#TariffsPause

Trump declared on Wednesday, in response to the growing criticisms that have engulfed the White House over the past week: "They were shouting, they were shouting a little, and they were a little scared".

Even for a president known for his political flip-flops, his announcement on Wednesday of a three-month moratorium on the long-awaited reciprocal tariffs represents a stunning retreat from a plan he seemed to fully support just a day earlier. This came as his trade representative testified on Capitol Hill about the benefits of tariffs, apparently unaware of the moratorium decision. It seems that days of pressure from his Republican colleagues and business leaders, even from his close friends, wore down Trump, who insisted last week that "my policies will not change". Never.

But on Wednesday, it was clear that the persuasion campaign to get Trump to change course would not wane. The massive sell-off in the markets for U.S. government bonds, traditionally considered safe havens for investors, revealed that the economic repercussions of the strategy