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    What would happen if it turned out that the president had bought a million dollars worth of call options for the S&P 500 index just before announcing a “pause” on most of his “Liberation Day” tariffs?

    That’s no idle hypothetical. Some unknown person or persons did buy a bunch of those options on Wednesday about 10 minutes before the White House canceled the global thermonuclear trade war it had just launched. Markets predictably launched into orbit on the news, making said person or persons tremendously wealthy in a blink.

    The coincidence in timing suggests the purchase was either a freakish stroke of luck or one of the most brazen acts of insider trading in American financial history, as various Senate Democrats are now alleging. Almost certainly, one or more people close to the president knew what was about to happen and cashed in.



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