While the White House described Donald Trump's U-turn on tariffs as "the art of the deal", insiders aware of what transpired behind the announcement of the 90-day pause said there was tremendous pressure from CEOs, friends, GOP senators, markers and bond prices. Axios reported that treasury secretary Scott Bessent and commerce secretary Howard Lutnic were advising Trump in the Oval Office when he decided to post the Truth Social message in a major climbdown on the tariffs.
The market pressure was obvious. But Bessent and Lutnick Trump their phones were burning up with countries calling to negotiate. "We've got all these great countries. They all want to coma and talk. How do we do it," one of them messaged, Axios reported citing a source.
"Friendly world leaders, congressional allies, major donors and CEOS were practically begging for a pause," the report said, citing another official.
Trump and his advisers also saw the opportunity to send a strong message to China while pausing the tariff for 90 days. It would be an effort to isolate China while making friends with other countries, they agreed.
90-day pause effect was already seen
A rumor that the White House shot down already provided a glimpse of what an announcement of a 90-day pause on tariffs could do. On Monday, the market looked up, riding on a rumor that Trump was mulling a 90-day pause on the tariffs excepting China. It showed the Trump administration what an actual announcement could do to the market.
What's next?
Bessent and Lutnick, Trump's economic advisers will now engage in a country-by-country negotiation process that will take months. But Trump will take the final call on each deal.
Lutnick denied that the pause was put in place due to the market reaction. "It was not. I will happily say definitively, it was not," Lutnick told reporters. "Donald Trump is in charge of these policies and this direction. He is the greatest negotiator and the greatest person who understands—these are his goals and his objectives, and he is executing them."
National Economic Council Director Kevin Hassett said today the 90-day reciprocal tariff pause was “based on good faith conversations” and that there are about 15 countries that have made “explicit” offers to the US. “The pause was based on good faith conversation. I was on a call with the president and the president of Switzerland yesterday morning that was incredibly congenial,” Hassett told reporters from the White House.
The market pressure was obvious. But Bessent and Lutnick Trump their phones were burning up with countries calling to negotiate. "We've got all these great countries. They all want to coma and talk. How do we do it," one of them messaged, Axios reported citing a source.
"Friendly world leaders, congressional allies, major donors and CEOS were practically begging for a pause," the report said, citing another official.
Trump and his advisers also saw the opportunity to send a strong message to China while pausing the tariff for 90 days. It would be an effort to isolate China while making friends with other countries, they agreed.
90-day pause effect was already seen
A rumor that the White House shot down already provided a glimpse of what an announcement of a 90-day pause on tariffs could do. On Monday, the market looked up, riding on a rumor that Trump was mulling a 90-day pause on the tariffs excepting China. It showed the Trump administration what an actual announcement could do to the market.
What's next?
Bessent and Lutnick, Trump's economic advisers will now engage in a country-by-country negotiation process that will take months. But Trump will take the final call on each deal.
Lutnick denied that the pause was put in place due to the market reaction. "It was not. I will happily say definitively, it was not," Lutnick told reporters. "Donald Trump is in charge of these policies and this direction. He is the greatest negotiator and the greatest person who understands—these are his goals and his objectives, and he is executing them."
National Economic Council Director Kevin Hassett said today the 90-day reciprocal tariff pause was “based on good faith conversations” and that there are about 15 countries that have made “explicit” offers to the US. “The pause was based on good faith conversation. I was on a call with the president and the president of Switzerland yesterday morning that was incredibly congenial,” Hassett told reporters from the White House.
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