The article details how Wall Street figures, particularly Jamie Dimon and Bill Ackman, significantly influenced President Trump's decision to temporarily suspend tariffs. Their public statements and private lobbying efforts are highlighted as key factors in the president's reversal.
Jamie Dimon, CEO of JPMorgan Chase, warned of the negative economic consequences of the tariffs in his annual shareholder letter. Bill Ackman, CEO of Pershing Square Capital Management, publicly advocated for a 90-day pause, framing continued tariffs as an economic disaster. Their messages, delivered via media appearances and social media, proved influential with Trump.
Trump's subsequent announcement of a 90-day tariff pause, excluding tariffs on China, which were increased to 125%, led to a significant surge in the US stock market, the best day since October 2008. This demonstrates the market's sensitivity to tariff policy and Wall Street's successful influence. The article notes that while the market celebrated the pause, the uncertainty persists.
Despite the market's positive response, the article concludes by emphasizing the volatility of Trump's decision-making and the lingering uncertainty regarding his future policy actions on tariffs. The temporary nature of the suspension is stressed, leaving investors apprehensive about potential future policy shifts.