President Donald Trump, the next day on the next market turmoil on Wednesday, the moment he announced his comprehensive tariffs, Treasury Secretary Scott Bessent’s phone was illuminated by short messages from the former sector.
According to people familiar with the issue, the multiple risk protection fund executives and finance managers reached and called for helping Trump to shake on taxes. As a result, Bessent was a potential ally as the former chief investment manager of Soros Fund Management. He was seen as someone who could explain that the President would harm the economy and continue to harm the markets.
However, according to a person familiar with the issue, Bessent was not the primary driving force of the tariff announcement. He said that he used his role at Oval office meetings to organize potential scenarios for markets and economics based on different tariff levels.
The tariffs were largely shaped by a small group around Trump’s inner environment and critical decisions about the structure of taskstowards the wireBefore the president’s announcement. A treasure spokesman refused to comment.
Now, the proposal of Trump to re -make the US economy and increase products made in the United States contradicts a Wall Street organization that has brought the idea that international trade has directed the world order for decades. And even some Republican MPs give an alarm.
For at least the last two days, the market massacre in which Wall Street passed,Deletion5.4 trillion dollars and the S&P 500 to the lowest level in 11 months. The fears of stagnation are growing worldwide. And the managers gathered behind the promises of Trump administration to reduce and facilitate the regulation of taxes are struggling with an economic agenda that continues to travel their business.
Private Capital Companies Call The first public offers and the temple expectations of an agreement return will help the water to collect donations. Hedge Funds weighing Whether Trump’s next move is too unpredictable to bet. Bank leaders, who foresee a more growth agenda, JPMorgan Chase & Co. They have to take back expectations with their economists. To predict the US stagnation This year.
The market diving caused Trump’s most fiery supporters in the political world to foresee a wider spreading: Texas senator Ted Cruz said that tariffs will destroy things here and will damage real damage to the US economy ”. He’s in PodcastHe warned the LevisIn 2026 midterm exams, make Republicans vulnerable against a “blood bath”.
Trump, who paid attention to the performance of the stock market under his first management, showed that he would not be easily convinced to change the route with tariff -based dive. On Friday, there will be policy and big companiesirrelevantWith tariff plan. While the markets shifted the most in five years, President West Palm was at the Beach Golf Club.
Within the Administration, the market has caused an irritability, and the authorities will watch if the market sprinkle on a third session on Monday. Nevertheless, there is a sense that any change in politics should only come from the President. And Trump said that a person familiar with the issue focuses on the long term with tariffs. The US emphasized its need to revive the production base, secure supply chains and reduce their confidence in competitors.
White House spokesman Kush Desai, “President Trump’s decisions that guide the only special interest is the interest of the American people,” he said. “All the administration has been aligned to address the national emergency that President Trump rightly determined, and that our country carries out regular trade deficits.”
Tariff Sun
A Trump Advisor, which is not a part of the administration, criticized how taxes were released and the White House’s communication strategy as the markets collapsed. This person had to have teams of economists, business leaders and union workers who announced the plan on TV.
In the weeks of the tariff announcement, some Wall Street executives have already begun to address the Treasury Secretary to help. Others opened to the public with warnings. Ken Griffin, the founder of Citadel, has repeatedly criticized the planned tariffs by saying that they would dull the US competitive advantage, while Warren Buffett described the tariffs as a “war action ..
According to a management official, Bessent continues to be a key member of Trump’s economic team. However, senior consultant Peter Navarro and Trade Secretary Howard Lutnick said that a person close to the issue has dominated the President’s attention to tariffs. US Trade Representative Jamieson Greer was an integral part of the team.
Besi,In an interviewAfter the tariffs were announced on Wednesday with Bloomberg television, he said that he was not part of negotiations with other countries and focused on the tax agenda of the administration.
Private capital companies have seen that the arrival of Trump in the last three years has been heralding the heralding of public offering largely asleep and more loose stenosis to attract rich individuals as customers. Instead, this week tried to determine how portfolio companies would be affected by tariffs and breastfeeding painful stock slides. Apollo and Kkr & Co. His shares notched the largest two -day decreases in their history.
Selekler states that some sectors – such as domestic production – can be prepared for great support under the Trump administration. However, they expressed their concerns about the concerns about the acquaintances and the concerns of a long -lasting and a collapse market that would make it difficult to get out of bets with the prices they hoped for. Already, Klarna Group PLC and Stubhub Holdings Inc. such as companies paused their public offering.
They refrained from explaining their views to the public for the fear of the president’s wrath, and instead they are trying to withdraw their concerns through proxies and lobbyists.
Among the Trump loyalists in Capitol Hill are some signs of withdrawal. Senator Chuck Grassley, and three other Republican, sponsored a bilateral bill that plans to bring back the tariff power that requires the approval of most new tariffs within 60 days. Ultimately, the majority leader John Thune, who has the power to bring the bill to the agenda for the ground vote, said he plans to look at the legislation.
Orum I know you’re interested in it, Thune said Thune on Friday. He acknowledged that the party was carefully watching Wall Street and said that he hoped that they would see “very fast” results from Trump’s plan.
Meanwhile, Saturday – Wall Street and Corporate traders and managers in the United States still hugged the market turmoil – White House assistants made an announcement: Trump, Jupiter, Florida Club won the second round of the Senior Golf Championship.
He would proceed to the championship on Sunday.
This story initially took part in Fortune.com
