NYT: Top Advisors “Feared Financial Panic” Over Tariffs

The New York Times reports:

Behind the scenes, senior members of Mr. Trump’s team had feared a financial panic that could spiral out of control and potentially devastate the economy. Treasury Secretary Scott Bessent and others on the president’s team, including Vice President JD Vance, had been pushing for a more structured approach to the trade conflict that would focus on isolating China as the worst actor while still sending a broader message that Mr. Trump was serious about cracking down on trade imbalances.

Mr. Bessent played a significant role in steering the president toward the pause. But the real credit, Mr. Trump’s advisers admit privately, should go to the bond markets. Mr. Trump’s decision was driven by fear that his tariffs gamble could quickly turn into a financial crisis. And unlike the two previous crashes of the past 20 years — the global financial crisis of 2008 and the pandemic of 2020 — this crisis would have been directly attributable to only one man.

Read the full article. There’s more. Gift link below.

From ‘Be Cool!’ to ‘Getting Yippy’: Inside Trump’s Reversal on Tariffs
Economic turmoil, particularly a rapid rise in government bond yields, caused President Trump to reverse course on the steep levies

“I know what the hell I’m doing…”

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— Jozef Imrich (@jozefimrich.bsky.social) April 9, 2025 at 11:09 PM