A 180-degree turn: Who made Trump change his mind?

Trump finally gave in.

According to the Shanghai Securities News, during the US stock market trading on April 9, Eastern Time, US President Trump posted on the social platform that he had authorized a 90-day suspension of tariffs on some countries, during which tariffs were significantly reduced to 10%.

According to Xinhua News Agency, just this Monday, Trump just said that he had not considered temporarily suspending the so-called "reciprocal tariff" plan for many countries, but hinted that he was willing to negotiate.

What exactly caused Trump's attitude towards tariffs to reverse 180 degrees in just two days?

In the internal game, Treasury Secretary Bessant won key influence

It is reported that before Trump turned, top government officials dispersed to meet with lawmakers and said almost nothing about what was about to happen.

A few hours after the new tariff policy officially came into effect, Trump "suddenly" announced the turn through his social media platform. Later, he announced the news in the Oval Office of the White House, accompanied by Treasury Secretary Bessant and Commerce Secretary Lutnick.

Bessant explained to the media outside the White House that the move to suspend some tariffs was discussed when the two met on Sunday, and insisted that this "has always been his strategy."

This means that Bessant has been given more power in the trade advisory team. Bessant also revealed at the meeting that he was authorized to comment publicly on the agreement after meeting with Trump.

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

He said he did not consult a lawyer about the wording of the announcement, but directly took the opinions of Bessant and Lutnick:

"This is what we wrote with our feelings. We don't want to hurt some countries. They all want to negotiate."

Although senior financial officials told the media that the government unanimously supports Trump's strategy to promote the US economy and national security. But Navarro, a trade adviser who has always supported Trump's radical tariff plan, was not mentioned at the press conference. U.S. Trade Representative Jamieson Greer only learned about the news after seeing Trump's post, while he was still defending the previous tariff plan at a congressional hearing.

Collective pressure from business CEOs

Business leaders' concerns about tariffs also exerted influence on Trump.

It is reported that in the past few days, a large number of corporate executives and lobbyists have called White House Chief of Staff Susie Wiles, hoping that Trump and his advisers will make concessions and "find a way out" for them.

Banking executives are frustrated with their lack of influence in front of government officials, so they have turned to Republican lawmakers in recent days to lobby Trump on tariffs. According to people familiar with the matter, the message they want to convey is that Trump's move will drag down the economy.

The report said that Trump is indeed in a continuous listening mode-in the past few days, he has been asking friends and advisers about the market and said he is paying close attention.

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

Bond market panic breaks out, Jamie Dimon warns of recession risks

After the tariff policy was announced last week, the U.S. bond market fell into panic selling, and the 10-year U.S. Treasury yield soared nearly 40 basis points in two days, once hitting the 4.5% mark, and the 30-year yield once rose above 5%.

The risk of a bond market collapse also sounded an alarm for Trump. On Wednesday, Trump said he had noticed the bad news about the bond market crash, "I saw people getting a little uneasy last night."

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

In the interview, Dimon said that the "likely result" of the new tariff plan is a recession, and urged the president to give Bessant time to reach an agreement. He said:

"I am calm about this, but the situation may continue to deteriorate."

According to media reports citing people familiar with the matter, Dimon has not had substantive conversations with Trump for many years, but Dimon knows that Trump and his inner circle often watch Fox News Channel, and his message is likely to be conveyed to them.

The stock market rebound may support Trump's determination to turn around

At 9:33 a.m. on Wednesday, Trump posted on Truth Social, asking everyone to "stay calm," and then posted again at 9:37 a.m. to add that "now is a good time to buy."

According to the media, citing the views of a government official, Trump had not yet made a final decision.

Subsequently, Trump's voice triggered a carnival in the stock market, and the panic quickly reversed completely. This exciting market performance may also have given Trump a "boost" for his turn.

The report said that Bessant and other White House aides described Trump's series of actions as part of a negotiation strategy, believing that he was taking maximum measures to force countries to sit down at the negotiating table.