President Donald Trump admitted that his tariff policy change would be a problem, but he said he pursued them because no one had solved the problem.
At the Cabinet meeting, Trump defended the change of trade strategy despite short -term pain. According to the CNBC Live Stream, “It’s hard to switch, but the final results will be positive.”
Trump did not rule out a 90 -day suspension of his “mutual” tariff. At the Cabinet meeting, he said that if he could not secure a favorable deal with US trading partners, tariffs would return to higher fees after suspension.
According to CNBC, when I asked about the extension of the suspension, “we need to know what’s going on.”
The US major stock market index closed low today, while S & P 500 decreased 3.46%, NASDAQ was 4.31%, and DOW was 2.50%.
Bitcoin (BTC) has abandoned some profits since April 9 and has been trading at $ 79,800. Overall, it was a difficult day for investors overall.
Economic situation like Kobe
Economic instability increased among US monetary policymakers. Chicago Federal Reserve Bank Austan Goolsbee expressed concern about returning to the economic situation found in Covid-19 Pandemic.
Goolsbee warned that the frustration of emotions could lead to a wider danger of the economy as the loss and anxiety of self -confidence and anxiety on the earth increased.
The Wall Street Journal report has added an additional context for Trump’s trade approach, revealing that the former president has previously accepted the risk of shallow recession to avoid deeper depression.
But among the rapid growth of market volatility and financial returns, Trump has canceled some tariffs.
The decision, which was affected by the collapsed bond market and advice of Kevin Hassett, director of the National Economic Council, helped promote the market rebound on April 9. The S & P 500 has recorded the strongest daily profit since 2008.
Scott Bessent Treasury Minister is known to have played an important role in adjusting policy shifts.