I am convinced that Donald Trump always intended to pause his tariff increases on most countries at some point in his strategy to remake the international system of trade.
However, I do think that the timing of that pause was somewhat driven by what was happening in the markets, just not the stock market. It was the bond market collapse that dictated the timing.
What just happened in the U.S. Treasury market? https://t.co/dmlZk2UKkH pic.twitter.com/2he8K57ypW
— Reuters (@Reuters) April 10, 2025
Trump is walking something of a tightrope on this issue. He is convinced that the current international order under which world trade is hollowing out America’s economy, transferring wealth from ordinary Americans to the investor class and finance, which have been enormous winners over the past few decades as the middle class–especially those in the industrial…
