“BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before,” he wrote.
By mid-afternoon in Washington DC, we had an answer. Trump was pausing the majority of his swingeing “reciprocal” tariffs on other countries – with the exception China which is facing increased levies of 125 per cent – buckling to pressure from his allies and the ongoign chaos in the markets.
After days of turmoil, it was the hapless treasury secretary Scott Bessent sent out with White House press secretary Karoline Leavitt, to claim this was part of Trump’s plan all along.
Bessent claimed up to 70 countries were now working on “bespoke” trade deals with the US and had listened to the president’s message: “Do not retaliate, and you will be rewarded,” he said.
Bill Ackman, CEO of Pershing Square Capital Management, has been among Trump’s most loyal supporters. More recently, he was warning of a “self-induced, economic nuclear winter” if the president went ahead with his tariffs.
“If the president doesn’t pause the effect of the tariffs soon, many small businesses will go bankrupt,” Ackman wrote on X. “Medium-sized businesses will be next.”
He is among other billionaires who, along with the 62 per cent of American adults who possess stock investments, have watched as markets lost as much as 20 per cent in less than a week.
According to data collated by the Bloomberg Billionaire Index, Elon Musk, originally worth $298bn, has lost $135bn since the beginning of the year.
The 94-year-old Buffett, celebrated for donating large chunks of his wealth to philanthropic causes, had presciently moved much of his holdings out of the stock market and into cash before the crisis.
Amazon founder Jeff Bezos alongside Alphabet’s CEO Sundar Pichai and Elon Musk at Donald Trump’s inauguration (Photo: Shawn Thew/Pool via REUTERS)In the United States, Wall Street investors benefited from the tax cuts and regulation slashing that Trump oversaw during his first term.
First time around, if Trump said or did something that caused the markets to drop, he would more often than not reverse course.
The full story of Trump’s climbdown on Wednesday will surely be told. But it is no secret that there are differences of opinion within the administration.
Commerce Secretary Howard Lutnick is often on TV to champion Trump’s policy, but often comes across as unconvincing.
In Congress, Republicans who worry about the party’s chances in the mid-terms, have been speaking out and criticising the president’s actions with language unimaginable just weeks ago.
square POLITICS How the Treasury is scrambling to shield UK jobs and growth from Trump's tariffs
Read More
Kentucky Senator Rand Paul declared: “I am a Republican. I am a supporter of Donald Trump. But this is a bipartisan problem.”
“For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch,” said Republican Charles Grassley.
Trump could, of course, veto any such legislation.
After the announcement on Wednesday, there was likely a sense of relief among those who had money in the markets – more than 60 per cent of Americans.
Trump has not stepped away from his desire to confront China and the American public is likely to suffer the results.
Read More Details
Finally We wish PressBee provided you with enough information of ( In Trump’s world cracks are growing and the billionaires are angry at the chaos )
Also on site :