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Trump finally gave in.
According to the Shanghai Securities News, during the trading session of US stocks on April 9, Eastern Time, US President Trump posted on social platforms that he had authorized to implement a 90-day tariff suspension measure on some countries, significantly reducing tariffs to 10% during this period.
According to Xinhua News Agency, just this Monday, Trump said that he did not consider temporarily suspending the so-called “reciprocal tariff” plan to many countries, but he hinted that he was willing to negotiate.
What exactly is the reason that has caused Trump’s attitude towards tariffs to reverse 180 degrees in just two days?
In the internal game, Finance Minister Bescent wins key influence
It was reported that before Trump turned, top administration officials scattered to meet with lawmakers, barely mentioning what was about to happen.
Hours after the new tariff policy officially came into effect, Trump announced a “sudden” turn through his social media platform.He then made the news in the Oval Office of the White House, accompanied by Treasury Secretary Becente and Commerce Secretary Lutnik.
Becent explained to the media at the White House that the move to suspend some of the tariffs was discussed during the meeting on Sunday, insisting that it was “always his own strategy.”
This means that Becent was given more power in the trade advisory team.Becent also revealed at the meeting that he was authorized to comment on the agreement publicly after meeting with Trump.
At the press conference, Trump told reporters that he had been considering a suspension of tariffs “for the past few days”, adding that “may have formed this morning, quite early.”
He said he did not consult the attorney about the wording of the announcement, but instead took the opinions of Becent and Lutnik directly:
“This is written by our thoughts. We don’t want to hurt some countries, they all want to negotiate.”
Although senior finance officials told the media that the administration unanimously supports Trump’s strategy to promote the U.S. economy and national security.But Navarro, a trade adviser who has always supported Trump’s radical tariff plan, was not mentioned at a press conference. U.S. Trade Representative Jamieson Greer learned about the news after seeing Trump’s post, and he was also striving to defend his previous tariff plan at a congressional hearing.
Business CEOs put pressure on
Business leaders expressed concerns about tariffs also had an impact on Trump.
It is reported that over the past few days, a large number of corporate executives and lobbyists have called White House Chief of Staff Susie Wiles, hoping that Trump and his advisers can make concessions and “find a way out” for them.
Frustrated by their lack of influence in front of administration officials, banking executives turned to Republican lawmakers in recent days to lobby Trump on tariffs.According to people familiar with the matter, the message they want to convey is: Trump’s move will drag down the economy.
The report said that Trump is indeed in a mode of continuous listening – he has been asking friends and consultants about the market situation over the past few days and said he is paying close attention.
Trump had lunch at the White House with financier and investor Charles Schwab and met with Democratic Michigan Gretchen Whitmer, who warned Michigan’s auto industry had felt the impact of tariffs.
Bond market panic breaks out, Jamie Dimon warns of recession risk
After the tariff policy was announced last week, the U.S. bond market fell into a panic selling, with the 10-year U.S. bond yield soaring by nearly 40 basis points in two days, once hitting the 4.5% mark, and the 30-year yield rose above 5%.
The risk of a bond market crash also alerted Trump.On Wednesday, Trump said he had noticed bad news about the plunge in the bond market, “I saw people become a little uneasy last night.”
Trump said he watched JPMorgan CEO Jamie Dimon on Wednesday morning for an interview with Fox News.
During the interview, Dimon said the “possible result” of the new tariff plan was a recession and urged the president to give Becente time to reach an agreement, saying:
“I’m calm about it, but it may continue to worsen.”
According to media citing people familiar with the matter, Dimon has not had a substantial conversation with Trump over the years, but Dimon knows that Trump and his inner circle often watch Fox News, and his message is likely to be communicated to them.
Stock market rebound may support Trump’s determination to turn
On Wednesday morning, at 9:33, Trump posted on Truth Social to “stay calm”, and then posted at 9:37 to add that “now is a good time to buy.”
According to media citing the views of a government official, Trump had not made a final decision at the time.
Subsequently, Trump’s voice triggered a carnival in the stock market and panic quickly and completely reversed. This excited market performance may also give Trump a “shock” to turn.
The report said that Becent and other White House aides described Trump’s series of actions as part of a negotiation strategy, believing that he had taken maximization measures to force countries to sit at the negotiating table.
