Numerous CEOs, including Jamie Dimon (JPMorgan Chase), Ed Bastian (Delta Air Lines), Larry Fink (BlackRock), and even Elon Musk, urged Donald Trump to reconsider his tariff policies due to their negative impacts on the US economy. Their concerns stemmed from the significant economic damage already inflicted.
Despite the warnings, Trump initially implemented tariffs, resulting in a sharp decline in the bond market. However, after witnessing massive market disruptions and billions of dollars in asset losses, he unexpectedly suspended the tariffs. This decision provided relief to investors, leading to a substantial surge in stock prices.
The article highlights the swift and impactful nature of Trump's tariff policy: imposed, then suspended within a very short timeframe (less than 14 hours).
While the article states that Trump didn't express fear of a recession, the massive economic pressure exerted by business leaders clearly played a role in his decision to temporarily suspend the tariffs.