President Donald Trump may have engaged in insider trading or market manipulation following his unexpected decision to pause so-called reciprocal tariffs—a move that triggered a sharp spike in stock prices.

“I intend to get to the bottom of it,” said Schiff, a Democrat from California, in a statement to TIME magazine. “Whether it’s family meme coins or other financial interests, we need to determine if there was any self-enrichment through insider knowledge. I hope to uncover more soon.”

The S&P 500 index jumped more than 9% on Wednesday afternoon shortly after Trump announced the tariff suspension for many countries and regions, except China.

Eearlier, Trump posted on his social platform, Truth Social, declaring, “THIS IS A GREAT TIME TO BUY!!!” just minutes after the market opened. He included “DJT” in the post—a reference to both his initials and the ticker symbol of his media company.

The White House has not issued a comment in response to these developments.