Investor Carl Icahn issued a statement on his website saying that he didn't reduce his stake in Manitowoc Co. MTW, -8.28% because of insider trading. "We state for the record: Any suggestion that we had prior knowledge of the Trump administration's announcement of new tariffs on steel imports is categorically untrue. We reduced our position in Manitowoc for legitimate investment reasons having nothing to do with that announcement," Icahn said. A filing with the Securities and Exchange Commission shows that Icahn reduced his stake in the company between Feb. 12 and Feb. 22, compared to the Feb. 16 announcement of the Commerce Department recommendations on steel tariffs and the March 1 announcement from Trump of his preference for tariffs. ThinkProgress was the first outlet to draw a connection between Icahn's stake sale and his past association with the administration.