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Dart of the eel, Trump as three-dollar suitcase. [1]
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Date: 2025-04-09
Government cannot be run by wishful thinking, especially by a dimwit
Stocks soared on Wednesday after President Trump abruptly announced he would back down on his “reciprocal” tariffs for 90 days, with the S&P 500 rising 9.5 percent — its sharpest single-day gain since October 2008.
Wall Street’s gleeful embrace of the policy reversal reflected relief that Mr. Trump would not follow through with most of his plans for the tariffs, which had sent markets into a tailspin and threatened to upend global trade.
While many countries would have their tariffs reduced, Mr. Trump said the relief would not extend to China, one of America’s biggest trading partners, ensuring that many American importers were not out of danger. Mr. Trump announced that he would instead raise tariffs on its exports to 125 percent after Beijing announced a new round of retaliation.
Bonds under pressure: A sharp sell-off in U.S. government bond markets showed concerns about the fallout of a trade war. Yields rise when investors sell bonds — pulling down the price of bonds — which can reflect worries about inflation, shifts away from U.S. dollar assets or a need for investors to raise cash to cover losses on other trades. Rising yields push up the cost of borrowing for mortgages, credit cards, business loans and many other rates. The 10-year U.S. Treasury yield jumped to around 4.4 percent, up from below 4 percent at the start of the week.
The turnabout, which came just days after Mr. Trump declared on social media that he would never change his tariff policies, temporarily calmed the fears of economists who had expressed concerns that the United States might be careening toward a recession of its own making.
www.nytimes.com/...
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