In the end, it wasn’t the $7 trillion in equities lost after “Liberation Day” that made President Donald Trump pause. He didn’t dither over his congressional consiglieres’ panic over whether the White House‘s impending trade war would jeopardize their crusade to extend the landmark 2017 Tax Cuts and Jobs Act. He didn’t move because of his poll numbers. The only force of finance that ultimately compelled Trump to capitulate and pause his “reciprocal” tariffs on more than 60 nations, except for China, was the bond market.
“The bond market right now is beautiful, but yeah, I saw last night when people were getting a little queasy,” Trump said after shocking the stock market into euphoria with his announcement of the pause. While the 10% minimum universal
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