A week after U.S. President Donald Trump announced tariffs on dozens of countries that are trade partners of the United States, he unexpectedly revealed a 90-day suspension of some of them.
In a post on his "Truth Social" platform on Wednesday, Trump surprisingly halted part of the tariffs, maintaining a 10% rate to allow room for negotiations, while raising tariffs on Chinese goods to 125%.
Questions About the Reasons
This move raised many questions, prompting U.S. Treasury Secretary Scott Besant to clarify shortly afterward. Besant stated that this suspension was discussed last Sunday during a meeting between the two men. Speaking to a group of journalists at the White House, Besant said, "We talked extensively," adding that this had been Trump's strategy from the beginning.
He also explained that more than 75 countries, led by Japan, had reached out to Washington seeking agreements to ease the tariffs.
Focus on Negotiations
While not much was publicly disclosed about the reasons, a senior Treasury official indicated that the reversal was due to ongoing negotiations between many countries and the U.S. administration. The official emphasized that Trump's team was unified behind this strategy to strengthen the U.S. economy and national security, as reported by The Wall Street Journal .
Additionally, informed officials revealed that Trump decided to grant Besant more authority within his team of trade advisors. One insider noted that Besant encouraged Trump to focus on negotiations, according to someone familiar with the conversation.
Messages Flooded Wiles' Phone
Officials also pointed out that Trump was influenced by the stock market's decline and concerns expressed by business leaders regarding the tariffs. A White House aide disclosed that in recent days, messages flooded the phone of Susie Wiles, the White House Chief of Staff, from executives and lobby groups, urging the need to "find a way out," as they put it.
Two days ago, Trump also used his "Truth Social" platform to call on Americans to remain calm and avoid panic. He reportedly told his advisors that he was prepared to endure "pain," according to someone who spoke with him on Monday. Trump acknowledged that his trade policy might cause a recession but stated that he wanted to ensure it would not lead to a depression, according to individuals familiar with the discussions.
It is worth noting that this decision by the U.S. president came after a week of market turmoil, during which stock exchanges suffered losses amounting to trillions of dollars.