{"id":10834,"date":"2025-04-24T19:34:19","date_gmt":"2025-04-24T11:34:19","guid":{"rendered":"https:\/\/tingchao.xyz\/?p=10834"},"modified":"2025-04-24T19:41:04","modified_gmt":"2025-04-24T11:41:04","slug":"the-memo-trump-tries-to-navigate-out-of-tariff-turmoil","status":"publish","type":"post","link":"https:\/\/tingchao.xyz\/?p=10834","title":{"rendered":"The Memo: Trump tries to navigate out of tariff turmoil"},"content":{"rendered":"\n
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President Trump sought to find his way out of a maze of his own making on Wednesday, offering opaque comments as to what he is going to do about tariffs.<\/p>\n\n\n\n

The tariff issue has dominated the political scene since April 2, when Trump announced much heavier levies than expected on numerous nations.<\/p>\n\n\n\n

Trump hailed the move as \u201cLiberation Day.\u201d But it has reverberated to his detriment, with stock markets falling sharply, the bond market becoming turbulent and the dollar\u2019s value eroding.<\/p>\n\n\n\n

Those shifts have been accompanied by worrying poll numbers for the president regarding his economic stewardship.<\/p>\n\n\n\n

Now the question is how Trump gets himself out of the trouble he has got himself into. He will want to do so without leaving the impression of an obvious climbdown or a confession of error.<\/p>\n\n\n\n

Flexport CEO joins “The Hill on NewsNation” to talk tariffs<\/p>\n\n\n\n

His approach, so far, has comprised remarks that zigzag in their tone and intent, leaving lots of room for interpretation.<\/p>\n\n\n\n

On Wednesday afternoon, Trump struck a harder tone than he had the previous day.<\/p>\n\n\n\n

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In lengthy remarks to reporters in the Oval Office, he suggested tariffs on Canada would be maintained \u201cbut that could go up in terms of cars\u201d \u2014 despite U.S. automakers warning that their supply chains involve frequent crossings back and forth over the northern border.<\/p>\n\n\n\n

\u201cWe don\u2019t want your cars, in all due respect,\u201d Trump said in relation to Canada. \u201cWe want really to make our own cars.\u201d<\/p>\n\n\n\n

More importantly, Trump doubled down on the idea that tariffs could help spark a rebirth in American manufacturing.<\/p>\n\n\n\n

Regardless of whether one accepts that thesis \u2014 and many experts are skeptical of it \u2014 it can only be tested by keeping tariffs in place for a substantial period, likely numbered in years rather than months.<\/p>\n\n\n\n

Such an approach is favored by economic nationalists like Peter Navarro and Steve Bannon, but it cuts against the preference of many Republicans, who would prefer to see a shorter-term, tactical use of tariffs as a tool to hammer out favorable trade deals.<\/p>\n\n\n\n

On Wednesday, Trump asserted that domestic manufacturing would spike in proportion to the scale of the levies.<\/p>\n\n\n\n

\u201cThere\u2019s no tariff when they build their plant here,\u201d he said of corporations. \u201cAnd the higher the tariffs go, the more likely it is they come in and build their plant. You know, I mean, if it\u2019s 25 percent, that\u2019s fine. If it\u2019s 50 percent, you\u2019ll get more plants. Seventy-five you get more, and 100 you get more than that.\u201d<\/p>\n\n\n\n

Trump also reiterated his criticism of Jerome Powell, the chair of the Federal Reserve, for not cutting interest rates.<\/p>\n\n\n\n

Trump\u2019s rhetoric on Powell has been head-spinning.<\/p>\n\n\n\n

On Tuesday, he backed away from an earlier threat to fire Powell.<\/p>\n\n\n\n

On Wednesday, he complained: \u201cI believe he\u2019s making a mistake by not lowering interest rates. \u2026He\u2019s keeping rates too high. He historically has been late [to cut rates] except when it came to Biden.\u201d<\/p>\n\n\n\n

Trump added rather cryptically that Powell \u201cwas recommended by a certain person that I\u2019m not particularly happy with.\u201d The president continued, \u201cHe will hopefully do the right thing. The right thing is to lower interest rates. So we\u2019ll see what happens.\u201d<\/p>\n\n\n\n

Now, a key question is how markets will interpret Trump\u2019s remarks.<\/p>\n\n\n\n

The major stock indices enjoyed a relief rally on Tuesday and Wednesday, because of Trump\u2019s apparent reversal on the threat to fire Powell, and because he held out the idea of lowering tariffs on China, in particular.<\/p>\n\n\n\n

Reports also circulated Tuesday of remarks by Treasury Secretary Scott Bessent to a private meeting of investors in Washington that he expects a \u201cde-escalation\u201d in the trade war between the U.S. and China, raising hopes on Wall Street of a deal.<\/p>\n\n\n\n

U.S. tariffs on China are currently at a massive 145 percent, but, even at that rate, Beijing has shown little inclination to back down as the temperature of the confrontation has risen.<\/p>\n\n\n\n

The Wall Street Journal reported on Wednesday that the Trump administration \u201cis considering slashing its steep tariffs on Chinese imports \u2014 in some cases by more than half \u2014 in a bid to de-escalate tensions with Beijing that have roiled global trade and investment.\u201d<\/p>\n\n\n\n

The Journal also noted, however, that Trump himself had yet to make \u201ca final determination\u201d and that \u201cthe discussions remain fluid and several options are on the table.\u201d<\/p>\n\n\n\n

Trump said on Tuesday that tariffs on China would \u201ccome down substantially\u201d though they \u201cwon\u2019t be zero.\u201d<\/p>\n\n\n\n

Those remarks buoyed the markets, but his approach is now in question once again.<\/p>\n\n\n\n

The upshot of it all is that the political and financial worlds are facing a perennial challenge with Trump. The exact meaning of the president\u2019s words are often difficult to decode, whether by accident or design.<\/p>\n\n\n\n

On Wednesday, he claimed to be in talks with 90 nations about trade deals.<\/p>\n\n\n\n

\u201cWe\u2019re going to make deals but they\u2019re going to be fair deals. They\u2019re not going to be rip-off deals,\u201d he said.<\/p>\n\n\n\n

Moments later, he threatened, \u201cIf we don\u2019t have a deal with a company or a country, we\u2019re going to set the tariff. We just set the tariff.\u201d<\/p>\n\n\n\n

So is he easing off on tariffs and, if so, to what extent? Even now, nobody really knows.<\/p>\n\n\n\n

That is an obvious problem for financial markets in particular, which crave certainty. But it can also create challenges for Trump\u2019s administration.<\/p>\n\n\n\n

Jamieson Greer, Trump\u2019s U.S. trade representative, was in the middle of testimony to a House Ways and Means Subcommittee earlier this month when it emerged that Trump had placed a 90-day pause on many tariffs.<\/p>\n\n\n\n

When Rep. Steven Horsford (D-Nev.) asked Greer when he had been made aware of that shift, the trade representative replied that he knew it had been under discussion but \u201cI understood the decision was made a few minutes ago.\u201d<\/p>\n\n\n\n

In relation to Wall Street, the Chicago Board Options Exchange\u2019s Volatility Index remains historically elevated, even though it has declined from a massive spike earlier this month.<\/p>\n\n\n\n

The volatility isn\u2019t over yet \u2014 nor will it be until Trump\u2019s intentions finally become plain.<\/p>\n","protected":false},"excerpt":{"rendered":"

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