‘Wolf of Wall Street’ Jordan Belfort breaks silence on Trump’s tariffs

Published

2 months ago

April 11, 2025

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‘Wolf of Wall Street’ Jordan Belfort has told Sky News there’s “no way” Donald Trump is guilty of insider trading or market manipulation.

Opponents say the president has questions to answer after he said it was a “great time to buy” shares – four hours before the stock market surged on Wednesday when he paused tariffs.

Mr Belfort told Gillian Joseph the fact Mr Trump made the statement on social media meant it was public, rather than him tipping off a few people.

Tariffs latest: Trump – ‘everything will be beautiful in the end’

Speaking on The World programme, Mr Belfort said: “I personally don’t find it overly suspicious. Especially since he’s told it to everybody at once.

“If he hadn’t said anything and told five of his best friends ‘I’m gonna ease this tariff situation – you should be buying’, that would be illegal.”

Insider trading is when people take advantage of non-public information to buy or sell shares and make a gain.

The former stockbroker was famously played by Leonardo DiCaprio in the film about his early life and admitted crimes related to stock manipulation.

Mr Belfort said Mr Trump’s post was just repeating what the president had said previously, and that buying when share prices plunge is a well-known investment move.

“He had been saying that all along [to buy], it wasn’t the only time he’d said that,” said Mr Belfort.

“[Treasury] Secretary Bessent had been saying that too. It’s a really basic piece of advice.”

Stock markets around the world plunged dramatically on Monday due to the start of America’s wide-ranging tariffs on imports from around the world.

The world economy was rattled again just two days later when the president said nearly all of the taxes would go on hold for 90 days.

The key S&P 500 index jumped nearly 10% – a huge daily increase.

Rival Democrat politicians say Mr Trump‘s encouragement to buy raises “grave ethics concerns”.

Some are calling for an urgent inquiry into whether any of his family or administration officials benefited by dealing in the stock market ahead of time.

The White House said the president’s post was simply reassuring Americans “about their economic security in the face of nonstop media fearmongering”.

Mr Belfort accused Democrat figures of trying to “earn brownie points with the media and their party”.

‘Not gonna be pretty’

Despite the mid-week surge, turbulence in stock markets appears far from over – chiefly because China and the US remain locked in a tariffs stare down.

American indexes closed down again on Thursday, Japan’s Nikkei fell about 5% early on Friday, and Hong Kong stocks are heading for their worst week since 2008.

Gold meanwhile, considered a “safe haven” asset, has climbed to a record price and earlier today passed the $3,200/oz level for the first time.

Mr Belfort told Sky News that while he was against tariffs generally, President Trump’s dramatic intervention was necessary as the US has an “insane” trade imbalance and imports far more than it exports.

“The United States has been drained of its wealth, drained of its factories,” he said.

“It’s not gonna be pretty,” added Mr Belfort. “There’s going to be pain – but the path we were on before is simply unsustainable. It had to change.”

He said he was sceptical over fears the tariffs will hit US consumers hard, with some predicting goods – including popular items such as the iPhone – could jump in price if costs are passed on.

The former trader said he believes firms would shift production from China, which is subject to a tariff of more than 100%, to places such as India, and that exemptions would eventually be agreed.

He also gave the thumbs up to Elon Musk‘s controversial government efficiency role which has forced thousands of jobs cut.

“I love what is being done because the amount of abuse and waste and fraud, it’s absolutely insane,” said Mr Belfort.

“It’s a great thing that’s happening. Obama talked about doing it, Clinton tried it; this is not a new idea to try to make the government more efficient.”

If Mr Musk leaves or quits in the near future, as is rumoured, Mr Belfort said the world’s richest man has installed “some very seasoned business people that really care about the country”.

World

The fight for the Arctic – where climate change is giving Russia room to manoeuvre

Published

10 hours ago

May 29, 2025

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The fight for the Arctic - where climate change is giving Russia room to manoeuvre

The twin threats of climate change and Russian malign activity in the Arctic must be taken “deadly seriously,” David Lammy has warned.

Sky News joined him on the furthest reaching tour of the Arctic by a British foreign secretary.

We travelled to Svalbard – a Norwegian archipelago that is the most northern settled land on Earth, 400 miles from the North Pole.

It is at the heart of an Arctic region facing growing geopolitical tension and feeling the brunt of climate change.

Mr Lammy told us the geopolitics of the region must be taken “deadly seriously” due to climate change and “the threats we’re seeing from Russia”.

We witnessed the direct impact of climate change along Svalbard’s coastline and inland waterways. There is less ice, we were told, compared to the past.

The melting ice is opening up the Arctic and allowing Russia more freedom to manoeuvre.

“We do see Russia’s shadow fleet using these waters,” Mr Lammy said. “We do see increased activity from submarines with nuclear capability under our waters and we do see hybrid sabotage of undersea cables at this time.”

In Tromso, further south, the foreign secretary was briefed by Norwegian military commanders.

Vice Admiral Rune Andersen, the Chief of Norwegian Joint Headquarters, told Sky News the Russian threat was explicit.

“Russia has stated that they are in confrontation with the West and are utilising a lot of hybrid methods to undermine Western security,” he said.

But it’s not just Vladimir Putin they’re worried about. Norwegian observers are concerned by US president Donald Trump’s strange relationship with the Russian leader too.

Karsten Friis, a Norwegian defence and security analyst, told Sky News: “If he’s too soft on Putin, if he is kind of normalising relations with Russia, I wouldn’t be surprised.

“I would expect Russia to push us, to test us, to push borders, to see what we can do as Europeans.”

Changes in the Arctic mean new challenges for the NATO military alliance – including stepping up activity to deter threats, most of all from Russia.

In Iceland, we toured a NATO airbase with the foreign secretary.

There, he said maintaining robust presence in the Arctic was essential for western security.

“Let’s be clear, in this challenging geopolitical moment the high north and the Arctic is a heavily contested arena and we should be under no doubt that NATO and the UK need to protect it for our own national security.”

This is also about distracting Russia, drawing away resources that could have been used in the war in Ukraine and deterring it in the future.

Because the more Arctic opens up, the more this once pristine wilderness is becoming the arena of national rivalry and potentially conflict.

World

‘What did they do to be burned and bombed?’: Charity calls on UK to offer Gaza children life-saving treatment

Published

16 hours ago

May 29, 2025

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'What did they do to be burned and bombed?': Charity calls on UK to offer Gaza children life-saving treatment

A British charity has written to the prime minister and foreign secretary, urging them to allow seriously ill children from Gaza into the UK to receive life-saving medical treatment.

Warning: This article contains images readers may find distressing

The co-founder of Project Pure Hope told Sky News it was way past the time for words.

“Now, we need action,” Omar Dinn said.

He’s identified two children inside Gaza who urgently need help and is appealing to the UK government to issue visas as a matter of urgency.

Israel-Gaza latest: Netanyahu reportedly accepts US ceasefire plan

Britain has taken only two patients from Gaza for medical treatment in 20 months of Israeli bombardment.

“Most of the people affected by this catastrophe that’s unfolding in Gaza are children,” he continued. “And children are the most vulnerable.

“They have nothing to do with the politics, and we really just need to see them for what they are.

“They are children, just like my children, just like everybody’s children in this country – and we have the ability to help them.”

Sky News has been sent video blogs from British surgeons working in Gaza right now which show the conditions and difficulties they’re working under.

They prepare for potential immediate evacuation whilst facing long lists, mainly of children, needing life-saving emergency treatment day after day.

Dr Victoria Rose told us: “Every time I come, I say it’s really bad, but this is on a completely different scale now. It’s mass casualties. It’s utter carnage.

“We are incapable of getting through this volume. We don’t have the personnel. We don’t have the medical supplies. And we really don’t have the facilities.

“We are the last standing hospital in the south of Gaza. We really are on our knees now.”

One of her patients is three-year-old Hatem, who was badly burned when an Israeli airstrike hit the family apartment.

His pregnant mother and father were both killed, leaving him an orphan. He has 35 percent burns on his small body.

“It’s a massive burn for a little guy like this,” Dr Rose says. “He’s so adorable. His eyelids are burnt. His hands are burnt. His feet are burnt.”

Hatem’s grandfather barely leaves his hospital bedside. Hatem Senior told us: “What did these children do wrong to suffer such injuries? To be burned and bombed? We ask God to grant them healing.”

The second child identified by the charity is Karam, who, aged one, is trying to survive in a tent in deeply unhygienic surroundings with a protruding intestine.

He’s suffering from a birth defect called Hirschsprung disease, which could be easily operated on with the right skills and equipment – unavailable to him in Gaza right now.

Karam’s mother Manal told our Gaza camera crew: “No matter how much I describe how much my son is suffering, I wouldn’t be able to describe it enough. I swear I am constantly crying.”

Children are among the bulk of casualties – some 16,000 have been killed, according to the latest figures from local health officials – and make up the majority of those being operated on, according to the British surgical team on the ground.