From 'Liberation Day' to 'Pause Day': Trump Reverses Course After a Stormy Week

Trump’s decision to suspend global tariffs capped a week of turmoil and even panic around the world after he announced new tariffs on what he called “Liberation Day.”

Despite repeatedly denying that it was considering a postponement, the first sign that something was changing came as markets braced for a choppy trading session.

“CALM DOWN!” Trump tweeted at 9:33 a.m. on April 9, Washington time, adding, “THIS IS A GREAT TIME TO BUY!!!”

But few believe the 78-year-old Republican is serious, and the turmoil has spread to the bond market, traditionally seen as a safe haven for investors.

President Trump later admitted that he had made the decision to postpone the tariffs “early in the morning” on April 9.

Although the author of the book “The Art of the Deal” rarely shows humility, this time Mr. Trump seemed quite thoughtful when answering questions related to his decision.

“I’ve been thinking a lot about that over the last few days,” he told reporters in the Oval Office, as he signed a series of executive orders — including one titled “Maintaining Reasonable Water Pressure in Showerheads.”

Trump said that on the morning of April 9, he had a closed-door meeting with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick – a famous former trader.

“It was probably decided early this morning,” Trump said. “We didn’t have lawyers. We wrote it from our hearts. It was written from the heart, and I think it was pretty neat.”

The result was a lengthy post shared on the social network Truth Social at 1:18 p.m. on April 9 (local time), announcing that he had “approved a 90-day DELAY” on the tariffs – except for China, which would face an even higher tariff of up to 125%.

The Trump administration insists it is part of a grand strategy that has brought 75 countries to the negotiating table in his effort to reduce the US trade deficit.

“Unfortunately, many in the media do not understand the art of negotiation,” White House press secretary Karoline Leavitt told reporters afterward.

Secretary Lutnick posted that he and Bessent “sat with the President as he wrote one of the most memorable tweets of his tenure.”

"A little panicked"scared"

The White House also posted a photo of Mr. Trump sitting in the Oval Office, next to Lutnick and Bessent, with a cell phone in front of him.

At the same time, they reshared a 2014 post by Mr. Trump that read: “Negotiating is my art. Others paint or write poetry. I love to negotiate—preferably big deals.”

As the market rebounded strongly, Mr. Trump hosted a group of racers with colorful cars at the White House.

The market has been “a bit panicked, a bit scared lately – not like these champions,” he said, pointing to the drivers.

“Liberation Week” turned into a week of chaos as the White House struggled to convey a clear message about whether it was willing to negotiate.

Trump played golf in Florida over the weekend. When he returned to Washington, he appeared upset, saying, “Sometimes you have to take medicine,” referring to the tariff policy.

Lutnick and trade adviser Peter Navarro at the time insisted that the US would not negotiate.

But on April 7, Minister Bessent was “summoned” to deliver a softer message: Negotiations were entirely possible.

Then came a rare event: Elon Musk — a tax-policy critic — publicly criticized Mr. Navarro.

By the evening of April 9, things had calmed down—at least for 90 days. The White House quickly turned its attention to the stock market, where the Nasdaq had its biggest one-day gain since 2001, the Dow Jones had its biggest one-day gain of 2020, and the S&P 500 hit its highest level since 2008.

President Trump – who spent much of the week criticizing both allies and opponents – ultimately struck a softer tone about his decision.

“That post was written in a positive spirit – not just for America but for the world,” he said.