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Transportation Secretary Sean Duffy Sold Stock Before Trump's Tariff Announcements

Strategic Insights

— 3 min read

Transportation Secretary Sean Duffy sold stocks in over three dozen companies in the days leading up to President Trump's announcement of reciprocal tariffs on foreign imports. Disclosure records show that Duffy sold between $75,000 and $600,000 of stock two days before Trump's announcement on February 13. Additionally, he sold up to $50,000 more on the same day. This sale occurred near the stock market's peak and just before it began to slide amid concerns about Trump's tariff plans.

Duffy's sales raise questions about whether he had access to nonpublic information about Trump's tariff plans before the public did. However, a Transportation Department spokesperson claims that Duffy had no input on the timing of the sales and that an outside manager made the trades. The spokesperson also stated that Duffy's stock transactions are part of a retirement account and not managed directly by the Secretary.

Key Takeaways:

  • Transportation Secretary Sean Duffy sold stocks in over three dozen companies in the days leading up to President Trump's announcement of reciprocal tariffs on foreign imports.
  • Disclosure records show that Duffy sold between $75,000 and $600,000 of stock two days before Trump's announcement on February 13, and up to $50,000 more on the same day.
  • Duffy's sales occurred near the stock market's peak and just before it began to slide amid concerns about Trump's tariff plans.
  • Duffy's stock transactions raise questions about whether he had access to nonpublic information about Trump's tariff plans before the public did.
  • A Transportation Department spokesperson claims that Duffy had no input on the timing of the sales and that an outside manager made the trades.
  • Duffy's stock sales are part of a retirement account and not managed directly by the Secretary, according to the spokesperson.
  • The securities trading by government officials informed by nonpublic information learned in the course of their official duties could violate the law.
  • However, legal experts have doubts about whether this would hold up to scrutiny from the courts.
  • The current and former officials have raised concerns that Trump's Justice Department and Securities and Exchange Commission would not aggressively investigate activities by Trump or his allies.
  • Duffy is the second cabinet secretary to have sold stock at an opportune time, after Attorney General Pam Bondi sold more than $1 million in Trump Media stock the day sweeping tariffs were announced.

Statistics:

  • The stock market declined 19% in the weeks following Duffy's sales.
  • The S&P 500 index fell 13% specifically after Trump unveiled the details of his reciprocal tariff plan.
  • Few stocks were not hit hard by Trump's "Liberation Day" tariff announcements.
  • Since Trump unexpectedly walked back much of those initial tariffs, the market has rebounded.
  • Duffy sold 34 stocks worth between $90,000 and $650,000 on February 11 and February 13.
  • Per the ethics agreement he signed to avoid conflicts of interest as head of the Transportation Department, he was required to sell off stock in seven of those companies during his first three months in office.

Sources:

  • (https://www.whitehouse.gov/articles/2025/02/reciprocal-trade-and-tariffs/)
  • (https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/FED6F4F51D33882F85258C8A002C760E/$FILE/Sean-Duffy-04.23.2025-278T.pdf)
  • (https://www.nbcnews.com/business/markets/us-stocks-dow-nasdaq-sp-plummet-trump-tariffs-rcna199476)
  • (https://www.propublica.org/newsletters/the-big-story?source=reprint&placement=top-note)
  • (https://x.com/SecDuffy/status/1908296966360228316)
  • (https://www.govtrack.us/congress/bills/116/hr764)
  • (https://x.com/SecDuffy/status/1908296966360228316)
  • (https://www.manufacturingdive.com/news/deere-shines-light-on-500-million-tariffs-impact-Q2-rebound/748322/)
  • (https://www.propublica.org/article/pam-bondi-trump-media-stock-tariffs)
  • (https://x.com/SecDuffy/status/1908296966360228316)
  • (https://www.whitehouse.gov/fact-sheets/2025/02/fact-sheet-president-donald-j-trump-announces-fair-and-reciprocal-plan-on-trade/)
  • (https://lailluminator.com/2025/05/18/bondi-trump/)
  • (https://www.propublica.org/article/donald-trump-media-truth-social-sec-securities-exchange-commission)
  • (https://duffy.house.gov/foreign_tariffs)
  • (https://web.archive.org/web/20190804205236/https://duffy.house.gov/foreign_tariffs)
  • (https://lailluminator.com/donate/?oa_referrer=midstorybox)

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