https://sg.news.yahoo.com/fox-business-reporter-says-white-211133260.html
Fox Business reporter says itβs the βWhite House who capitulatedβ on tariffs: βLetβs be clearβ
Justin Baragona
Thu, 10 April 2025 at 5:11 am GMT+8Β·3-min read
Fox Business reporter says itβs the βWhite House who capitulatedβ on tariffs: βLetβs be clearβ
While MAGA world treated Donald Trumpβs sudden about-face on his βLiberation Dayβ tariffs
as a masterful gambit and proof of the presidentβs
βArt of the Dealβ prowess, Fox Business correspondent Charles Gasparino injected a dose of reality on Wednesday.
βLetβs be clear,β Gasparino noted just moments after the 90-day pause on most of the president's so-called βreciprocalβ tariffs was announced. βIt is the White House who capitulated.β
Following a week-long global market meltdown in response to Trump's sweeping tariffs on the majority of the world,
the president abruptly reversed course on Wednesday afternoon. While he escalated the trade war against China by raising its import taxes to 125 percent, Trump said that beyond the 10 percent across-the-board tariffs he handed down last week, he was pausing the rest of the levies he announced on βLiberation Day.β
After insisting
in a Truth Social post that the reversal was due to dozens of countries coming to the table to renegotiate their trade agreements with the United States, Trump essentially admitted a short time later that it was primarily due to the panic in financial markets.
βI thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid,β Trump told reporters outside the White House.
He added: βI was watching the bond market. Itβs very tricky. If you look at it now, itβs beautiful. The bond market right now is beautiful. But I saw last night where people were getting a little queasy.β
Fox Business senior correspondent Charles Gasparino said that it was the "White House who capitulated" on tariffs and that Donald Trump didn't "outsmart" anyone. (Fox News)
With the Dow Jones and other stock indexes
surging on the news of the paused tariffs in the wake of Trumpβs decision, hosts and commentators at Fox News β who had
staunchly backed Trump and his trade policy amid growing fears of recession β showered praise on the president for reversing course. βThe bottom line is Donald Trump is back!β
crowed Fox Business host David Asman,
Gasparino, however, pointed out that the president backed down when push came to shove β even though Treasury Secretary Scott Bessent
boldly claimed that this three-month pause was the presidentβs plan all along.
βLetβs be clear what happened, who capitulated here and why,β the conservative Fox personality noted. βYou know, I donβt want to say this because I am a patriot, I am an American, but it is the White House who capitulated based on everything I hear and all of my sources.β
Gasparino continued: βThe reason why is because of the bond market and what happened last night. Scott Bessent knows this better than anybody when you have yields on 10-year [bonds] rising to five percent, stuff starts shutting down and you have the lending market screwed up.β
Indeed, coming into the day on Wednesday, there were
growing concerns about the U.S. Treasury bond market plunging amid the tariff-fueled crash, sparking fears that the nation could
soon find itself in a debt crisis.
βI want to tell you right now that Donald Trump outsmarted the world,β Gasparino said after Bessent held a press conference outside the White House. βTrust me. I'm an American, I support my president. But that's not really what happened here, from what I understand.β
While crediting Trump with βsome art of the deal hereβ because the president had placed βChina in the corner,β the Fox Business reporter reiterated that the main reason Trump stepped back from the tariff cliff was because the economy was on the verge of collapsing.
βMake no mistake about it, you cannot divorce this decision right here from what happened last night,β he concluded. βIt's the bond market and the sort of lending markets that's the plumbing of the economy. And those markets were imploding last night, and that's why we have a 90-day freeze. Let's see if those markets improve.β
@Hnbhge⦠· 13m
