Wall Street execs privately credit Dimon and Ackman for swaying Trump on tariffs

Key Points

  • Wall Street executives regained political influence after Trump paused tariffs for 90 days, following pressure from industry leaders like Bill Ackman and Jamie Dimon.
  • The S&P 500 (^GSPC) had its best day since 2008, with trading floors erupting in celebration, although doubts about the longevity of the relief persisted.
  • Despite the market surge, skepticism remained high with executives warning that Trump's decision was merely a pause, not a reversal, and that further tariff chaos could ensue.

Summary

In a surprising turn of events, President Trump paused his "Liberation Day" tariffs for 90 days, following a week of intense lobbying from Wall Street executives and influential figures like Bill Ackman and Jamie Dimon. This decision came after a period where Wall Street had been losing faith in its ability to influence Trump's trade policies. The pause was seen as a victory for Wall Street, with the S&P 500 (^GSPC) experiencing its best day since 2008, leading to celebrations on trading floors at major banks like Citigroup and Barclays. However, the relief was tempered by skepticism, as executives reminded their teams that Trump's decision was only a temporary measure, and the underlying tariff issues with China remained unresolved. The market's reaction was mixed, with some investors regretting not buying the dip, while others felt the pause came too late. Despite the immediate market surge, there was a palpable sense of uncertainty about the future, with many in the financial industry questioning the long-term implications of Trump's trade policies on global relationships and economic stability.

yahoo
April 10, 2025
Stocks
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