Were There Other Influencers Behind Trump’s Tariff Delay? JPMorgan’s Dimon and Hedge Fund Mogul Ackman Emerged as Key Advocates.
Trump’s Tariff Policy Paused Amid Market Turmoil
On Wednesday (April 10), the Trump administration temporarily halted the implementation of new tariffs, delaying their enforcement by 90 days. Behind this pause were hedge fund magnate Bill Ackman and JPMorgan CEO Jamie Dimon. Meanwhile, some wealthy Wall Street investors took advantage of the situation, raking in $30 million in just one day. However, others were hesitant to buy more, knowing Trump’s unpredictable nature; the “pause” might just be the calm before the storm.
Tariffs on Liberation Day Hit Global Markets, Prompting Policy Shift
On April 9, Trump introduced the Liberation Day tariff plan, imposing taxes on foreign imports under the pretext of combating “unfair trade.” The announcement immediately sent shockwaves through global financial markets, raising concerns about a potential economic recession.
U.S. Treasury Secretary Scott Bessent also endorsed the policy during a Wednesday (April 10) interview, expressing strong support for the tariff measures.
However, just as market panic began to escalate and major Wall Street institutions started warning of an economic downturn, Trump shifted course just hours later.
Hedge Fund Tycoon Ackman and Dimon Convince Trump
Bill Ackman had warned early on that if this continued, it would lead to an “economic nuclear explosion.”
Jamie Dimon also appeared on a program to issue a warning: inflation, borrowing costs, and unemployment would all be impacted, potentially leading to a recession. Trump initially pretended on Truth Social that Dimon was on his side, but just hours later, he reversed course and accepted Ackman’s suggestion to delay the new tariffs by 90 days. Ackman immediately tweeted (X) praising Trump’s maneuver as a “textbook negotiation strategy,” calling it the “Art of the Deal.”
Ackman tweeted his praise for Trump’s outstanding “deal-making skills.”
Trump’s Team Divided, Commerce Secretary Lutnick Criticized
Senior executives from Wall Street discussed policy details with Lutnick. In the end, Lutnick only offered vague statements: “The president knows what he’s doing.”
After the meeting, Wall Street executives were furious, directly criticizing him for being “non-constructive and talking nonsense.” Furthermore, Treasury Secretary Bessent clarified that he did not participate in tariff negotiations. Consequently, Wall Street finally realized that to get Trump’s attention, they couldn’t rely on insider channels; they needed to go on TV or post on social media.
Dimon’s Media Appearance Key to Policy Change
Initially, JPMorgan CEO Jamie Dimon was reluctant to show his face, but under pressure, he stated in an interview: “Market panic is justified; these tariffs will severely impact American borrowers and related individuals, and a recession will be an inevitable outcome.”
Trump initially downplayed the situation on social media but soon praised Dimon as a “financial genius.”
Tariff Delay Sparks Market Rebound, Goldman Sachs Withdraws Recession Forecast
According to reports, Goldman Sachs CEO David Solomon, while on a call with clients, saw the news and immediately called the trading chief asking, “How’s the market now?” The response was, “It’s a collective sigh of relief,” prompting Goldman to retract its previous recession forecast for the U.S.
According to internal Bloomberg data, many asset trading volumes scored a “9,” almost off the charts.
However, no one felt completely at ease, knowing Trump could change his mind again. After all, the total tariffs on Chinese goods still stand at a staggering 145%; this is merely a delay of the new wave of tariffs.
Industry insiders remarked, “Rather than celebrating, it’s more like drinking in silence,” as this might just be the calm before the storm.
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