Why did Trump suddenly make a complete turnaround, not only preparing to reduce tariffs on China but also bowing to Powell?

Trump's sudden shift this time was a compromise made after Bescent and Lutnik expressed concerns.

How did these two individuals gain such influence?

Mainly because of:

Market lesson: The sharp decline in U.S. stocks in April proved that Bescent was correct in assessing the impact of high tariffs on the U.S. economy and the idea that 'Federal Reserve independence = market confidence.'

Legal deterrence: The lawsuit risk assessment provided by Lutnik's team forced Trump to abandon the illegal option of 'firing Powell.'

Interest alliance: The two represent financial capital and industrial capital respectively, forming a dual constraint on Trump's policies.

This incident reveals the internal struggle between 'populist impulses' and 'establishment constraints' within the Trump administration and also suggests that its future policies may increasingly exhibit characteristics of 'superficial toughness and actual compromise.'