Trump said Wednesday, in response to the mounting criticism that has engulfed the White House over the past week: "They were yelling, they were screaming a little, and they were a little scared."
Even for a president known for his policy reversals, his announcement Wednesday of a long-awaited three-month moratorium on reciprocal tariffs represents a stunning retreat from a plan he appeared to fully support just a day earlier. It came as his trade representative testified on Capitol Hill about the benefits of tariffs, seemingly oblivious to the moratorium decision. It appears that days of pressure from fellow Republicans and business leaders, even his close friends, have taken their toll on Trump, who insisted last week that "my policies will not change." Ever.
But by Wednesday, it was clear that the persuasion campaign to get Trump to change course is not abating. The massive selloff in US government bond markets, traditionally considered safe havens for investors, has revealed that the economic repercussions of Trump's strategy could be catastrophic and worse than expected.#TariffsPause