President Trump's abrupt reversal on his global tariff plan, initially touted as a brilliant strategy, was driven by concerns over the bond market's negative reaction. The West Wing was rattled by ominous bond market moves, prompting a change in course.
While Trump's aides and allies attempted to frame the about-face as a masterful negotiation tactic, Trump himself acknowledged that economic realities forced the new approach. He cited anxieties in the bond market and pressure from others, including those within his own administration, as reasons for pausing the tariffs.
Republican leaders, while publicly supporting Trump, were growing increasingly uneasy with the tariffs. This led to efforts to quell a possible revolt within the party. Several Republicans introduced legislation to regain Congressional control over tariffs, while Speaker Mike Johnson blocked legislation against Trump's trade war.
Trump and his allies attempted to spin the tariff pause as a victory. They claimed that the mere threat of tariffs had already prompted other countries to seek trade renegotiations and that this was the initial plan all along, despite no actual concessions made.
Though some Republican senators urged Trump to shift towards targeting China while negotiating with allies, there wasn't enough support within the party to directly defy the president.