Trump: 90-Day Tariff Suspension Announced; $587 Million Liquidated Across the Market in the Past 24 Hours

#Trump #crypto #market

Since the beginning of April, the biggest “rollercoaster” in the financial markets has arrived.On April 8 (U.S. time), Trump stated that “reciprocal tariffs” would not stop.Yet less than 24 hours later, he took to social media and announced:

“Given that over 75 countries have contacted U.S. diplomatic representatives seeking negotiations on trade, trade barriers, tariffs, currency manipulation, and non-monetary duties, I have approved a 90-day suspension measure for these countries.This suspension applies to reciprocal tariffs, which will be lowered to 10% during the pause.The measure takes effect immediately.”

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Such wildly unpredictable policies have left the financial markets feeling like they’re on a rollercoaster ride.

Today, both U.S. stocks and the crypto market staged a powerful rebound:

• U.S. equities surged intraday, with all three major indices posting massive gains by the close.
  The Dow Jones Industrial Average jumped 7.87%, marking its biggest single-day gain since March 25, 2020.
• The S&P 500 soared 9.52%, logging its best daily performance since 2008.
• The Nasdaq exploded over 12%, recording the second-largest daily gain in its history.
• Tech stocks led the rally, with the “Magnificent Seven” index rising 14.00%, adding $1.85 trillion in market cap in a single day.
• Crypto markets rallied across the board:
• Bitcoin climbed steadily from yesterday’s low of $74,000, up more than 8.7% in 24 hours.
• Ethereum rebounded from a low of $1,385, gaining nearly 14.6% in the same period.
• Altcoins also surged, pushing the total crypto market cap up by 8.4% in 24 hours.
• Oil prices rebounded sharply, hitting session highs with intraday gains of over 5%.
• Spot gold traded with strong upward momentum all day, ending the New York session up 3.27%.

Of course, not everyone was cheering — futures markets were in disarray.According to Coinglass, the past 24 hours saw $587 million in total liquidations, including $213 million in long positions and $374 million in shorts.

So, is this broad rebound worth celebrating?

My answer: Not really.Trump’s policies are highly unpredictable.A short-term upside doesn’t eliminate uncertainty — in fact, it may just introduce more chaos down the line.

After announcing the tariff suspension, Trump told reporters that he had been considering a change of course over the past few days, and ultimately made the decision “probably earlier this morning.”

Why Did Trump’s Stance Shift So Dramatically?

Perhaps we can draw some clues from his recent schedule, based on U.S. local time:

• April 8, 9:00 PM: Trump held a phone call with Republican senators that lasted over an hour. Some senators expressed concerns about the tariff policy.
• Later that night, Trump told reporters:“The bond market is very tricky. I’ve been watching it closely. It looks beautiful now, but last night I noticed people starting to get nervous.”
• Morning of April 9，Trump met with Senate Majority Leader John Thune at the White House and held a 25-minute call with Swiss President Karin Keller-Sutter, discussing the tariff situation.
• Also on April 9 morning, JPMorgan CEO Jamie Dimon publicly warned that escalating trade tensions could lead to a recession:“Markets aren’t always right, but sometimes they are.”
• At 8:00 AM, Trump watched Jamie Dimon’s interview on television. In the segment, Dimon cautioned that recession is a real possibility given current economic uncertainty.
• At 9:33 AM, Trump posted on Truth Social, urging people to “stay calm”, and added:“Now is a good time to buy.”
• Around noon, Tom Barrack and Treasury Secretary Besant were seen meeting with Trump in the Oval Office, reportedly discussing the latest tariff adjustments.
• At 1:18 PM, Trump officially announced the temporary tariff suspension on Truth Social.

While we don’t yet know exactly what was discussed in the Oval Office meeting, this timeline suggests that the partial pause in reciprocal tariffs may have been Trump’s compromise with the market.

That said, such a conclusion might seem a bit premature. To borrow the words of former Treasury Secretary Larry Summers:“Reckless improvisation is not a strategy. After multiple market collapses, the Trump administration has now been spooked. We’re far from being out of the woods. Credibility is gone. Fear is warranted.”

Still, as the undisputed central figure in this drama, Trump appears to credit the shift to his own “flexibility.”Outside the White House — standing in front of three brightly colored race cars — he remarked:“You’ve got to be flexible. I think the financial markets move fast — look at how much changed today.”

Final Thoughts

Trump’s recent moves once again highlight his signature “transactional style of politics”:
Make a bold move, flip it fast, and treat policy as a bargaining chip.

This high-volatility, high-uncertainty approach to governing might generate short-term “surprises” for the market, but in the long run, it undermines policy credibility and erodes market trust.

In a world where financial markets are increasingly driven by emotion and algorithms, what we truly need is stability and predictability, not another impromptu performance followed by a reluctant walk-back.

Yes, today’s rebound is strong. But it doesn’t mask the deeper risks behind it.It’s the uncertainty ahead that remains the real rollercoaster we should all be watching.