How Trump changed his mind on tariffs as stocks tanked and recession fears grew

Trump and officials in his administration were fielding calls from worried allies, and his advisers presented him with worrying data on the bond markets.

WASHINGTON — “Liberation Day” just gave way to Capitulation Day.

President Donald Trump pulled back Wednesday on a series of harsh tariffs targeting friends and foes alike in an audacious bid to remake the global economic order.

Trump's early afternoon announcement followed a harrowing week in which Republican lawmakers and confidants privately warned him that the tariffs could wreck the economy. His own aides had quietly raised alarms about the financial markets before he suspended a tariff regime that he had unveiled with a flourish just one week earlier in a Rose Garden ceremony.

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The stock market rose immediately after the about-face, ending days of losses that have forced older Americans who've been sinking their savings into 401(k)s to rethink their retirement plans.

https://www.nbcnews.com/politics/donald-trump/trump-changed-mind-tariffs-rcna200414

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