For days, Donald Trump and his White House team maintained that they were steadfast in their resolve to apply broad “reciprocal” tariffs on dozens of nations. Even a rumor that said the president was contemplating a 90-day delay was mocked by them on Tuesday, which caused a temporary spike in the stock market.
However, with a few noteworthy exceptions, the halt on rising tariff rates is already a reality. Trump’s promise of a golden age of American manufacturing will have to wait while the global economic order is reorganized. The White House has stated that the objective was always to impose high tariffs and then put the matter on hold before engaging in talks with specific nations.
Following the news, Treasury Secretary Scott Bessent told reporters, “We’ve had more than 75 countries contact us, and I imagine, after today, there will be more.”
Naturally, the White House framing is not surprising. Furthermore, the announcement was accompanied by a swelling chorus of Republican criticism, a collapsing bond market, financial panic, and widespread popular dissatisfaction. Was this another instance of Trump’s “art of the deal” negotiating style, or was it a calculated retreat in the face of unanticipated opposition?
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