In a significant move impacting the financial landscape, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick successfully influenced President Trump to delay the enforcement of his contentious global tariff plan on April 9. This decision came during a pivotal moment when senior trade adviser Peter Navarro was absent, allowing Bessent and Lutnick to present their case effectively. They approached Trump in the Oval Office while Navarro was occupied, advocating for a temporary pause on certain tariffs. Corporate markets reacted positively to Trump’s subsequent announcement, which was aimed at mitigating recent volatility observed in financial sectors. The abrupt shift led to a notable rise in the stock market and a stabilization of the bond market. Trump’s earlier communications, emphasizing market resilience and urging for calm, contrasted sharply with his later decision, reflecting the administration’s ongoing tension regarding trade policies.
Source: https://en.coinotag.com/breakingnews/trump-postpones-tariff-plans-amid-market-volatility-insights-from-treasury-secretary-bessent-and-commerce-secretary-lutnick/