What happened in the 18 hours that changed the global market?

Trump makes a 180-degree turn, partially retracting tariff policies. What happened?

Due to market concerns and pressure from multiple parties, according to Shanghai Securities News, on April 9th, during trading hours in the U.S. East Coast, President Trump posted on social media that he had authorized a 90-day suspension of tariffs on certain countries, during which tariffs would be significantly reduced to 10%.

U.S. stocks surged in response, with the gains of the three major U.S. stock indices rapidly expanding. By the end of the day, the Nasdaq's gains exceeded 10%, the S&P 500 rose over 9%, and the Dow Jones Industrial Average increased by nearly 3,000 points, up nearly 8%.

In the face of the strong market rebound, Trump later posted on his social media platform Truth Social: "I guess they will say this is the most important day in financial history."

Compared to his previous firm stance, Trump's concession this time is a shocking turnaround. In the days prior, Trump's aides had been arguing that he was seeking to reshape the global economy.

Key Moments from Tuesday Evening to Wednesday Afternoon

From Tuesday evening to Wednesday afternoon, Trump and his trade advisors spoke with several Republican lawmakers and top foreign leaders, who expressed concerns about the turmoil in global markets and the growing fears of a global recession, urging him to take action.

According to media compiled information, Trump's public activities during this 18-hour period were as follows:

• On Tuesday evening, after the 9 PM program of Sean Hannity on Fox News, Trump had a phone conversation lasting over an hour with a group of Republican senators, some of whom expressed concerns about tariffs.
• That evening, Trump stated that he had noticed the unease in the bond market.
• On Wednesday morning, Trump met with Senate Majority Leader John Thune at the White House and had a 25-minute phone call with Swiss President Karin Keller-Sutter to negotiate tariff policies.
• At 8 AM, Trump watched an interview with JP Morgan CEO Jamie Dimon. Dimon warned during the program that, given economic uncertainty, a recession was a "possible outcome."
• At 9:33 AM, Trump posted on Truth Social urging everyone to "stay calm," and added that "now is a good time to buy."
• Meanwhile, U.S. Commerce Secretary Gina Raimondo received a call from EU Chief Trade Officer Maros Sefcovic, as the EU approved countermeasures against U.S. steel and aluminum tariffs that day.
• By noon on Wednesday, Raimondo was sitting with U.S. Treasury Secretary Janet Yellen in the Oval Office, discussing the latest tariff policies with Trump.
• At 1:18 PM, Trump announced the decision regarding the suspension of tariffs on Truth Social.

This sudden shift even caught some senior officials off guard. After Trump posted, his aides immediately convened to discuss how to proceed, and Yellen and White House Press Secretary Karine Jean-Pierre quickly held a press conferenceAfter announcing the tariff delay, Trump told reporters that he had been considering changing course over the past few days and ultimately decided "perhaps this morning."

The shift came too suddenly, and there seems to be disagreement within the White House

Although officials claim to be united, there appear to be differing voices within the White House.

After Trump's announcement, White House aides gathered to discuss the facts and key points of Trump's new plan. However, afterwards, White House staff remained unclear about the key details of the new arrangement.

Trump's long-time trade advisor, Peter Navarro, had urged Trump to pursue aggressive tariff policies, but he was not mentioned at the press conference.

However, it was reported that shortly after Trump announced the news, Navarro gave an interview stating that he and his team were working well together and claimed he had not been marginalized.

When Trump spoke with reporters in the Oval Office, he candidly shared his broader strategy, indicating that many times negotiations are not considered complete until they are finished.

While the market reacted with excitement, the former U.S. Treasury Secretary Summers, known as the "whistleblower of American high inflation," stated that we are far from being out of danger, and recklessly "improvising" is not a useful strategy. After multiple market collapses, the Trump administration is now frightened:

Even their new policy, the tariffs, are close to the levels of the Smoot-Hawley Tariff Act, and middle-class families will lose nearly $2,000 as a result. We are far from being out of the woods. Credibility has been almost entirely lost. We must be fearful.

The (U.S.) government was still boasting over the weekend about countries wanting to negotiate. There was no delay in negotiations at that time. Now, after the market collapse, they naturally feel scared. This is reckless improvisation, not strategy, and it is completely dishonest.

The bully retreats.