Stocks took another dizzying turn on Wednesday afternoon after President Donald Trump announced an abrupt 90-day pause on his tariffs for 75 countries.
According to Trump, his team, and some of his supporters: It’s all part of his grand master plan.
“As I’ve said in the past, no one creates leverage for himself like @POTUS,” Treasury Secretary Scott Bessent said on X, following the tariff pause announcement.
Bessent said in a press conference that the pause is the result of Trump’s “successful negotiating strategy,” which brought more than 75 countries to the table, repeating Trump’s messaging on the reversal.
“Conversely, and based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately,” Trump wrote on Truth Social.
A White House spokesperson did not respond to a request for comment.
Many CEOs and experts have said Trump’s “Liberation Day” tariffs are inflationary and would carry heavy economic consequences.
Less than 24 hours ago, US stocks dropped for the fourth straight day.
With Trump’s 90-day tariff pause — leaving China with a whopping 125% tariff rate — the S&P 500 soared as much as 9%.
Experts like Joanne Hsu, director of the University of Michigan’s Surveys of Consumers, would generally say market uncertainty is bad for the economy as it can result in negative consumer sentiment and reduced spending.
“If people both think the economy is deteriorating and they expect their own incomes to weaken as well, it’s hard to imagine how robust consumer spending can really be under those circumstances,” Hsu previously told Business Insider.
For the President’s team and supporters, that’s just classic Trump.
“Many of you in the media clearly missed ‘The Art of the Deal,'” press secretary Karoline Leavitt said on Wednesday, referencing Trump’s 1987 book. “You clearly failed to see what President Trump is doing here.”
Pershing Square founder Bill Ackman, who just days ago criticized Trump’s tariff moves, said on X: “This was brilliantly executed by @realDonaldTrump. Textbook, Art of the Deal.”
Dan Scavino, White House Deputy Chief of Staff, simply posted on X: “THE ART OF THE DEAL.”
Trump’s memoir, which was ghostwritten by Tony Schwartz and has sold over a million copies, goes into his career as a real estate developer and provides some insight into the president’s business philosophy.
“Trump did his disastrous tariffs for one primary reason: he has a lifelong belief that he is being ripped off by everyone and a corresponding desire for retribution,” Schwartz, who shadowed Trump for 18 months when writing “The Art of the Deal” in the ’80s, said in an April 3 post on X.
Schwartz did not respond to a request for comment.
One of the lessons in dealmaking the book preaches is a simple approach: “Aim very high.”
“My style of dealmaking is quite simple and straightforward,” he wrote. “I aim very high, and then I just keep pushing and pushing to get what I’m after. Sometimes, I settle for less than I sought, but in most cases, I still end up with what I want.”
