https://www.nbcnews.com/politics/donald ... rcna200414
By Peter Nicholas, Garrett Haake and Carol E. Lee, NBC News
WASHINGTON -- "Liberation Day" just gave way to Capitulation Day.
President Donald Trump reversed course one week after he appeared in the Rose Garden (on April 2, 2025). Displaying a chart showing the new, elevated tariffs that other countries would face, Trump proclaimed, "My fellow Americans, this is Liberation Day."
It proved short-lived.
Trump pulled back Wednesday (April 9, 2025) on a series of harsh tariffs, announcing a 90-day pause that he said he'll negotiate deals with other countries to revise trade terms. One exception is China. Trump upped the tariff on China to 125%, part of a tit-for-tat escalation in an evolving trade war.
Ahead of Trump's announcement, some of his advisers had been in a near panic about the bond markets, according to a senior administration official. Interest rates on 10-year Treasury bonds had been rising, contrary to what normally happens when stock prices fall and investors seek safety in treasuries. The unusual dynamic meant that at the same time the tariffs could push up prices, people would be paying more to buy homes or pay off credit card debt because of higher interest rates. Businesses would pay more for new loans.
The administration official said, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, presented a united front Wednesday, urging him to suspend the tariffs in light of the bond market.