The Blubber

President Donald Trump said he will temporarily lower the high tariffs he recently put on many countries — but not on China. Treasury Secretary Scott Bessent said the tariffs were always meant as a smart negotiating move, and the 90-day pause is part of that plan to bring other countries to the table while keeping pressure on China.

Trump’s reversal on Wednesday came less than a day after new tariffs had taken effect on most U.S. trading partners. The announcement followed a period of severe financial market turmoil, the most intense since the early stages of the COVID-19 pandemic, which wiped out trillions in market value and triggered a sharp rise in U.S. government bond yields — developments that appeared to catch the president’s eye.

"I thought that people were jumping a little bit out of line, they were getting yippy, you know," Trump said to reporters following the announcement, using a golf expression to describe the reaction.

Since reclaiming the presidency in January, Trump has repeatedly issued threats of harsh trade penalties against global partners, often reversing those decisions at the last moment. This unpredictable, back-and-forth approach has left international leaders puzzled and created anxiety among business leaders, many of whom say the constant policy swings have made economic planning and forecasting increasingly challenging.