The Daily
A U-Turn on Tariffs
Apr 10, 2025
Jonathan Swan, a White House reporter for The New York Times, and David Pierson, a foreign correspondent focusing on China, dive into President Trump's surprising tariff reversal. They discuss the unexpected halt in new tariffs and the intense market pressures behind this decision. The conversation highlights the escalating U.S.-China trade war, the complexities of negotiations, and the looming possibility of retaliation from Beijing. Insights into the strained diplomatic relations add depth to their analysis of current international trade dynamics.
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Quick takeaways
- President Trump's abrupt tariff pause indicates he is influenced by market pressures and fears of a financial crisis.
- China's response to escalating tariffs highlights the complexities of national pride and economic vulnerability in trade negotiations.
Deep dives
Trump's Abrupt Tariff Changes
President Trump announced a 90-day pause on most new tariffs, a surprising decision given his previous commitment to maintain tariffs against multiple countries. The pause appears to have been influenced by fears of a financial crisis, particularly in response to turbulence in the bond market, which prompted anxiety within Trump's administration. Treasury Secretary and other advisers had been pushing for a more refined approach to tariffs that would avoid harming U.S. allies while isolating China. Ultimately, this decision reveals that Trump may be more susceptible to market pressures than previously thought, as he acknowledged rising concerns among economic leaders regarding the potential fallout.
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