A 180-degree turn, who made Trump change his mind?

Trump finally made a concession.

According to the Shanghai Securities Journal, 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%.

However, according to Xinhua News Agency, just this past Monday, Trump had stated that he was not considering temporarily halting the so-called "reciprocal tariff" plan against multiple countries, but hinted at a willingness to negotiate.

What caused Trump’s attitude towards tariffs to change 180 degrees in just two days?

In Internal Struggles, Treasury Secretary Mnuchin Gains Key Influence

Reports indicate that before Trump's shift, top government officials were scattered, meeting with lawmakers and saying almost nothing about what was about to happen.

Just hours after the new tariff policy officially took effect, Trump "suddenly" announced the shift via his social media platform. He then released this news in the Oval Office of the White House, accompanied by Treasury Secretary Mnuchin and Commerce Secretary Ross.

Mnuchin explained to the media outside the White House that the suspension of certain tariffs was discussed during a meeting between the two on Sunday, and he insisted that this "has always been his strategy."

This means that Mnuchin has been granted more power within the trade advisory team. He also revealed that after meeting with Trump, he was authorized to publicly comment on the agreement.

At the press conference, Trump told reporters that he had been considering the suspension of tariffs "over the past few days" and added that "it may have formed quite early this morning."

He stated that he did not consult lawyers about the wording of the announcement but directly took the opinions of Mnuchin and Ross:

"This is something we wrote out of feeling; we do not want to harm certain countries, they all want to negotiate."

Although senior Treasury officials told the media that the government unanimously supports Trump's strategy to promote the U.S. economy and national security, trade advisor Navarro, who has consistently supported Trump's aggressive tariff plan, was not mentioned at the press conference, and U.S. Trade Representative Jamieson Greer only learned about the news from Trump's post while he was defending the previous tariff plan at a congressional hearing.

Business CEOs Apply Collective Pressure

Business leaders expressing concerns about tariffs also influenced Trump.

Reports indicate that in recent days, numerous corporate executives and lobbyists have called White House Chief of Staff Susie Wiles, hoping that Trump and his advisors could make concessions and "find a way out" for them Banking executives are frustrated by their lack of influence in front of government officials, and in recent days have turned to Republican lawmakers to lobby Trump on tariff issues. According to sources familiar with the matter, the message they want to convey is that Trump's actions will drag down the economy.

Reports indicate that Trump is indeed in a mode of continuous listening—over the past few days, he has been asking friends and advisors about market conditions and has stated that he is closely monitoring the situation.

On Wednesday, Trump had lunch at the White House with financier and investor Charles Schwab and met with Michigan Democratic Governor Gretchen Whitmer, who warned that Michigan's auto industry is already feeling the impact of tariffs.

Panic Erupts in Bond Market, Jamie Dimon Warns of Recession Risks

Following the announcement of the tariff policy last week, the U.S. bond market fell into a panic sell-off, with the yield on the 10-year U.S. Treasury bond soaring nearly 40 basis points in two days, briefly touching the 4.5% mark, while the 30-year yield even broke above 5%.

The risk of a bond market collapse has also sent alarms to Trump. On Wednesday, Trump stated that he has noticed the bad news of the bond market crash, saying, “Last night I saw people becoming a bit uneasy.”

Trump mentioned that he watched an interview with JPMorgan Chase CEO Jamie Dimon on Fox News on Wednesday morning.

In the interview, Dimon stated that the "possible outcome" of the new tariff plan is an economic recession and urged the president to give Besant time to reach an agreement, saying:

“I am calm about this, but the situation could continue to worsen.”

According to media reports citing informed sources, Dimon has not had substantial conversations with Trump for years, but Dimon knows that Trump and his inner circle often watch Fox News, so his message is likely to be conveyed to them.

Stock Market Rebound May Support Trump's Shift in Determination

On Wednesday morning at 9:33 AM, Trump posted on Truth Social urging everyone to "stay calm," and then at 9:37 AM, he added that "now is a good time to buy."

According to media reports citing a government official's perspective, Trump had not yet made a final decision at that time.

Subsequently, Trump's remarks triggered a stock market frenzy, with panic sentiment quickly and completely reversing, this uplifting market performance may have also given Trump’s shift a “shot in the arm.”

Reports indicate that Besant and other White House aides described this series of actions by Trump as part of a negotiation strategy, believing he is using maximum leverage to force countries to the negotiating table