Economist Peter Schiff has branded U.S. President Donald Trump‘s threat to impose a 50% tariff on European Union (EU) imports as a market manipulation tactic designed to benefit insiders. According to Schiff, the new tariff proposal, which would see Americans effectively paying more for imports from Europe than China, allows insiders to “trade before the tariffs are called off with a fake win.”

The economist, who has occasionally criticized Trump’s tariff policies, made the remarks shortly after the U.S. president issued the threat on his social media platform on May 23. In the post, Trump reiterated his argument that the EU was created to take advantage of the United States on trade. According to the U.S. President, the tariffs are expected to become effective on June 1.

On April 10, just hours before he announced a 90-day pause on reciprocal tariffs imposed on U.S. trading partners, Trump told his Truth Social followers, “This is a great time to buy!!! DJT.” The post sparked immediate controversy, which intensified after Trump’s suspension of tariffs ignited a rally that wiped out most of the post-Liberation Day losses. Some Democrats in the U.S. Congress have since demanded an insider trading investigation over Trump’s tariff pause.

Schiff, meanwhile, dismissed claims that Trump’s latest tariff threat is a “bold” negotiating tactic ultimately intended to protect U.S. industries and jobs. He pointed to America’s tariff war with China, from which the U.S. “got nothing,” as evidence supporting his argument that Trump’s threats are nothing more than “political theater.”

Market reaction to Trump’s post was almost immediate, with key U.S. indexes, including the Dow Jones Industrial Average and S&P 500, seeing steep drops. Bitcoin, fresh from hitting a new all-time high less than 24 hours prior, dropped by 2.6%.

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