Source: Rumors of a tariff break paved the way for a real break
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick advised Donald Trump inside the Oval Office when the president announced his tariff break in a post on Truth Social. This is reported by Axios.
Three factors played a role in the break, three sources told the news site.
First, the ministers are said to have said that their phones almost burned up. Their message is that a long list of countries are now ready to negotiate.
In addition, the three politicians are said to have agreed that China's counter-tariffs gave the United States an opportunity. By taking a break, the United States appears friendly, while at the same time isolating China, the reasoning went.
Third, frightening macro figures – stock market falls, dollar weakness and a worrying bond market – are said to have been impossible to ignore in the end. In the back of his mind was the sharp stock market rally that occurred on Monday when inaccurate media reports claimed that Trump had decided to take a break, says a source.
– I can assure you that it was something that people in the administration, and certainly the president, had in mind.
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick advised Donald Trump inside the Oval Office when the president announced his tariff break in a post on Truth Social. This is reported by Axios.
Three factors played a role in the break, three sources told the news site.
First, the ministers are said to have said that their phones almost burned up. Their message is that a long list of countries are now ready to negotiate.
In addition, the three politicians are said to have agreed that China's counter-tariffs gave the United States an opportunity. By taking a break, the United States appears friendly, while at the same time isolating China, the reasoning went.
Third, frightening macro figures – stock market falls, dollar weakness and a worrying bond market – are said to have been impossible to ignore in the end. In the back of his mind was the sharp stock market rally that occurred on Monday when inaccurate media reports claimed that Trump had decided to take a break, says a source.
– I can assure you that it was something that people in the administration, and certainly the president, had in mind.
The heavyweight sounded the alarm about tariffs on Fox News – then Trump pressed the pause button
Why did Donald Trump press the pause button in the tariff chaos? The world media is full of speculation after the US president's announcement that sent the stock markets soaring on Wednesday evening.
Both the Wall Street Journal and the Financial Times write that JP Morgan CEO Jamie Dimon's participation in Fox News may have influenced Trump. Dimon, one of Wall Street's most powerful players, warned at the time that the US is heading into a recession.
– I'm still in the boat, but I think it could get worse if we don't make some progress soon, Dimon said.
Trump said on Wednesday that he had been considering the tariff break for “a few days” but also admitted that he had seen and been impressed by Dimon’s television appearance.
– He is very smart, and a financial genius. He has done a fantastic job with the bank, Trump said during Wednesday’s question time at the White House.
The White House confirms: EU is covered by the tariff break
The decision on Donald Trump’s tariff break for those countries that have not imposed retaliatory tariffs also includes the EU. The White House confirms this to the BBC.
This means that the basic tariffs of 10 percent, which the American president announced last week against all countries in the world, remain.
It was yesterday, Wednesday, that the announcement of the tariff break was announced and it applies to all nations except China, against which the tariffs will instead be increased to 125 percent.
On Wednesday evening, the government was awaiting confirmation that Sweden and the EU were actually covered by the break, Sweden's Minister of Foreign Trade Benjamin Dousa (M) told DN and Aftonbladet.
The decision on Donald Trump’s tariff break for those countries that have not imposed retaliatory tariffs also includes the EU. The White House confirms this to the BBC.
This means that the basic tariffs of 10 percent, which the American president announced last week against all countries in the world, remain.
It was yesterday, Wednesday, that the announcement of the tariff break was announced and it applies to all nations except China, against which the tariffs will instead be increased to 125 percent.
On Wednesday evening, the government was awaiting confirmation that Sweden and the EU were actually covered by the break, Sweden's Minister of Foreign Trade Benjamin Dousa (M) told DN and Aftonbladet.
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