On Tuesday night, the president was assuring supporters that foreign governments were “kissing my ass…they are dying to make a deal”.
Trump’s representatives insisted the shift was part of a masterplan as financial markets rebounded, claiming his moves had strengthened the US position. “This was his strategy all along,” said Treasury Secretary Scott Bessent.
The president appeared unfazed by initial market turmoil after the tariff announcements of “Liberation Day,” with stock markets losing trillions of dollars in value, telling allies the pain would only be short term.
Trump’s tariffs led to a historic dip for stick markets (Photo: Timothy A. Clary/AFP/Getty)
Going further, the president appeared to highlight a key factor in his decision by claiming that “people were getting a little queasy in the bond market”.
Trump was afraid of a 2008-level crash that could have been laid at his door, advisors told The New York Times.
The investment bank Goldman Sachs increased the possibility of a recession in the next year to 45 per cent – up from the 35 per cent it predicted at the end of March.
Inner circle pressure
Trump’s top advisers and officials have been outwardly supportive of his tariffs, but some have applied pressure behind the scenes to change course.
Trump and Elon Musk in the Oval Office in February (Photo: Alex Brandon/ AP)In recent days, the president and senior officials emphasised flexibility and openness to negotiations on trade deals in public statements.
Trump’s influential adviser Elon Musk also raised doubts over the tariff agenda, publicly advocating a policy of zero tariffs between the US and Europe. “That has certainly been my advice to the president,” he said.
The billionaire hedge fund manager Bill Ackman, who endorsed Trump after the assassination attempt on him in July, said that unless the president changed course the US was heading for an “economic nuclear winter”, adding: “The president is losing the confidence of business leaders around the globe”.
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The president gained a reputation as an avid viewer of Fox News during his first term, often phoning in to shows and responding to broadcasts in real time.
The network’s business programme, The Bottom Line, took aim at Navarro and the contentious formula that was applied to produce tariff rates for each country.
One of Trump’s favoured newspapers, the New York Post, which has twice endorsed him for president and backed many of his contentious policy moves, also shone a harsh spotlight on the tariff agenda, warning it could cost households $3,800 (£2,940) a year.
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