{"id":10610,"date":"2025-04-10T15:20:14","date_gmt":"2025-04-10T07:20:14","guid":{"rendered":"https:\/\/tingchao.xyz\/?p=10610"},"modified":"2025-04-10T15:20:17","modified_gmt":"2025-04-10T07:20:17","slug":"how-trump-changed-his-mind-on-tariffs","status":"publish","type":"post","link":"https:\/\/tingchao.xyz\/?p=10610","title":{"rendered":"How Trump changed his mind on tariffs"},"content":{"rendered":"\n
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\u201cLiberation Day\u201d just gave way to Capitulation Day.<\/p>\n\n\n\n

President Donald Trump pulled back Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.<\/p>\n\n\n\n

Trump’s early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.<\/p>\n\n\n\n

The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who’ve been sinking their savings into 401(k)s to rethink their retirement plans.<\/p>\n\n\n\n

Ahead of Trump’s announcement, some of his advisers had been in a near panic about the bond markets, according to a senior administration official. Interest rates on 10-year Treasury bonds had been rising, contrary to what normally happens when stock prices fall and investors seek safety in treasuries. The unusual dynamic meant that at the same time the tariffs could push up prices, people would be paying more to buy homes or pay off credit card debt because of higher interest rates. Businesses looking to expand would pay more for new loans.<\/p>\n\n\n\n

Two of Trump’s most senior advisers, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, presented a united front Wednesday, urging him to suspend the tariffs in light of the bond market, the administration official said.<\/p>\n\n\n\n

In a social media post, Trump announced a 90-day pause that he said he\u2019ll use to negotiate deals with dozens of countries that have expressed openness to revising trade terms that he contends exploit American businesses and workers. One exception is China. Trump upped the tariff on the country\u2019s biggest geopolitical rival to 125%, part of a tit-for-tat escalation in an evolving trade war.<\/p>\n\n\n\n

Trump reversed course one week after he appeared in the Rose Garden and unveiled his plan to bring jobs back to the United States. Displaying a chart showing the new, elevated tariffs that countries would face, Trump proclaimed, \u201cMy fellow Americans, this is Liberation Day.\u201d<\/p>\n\n\n\n

It proved short-lived.<\/p>\n\n\n\n

Markets plunged in anticipation of heightened trade wars, wiping out trillions of dollars in wealth. Democrats seized on the issue, looking to undercut a source of Trump\u2019s popular appeal: the view that he can be trusted to steer the nation\u2019s economy.<\/p>\n\n\n\n

\u201cDonald Trump\u2019s market crash has vaporized a whopping $104,000 from the average retirement account,\u201d Senate Minority Leader Chuck Schumer, D-N.Y., said Wednesday on the Senate floor, hours before Trump\u2019s reversal.<\/p>\n\n\n\n

The episode laid bare the rifts within Trump\u2019s team of senior advisers as the White House struggled to offer a clear, consistent argument about the duration of the tariffs. While Bessent seemed open to negotiations, Peter Navarro, a senior trade adviser, appeared to take a more hard-line posture.<\/p>\n\n\n\n

Elon Musk, the billionaire Tesla CEO who has been advising Trump on the government workforce, called Navarro \u201cdumber than a sack of bricks,\u201d while Navarro described Musk as someone who is merely \u201ca car assembler, in many cases.\u201d<\/p>\n\n\n\n

But the weeklong drama also underscored the peril of a policymaking process that is often tied to the wishes and vagaries of one man: Trump.<\/p>\n\n\n\n

Asked about the dust-up between Musk and Navarro, Sen. Lindsey Graham, R-S.C., a golf partner of Trump\u2019s, said: \u201cI don\u2019t think it matters. The only one who matters is Trump.\u201d<\/p>\n\n\n\n

Markets tend to favor predictability, as do business leaders deciding where to build new plants. When Trump sets a course, however, there are bound to be detours.<\/p>\n\n\n\n

A friend of his who spoke to him in recent days said Trump gave no sign he was about to \u201cback down quickly on this stuff.\u201d<\/p>\n\n\n\n

Trump believes other countries trade unfairly and sees tariffs as a tool to make the United States more competitive, the person said.<\/p>\n\n\n\n

\u201cHe\u2019s very confident it\u2019s going to work for him,\u201d the person added, speaking on condition of anonymity.<\/p>\n\n\n\n

And yet in the run-up to Wednesday\u2019s announcement, Trump and his aides were also hearing from GOP lawmakers and outside allies urging an alternative path.<\/p>\n\n\n\n

One was Larry Kudlow, who hosts a show on Fox Business Network and was a senior economic adviser in Trump\u2019s first term.<\/p>\n\n\n\n

Kudlow told NBC News that he has had \u201congoing\u201d talks with friends in the West Wing about the need to negotiate with other countries before the United States slaps them with tariffs that stand in perpetuity.<\/p>\n\n\n\n

Describing Trump\u2019s move Wednesday as \u201cfabulous,\u201d Kudlow added: \u201cDealmaking is the best thing to do. In the last 48 hours, Trump has gone from non-negotiating to negotiating. It\u2019s very clear that Bessent is now the point man on trade. Very clear.\u201d<\/p>\n\n\n\n

Anxious GOP lawmakers also weighed in.<\/p>\n\n\n\n

Graham said he spoke to Trump at length Tuesday night and told him he has been hearing from car manufacturers who are worried about how the tariffs would affect their business. BMW operates a plant in Graham\u2019s home state and is one of the companies he said he has spoken to.<\/p>\n\n\n\n

Sen. John Kennedy, R-La., a lawmaker who was also in touch with the administration, said Tuesday that he planned to have lunch with Bessent. On Wednesday, he told NBC News he was also talking to the White House. Kennedy likened Trump to the \u201cpit bull who caught the car.\u201d Now, he said, the question becomes: \u201cWhat are you going to do with the car?\u201d<\/p>\n\n\n\n

After more market losses this week, and with pressure mounting from Republicans on Capitol Hill, Trump began having second thoughts. In his first term, he often viewed the ups and downs of the stock market as a kind of report card on his presidency, celebrating its rise. The downturn had gotten his attention.<\/p>\n\n\n\n

\u201cPeople were getting a little queasy,\u201d he acknowledged Wednesday at an event with NASCAR racing champions.<\/p>\n\n\n\n

“Over the last few days,” he began to more seriously consider pausing the additional tariffs, he told reporters later in the day in an Oval Office appearance. One prospect that intrigued him was personally negotiating new trade deals with the countries looking to get out from under the tariffs, the senior administration official said.<\/p>\n\n\n\n

He’d made up his mind. Sitting with Bessent and Lutnick, he crafted the note announcing the 90-day postponement and ending, for the time being, the biggest economic crisis of his young presidency.<\/p>\n\n\n\n

\u201cWe wrote it from our hearts, right?\u201d Trump said. \u201cIt was written as something that I think was very positive for the world and for us, and we don\u2019t want to hurt countries that don\u2019t need to be hurt, and they all want to negotiate.\u201d<\/p>\n\n\n\n

The day closed with the Dow Jones Industrial Average up nearly 8%, erasing some \u2014 but not all \u2014 of the post-\u201cLiberation Day\u201d losses.<\/p>\n\n\n\n

Messy as it all may have seemed, his administration insisted that all is unfolding as planned.<\/p>\n\n\n\n

“You have been watching the greatest economic master strategy from an American President in history,” White House deputy chief of staff Stephen Miller posted Wednesday afternoon.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cLiberation Day\u201d just gave way to Capitulation Day. President Donald Trump pulled back Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order. Trump’s early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs […]<\/p>\n","protected":false},"author":8,"featured_media":10611,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[1906,2487,1724],"class_list":["post-10610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","tag-he","tag-tariffs","tag-trump"],"yoast_head":"\nHow Trump changed his mind on tariffs - LISTEN WORLD<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tingchao.xyz\/?p=10610\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Trump changed his mind on tariffs - LISTEN WORLD\" \/>\n<meta property=\"og:description\" content=\"\u201cLiberation Day\u201d just gave way to Capitulation Day. 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