Trump fought against the bond market, and the bond market won: Saifedean Ammous

Ammous stated that the volatility of U.S. bonds during the tariff hikes could rekindle the unique economic characteristics of Bitcoin as a safe haven and potential reserve asset.

Analysts are criticizing the financial impacts of U.S. President Donald Trump's import taxes, a development that some argue highlights the unique economic nature of Bitcoin during times of global instability.

According to critics, Trump’s temporary suspension of higher reciprocal tariffs for 90 days, bringing the tariff rate back to a baseline of 10% for most countries except China, has exposed weaknesses in the U.S. bond market.

Economist and author of The Bitcoin Standard, Saifedean Ammous, stated that the decision to reverse Trump’s higher tariffs may be a reaction to the rising bond yields, indicating that this administration was forced to act.

“Trump fought against the bond market, and the bond market won,” Ammous said in a post on X on April 23. “This bet seemed to have worked on the first day, and the significant collapse in the stock market was seen as a small price to pay for financial sustainability.

“But then, bond prices started to drop sharply, and the catastrophic extent of the tariffs became evident, revealing just how misguided it was to expect that deliberately causing the stock market to collapse would boost the bond market.”