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CNN: Trump's U-turn on Tariffs May Relate to Intensifying US Treasury Sell-off
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US President Donald Trump announced overnight (9th) a 90-day pause of reciprocal tariffs on multiple countries or regions other than China. The three major US stock indices soared by 7.9-12.2%, with the DJIA surging by 2,962 points. Trump's U-turn on the tariff decision caught everyone off guard, according to CNN. Even his trade representative, who was attending a hearing on Capitol Hill explaining the benefits of tariffs, appeared to be unaware of the decision at the time, according to CNN. The report cited three informed sources as saying that escalating concerns within the US Treasury about the direction of the bond market were a crucial factor behind Trump's U-turn on tariffs. Before announcing the suspension of reciprocal tariffs, Treasury Secretary Scott Bessent directly reported to Trump in a meeting about the sell-off of US Treasuries, echoing earlier warnings from White House economic officials about the intensifying sell-off. AAStocks Financial News |
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