{"id":18461,"date":"2025-04-10T02:39:58","date_gmt":"2025-04-10T02:39:58","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/inside-trumps-reversal-on-tariffs-from-be-cool-to-getting-yippy\/"},"modified":"2025-04-10T02:39:58","modified_gmt":"2025-04-10T02:39:58","slug":"inside-trumps-reversal-on-tariffs-from-be-cool-to-getting-yippy","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/inside-trumps-reversal-on-tariffs-from-be-cool-to-getting-yippy\/","title":{"rendered":"Inside Trump\u2019s Reversal on Tariffs: From \u2018Be Cool!\u2019 to \u2018Getting Yippy\u2019"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">For the past week, President Trump has been urging calm in the face of the financial chaos that he created and resisting calls for him to rethink his approach.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cI know what the hell I\u2019m doing,\u201d he told Republicans on Tuesday as the massive tariffs he had imposed sent global markets into a tailspin. \u201cBE COOL!\u201d he said in a social media post on Wednesday morning. \u201cEverything is going to work out well.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">At 9:37 a.m. Wednesday, the president was still bullish on his policy, posting on Truth Social: \u201cTHIS IS A GREAT TIME TO BUY!!!\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But in the end, it was the markets that got him to reverse course.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The economic turmoil, particularly a rapid rise in government bond yields, caused Mr. Trump to blink on Wednesday afternoon and pause his \u201creciprocal\u201d tariffs for most countries for the next 90 days, according to four people with direct knowledge of the president\u2019s decision.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Asked to explain the decision, Mr. Trump told reporters: \u201cWell, I thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Behind the scenes, senior members of Mr. Trump\u2019s team had feared a financial panic that could spiral out of control and potentially devastate the economy. Treasury Secretary Scott Bessent and others on the president\u2019s team, including Vice President JD Vance, had been pushing for a more structured approach to the trade conflict that would focus on isolating China as the worst actor while still sending a broader message that Mr. Trump was serious about cracking down on trade imbalances.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">After his reversal on social media, Mr. Trump\u2019s team was put in the unenviable position of trying to spin the media that this was the plan all along, a brilliant strategy straight out of the pages of the president\u2019s best-selling book, \u201cThe Art of the Deal.\u201d Mr. Bessent went so far as to deny that the bond market had driven the change.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">When Mr. Trump came out to explain his decision on Wednesday, however, he undercut both Mr. Bessent and Karoline Leavitt, the White House press secretary, citing the jittery market and saying he was acting \u201cinstinctively, more than anything else.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Many of Mr. Trump\u2019s most senior advisers and officials were unaware of this major shift in policy until the last minute, because as recently as Wednesday morning Mr. Trump was still indicating he was sticking to his previous plan.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Jamieson Greer, the U.S. trade representative, only learned of Mr. Trump\u2019s decision while defending the original tariffs before a House committee, a person familiar with the situation said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Bessent played a significant role in steering the president toward the pause. But the real credit, Mr. Trump\u2019s advisers admit privately, should go to the bond markets. Mr. Trump\u2019s decision was driven by fear that his tariffs gamble could quickly turn into a financial crisis. And unlike the two previous crashes of the past 20 years \u2014 the global financial crisis of 2008 and the pandemic of 2020 \u2014 this crisis would have been directly attributable to only one man.<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-70e6694b\">Market Meltdown<\/h2>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The day Mr. Trump announced his plan for sweeping tariffs, he promised to \u201cmake America wealthy again.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But the details of the plan and its goals remained foggy. In the run-up to the tariff announcement last week, Mr. Trump\u2019s economic team debated until the last minute about what form the tariffs should take, with Mr. Bessent and Commerce Secretary Howard Lutnick both privately arguing for more limited tariffs, according to two people familiar with the plans.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Peter Navarro, the White House trade adviser, was the most aggressive of Mr. Trump\u2019s advisers, insisting on a tariff strategy that he claimed would create a revolution in American manufacturing. The Office of the U.S. Trade Representative came up with its own formula for calculating tariff rates for other countries, based on their tariff rates plus an estimate of other trade barriers. But the president ultimately decided to go with a formula based on the trade deficit, two people familiar with the conversations said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">When the tariffs finally were announced last Wednesday, the markets tanked.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">By Sunday, Mr. Bessent decided that he needed a private audience with the president. In less than 24 hours, the markets would reopen and investors were predicting a \u201cBlack Monday.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Bessent rode with Mr. Trump back to Washington on Air Force One. During the flight, Mr. Bessent advised the president to focus on negotiating with other countries, saying Mr. Trump is the most deft negotiator there is, four people briefed on the discussion said. But he also stressed that Mr. Trump needed to articulate the endgame of his plan because the markets needed more certainty.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump pushed back, the people said, emphasizing the pain was \u201cshort term,\u201d one of the people said. But Mr. Bessent said that could mean many months in market terms.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The president apparently absorbed only part of the message. On Monday morning, he drafted a Truth Social post to say \u201ctalks\u201d were going to take place with countries; he changed it to say that they would \u201cnegotiate.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">By Monday afternoon, he told reporters: \u201cVirtually every country wants to negotiate.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But there was still no coherent expression about the endgame: Did the president want to use the levies as a negotiating tactic to cut better deals for the United States? Or was he intent on leaving them in place as a blunt instrument to raise revenues and force manufacturing back to the United States?<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-4a41ffe2\">Looking for Clarity<\/h2>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Although Mr. Trump\u2019s strategy for the tariffs was still unclear, that he would move aggressively to impose them should not have been a surprise.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump campaigned on putting in place a universal base line tariff, and his advisers made clear that the president would follow his instincts after a first term in which Mr. Trump believed his advisers tried to block him at every turn.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Taking office for a second time, Mr. Trump has told advisers that he wants to do it his way this time. He has surrounded himself with advisers who are believers in his instincts and he has said repeatedly that he views tariffs as the tool to rescue the economy from foreign countries that have taken advantage of the United States for decades.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Investors, Wall Street executives and major donors convinced themselves either that Mr. Trump was bluffing, or would be talked out of his most aggressive tariff proposals. Some of his advisers tried. Mr. Lutnick argued for exemptions for the auto industry almost immediately. Others wanted exemptions for goods that aren\u2019t sufficiently produced in the United States, such as coffee.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Meanwhile, economists were warning that stiff tariffs, by raising the prices of imported goods, would badly undercut another campaign promise: that Mr. Trump would bring down inflation.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But Mr. Trump has a theory on tariffs that has been hardened over 40 years, one that\u2019s frozen in place and is resistant to data that conflicts with his gut. Over many years, when he has been presented with statistics that don\u2019t comport with his instincts, he demands that people find him alternative information that backs up his beliefs.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">So he plowed ahead, even while his advisers found themselves struggling to communicate to the public about a policy that they didn\u2019t fully understand. Aides held multiple meetings with Mr. Trump and his senior advisers to try to find a way to convince the public that the economic penalties were a good idea.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">For a while, the tariffs created a dynamic Mr. Trump most enjoys \u2014 global leaders coming to him and, as he said on Tuesday night, \u201ckissing my ass\u201d in search of deals. Administration officials said that more than 75 countries had reached out to them.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-8\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">But the warning signs became too severe to ignore.<\/p>\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-747744f8\">Reversing Course<\/h2>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-9\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">On Wednesday morning, Mr. Trump encouraged Americans to buy stocks and urged companies to move to the United States. It was not clear, at that point, that hours later he would abruptly change course and place a 90-day pause on many of the tariffs. The financial markets soared after the reversal, leaving questions about whether Mr. Trump\u2019s earlier recommendation of a buying opportunity amounted to a signal that some investors might have used to cash in on the sharp rise in stock prices.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But soon after Mr. Trump posted his missive on social media, he met in the Oval Office with Mr. Bessent, Mr. Lutnick and Kevin Hassett, the director of the National Economic Council. They discussed with the president the 10-year Treasury yield, emphasizing concern about the health of the broader U.S. financial system. Mr. Trump, in particular, understood what the rise in bond yields would mean for banks and their long-term lending, a topic he understands intimately from his years running a real estate company.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The tariffs had triggered a sharp sell-off in <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/04\/09\/business\/economy\/bonds-tariffs-safe-haven.html\" title=\"\">U.S. government bond markets<\/a> and the dollar, which investors usually see as safe-haven assets in times of turmoil. After Mr. Trump announced the new tariffs last week, economists on Wall Street quickly raised their forecasts for inflation and lowered those for growth, with many warnings about a recession. Trillions of dollars of stock market value vanished in a matter of days.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">At 1:18 p.m. on Wednesday, Mr. Trump announced on Truth Social that he would back off the \u201creciprocal\u201d tariffs for 90 days while increasing tariffs on China to 125 percent. The pause, along with leaving a 10 percent tariff rate in place for most countries, was a version of what a number of people had urged Mr. Trump to put in place for days.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-10\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Speaking with reporters soon after Mr. Trump announced the reversal, Mr. Bessent and Ms. Leavitt both tried to create the impression that this was the culmination of a carefully laid plan \u2014 to isolate China as the main culprit inflicting pain on American workers.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis was his strategy all along,\u201d Mr. Bessent said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Ms. Leavitt, the White House press secretary, tried to frame the policy backflip as a work of negotiation genius.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cMany of you in the media clearly missed the \u2018Art of the Deal,\u2019 you clearly failed to see what President Trump is doing here,\u201d she said. \u201cYou tried to say that the rest of the world would be moved closer to China, when in fact, we\u2019ve seen the opposite effect. The entire world is calling the United States of America, not China, because they need our markets, they need our consumers, and they need this president in the Oval Office to talk to them, and that\u2019s exactly why more than 75 countries have called.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump\u2019s senior adviser, Stephen Miller, took the retrofitting to another level on X: \u201cYou have been watching the greatest economic master strategy from an American President in history.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Bessent claimed the 90-day pause was Mr. Trump\u2019s idea and insisted the decision had nothing to do with trillions of dollars of U.S. wealth being wiped out of the stock market after the president\u2019s tariff announcement last week.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-11\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cI have nothing that says that, and we actually had quite a good 10-year auction today,\u201d he told reporters when asked how much the president\u2019s decision was driven by the U.S. bond sell-off and whether China was dumping its vast holdings of U.S. Treasury bonds.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Bessent said the president was pausing the tariffs because the administration was receiving so many requests to negotiate, and each negotiation would be \u201cbespoke\u201d and therefore \u201ctake some time.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The Treasury secretary did not respond directly to a question about why investors would trust that this was the final word from Mr. Trump after so many changes.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump\u2019s actions cover only the next 90 days. As for any additional tariff exemptions, the president refused to give the clarity many investors are seeking.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Asked on Wednesday how he would decide on any further exemptions, Mr. Trump said: \u201cInstinctively, more than anything else. I mean, you almost can\u2019t take a pencil to paper. It\u2019s really more of an instinct, I think, than anything else.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/04\/09\/us\/politics\/trump-tariff-pause-be-cool.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the past week, President Trump has been urging calm in the face of the financial chaos that he created<\/p>\n","protected":false},"author":1,"featured_media":18462,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[1561,239,1439,5703,2348,2347,751,708,305,2783,1332],"class_list":["post-18461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us","tag-bessent","tag-customs-tariff","tag-economic-conditions-and-trends","tag-government-bonds","tag-howard-w","tag-lutnick","tag-protectionism-trade","tag-scott","tag-stocks-and-bonds","tag-treasury-department","tag-united-states-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inside Trump\u2019s Reversal on Tariffs: From \u2018Be Cool!\u2019 to \u2018Getting Yippy\u2019 - World News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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