Summary

Donald Trump abruptly reversed his tariff policy Wednesday, announcing a return to a 10% baseline tariff on most countries and a steep 125% rate on China.

His administration appeared blindsided, with Treasury Secretary Scott Bessent unable to explain the move and press secretary Karoline Leavitt resorting to combative rhetoric.

The shift likely responds to mounting criticism from conservative allies and market instability marked by a debt sell-off.

Despite confusion and lack of clarity, officials tried to play up Trump’s unpredictability as strategic leverage rather than a sign of disarray.

  • Bahnd Rollard@lemmy.world
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    3 days ago

    Calling it now, insider trading (If that wasnt obvious already, look at the market 30 min. before the announcment)

    • Darkassassin07@lemmy.ca
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      3 days ago

      It couldn’t be any more blatant. Trump himself blasted out the insider trading info 3hrs before announcing the tariff reversal:

      3hr later:

      • jonne@infosec.pub
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        3 days ago

        Good thing the Supreme Court decided that it’s an official act which is totally cool and legal.

      • WhatAmLemmy@lemmy.world
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        3 days ago

        100%. It’s been obvious from the start. This is probably the top secret part of project 2025 that is alluded to exist, but hasn’t been documented anywhere.

        4 years of these pump and dumps will kill off most small businesses, while enabling the nazi party and preferred oligarchs (including Putin) to consolidate and own the lions share of the market; stealing trillions from global investors and retirement funds, and attaining voting rights to control most corporations. DOGE’s purpose was to eliminate and disrupt every institutions ability to document and enforce these crimes.

        • newfie@lemmy.ml
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          3 days ago

          Agreed that it’s insider trading.

          But how will this contribute to monopolization of the corporate sector and harm small/medium businesses? Why would all of this increase their corporate control of other large corporations?

          I’m not saying that isn’t their goal, because it clearly is. But I don’t see how pump and dumps necessarily help them achieve that. Especially now that everyone with a brain knows this is what they’re going to keep doing

      • CileTheSane@lemmy.ca
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        3 days ago

        These Countries have not retaliated in any way

        They very much have. China has just become a convenient “out group” for Trump to demonize.

        • barneypiccolo@lemm.ee
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          3 days ago

          The response will take a long time to come into focus, but make no mistake, this incident will do long-term damage to America’s standing in the world. No other country trusts us about anything any more.

          Many in our country are stupid enough to delude themselves about HitlerPig, but foreign governments aren’t buying it one bit. They have intelligence agencies, too, and they know that he is not only an unrepentant and even enthusiastic traitor to his own country, he is a traitor to the entire Democratic Free World.

          The worse he gets, the less the rest of the world will want to work with our government in any way. Eventually, we are likely to get hit with crippling international sanctions.

          But he’ll be using all of it to enrich himself and his friends, so he won’t care at all.

          • CileTheSane@lemmy.ca
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            3 days ago

            Of course. He didn’t even say he’s cancelling the tariffs, this is a “pause”, so other countries are still going to continue with their plans to make alternative trade agreements outside of the US.

      • Serinus@lemmy.world
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        3 days ago

        “Great time to buy” could just as easily be “plz make stock market go up”. You can’t really make a decision based on that statement.

          • Serinus@lemmy.world
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            3 days ago

            Well, you and I can’t. You’d need a previous heads up that it’s market manipulation vs begging.

        • _stranger_@lemmy.world
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          3 days ago

          “funding secured” bought musk a ton of trouble. This is no different, other than there will be no enforcement of the clear precedent.

  • Snot Flickerman@lemmy.blahaj.zone
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    3 days ago

    Despite confusion and lack of clarity, officials tried to play up Trump’s unpredictability as strategic leverage rather than a sign of disarray.

    That’s literally all Trump’s teams ever do and have ever done.

    • Sanctus@lemmy.world
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      Its a sign for all possible investors to flee the US. You’ll never get your money back when its eaten on the whims of an octagarian pants-shitter.

      • BrianTheeBiscuiteer@lemmy.world
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        I just heard NPR, a more consistent and reliable source, state that the US would be one of the worst off GDP wise if the tariffs were to stick. Volatility is the goal right now. They’re pumping and dumping and also trying to distract from all the civil and human rights violations.

        • Gigasser@lemmy.world
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          A bit of speculation on my part, but I’ve been hearing it was actually the Japanese selling off US bonds that eventually made the Trump admin panic and stop the tariffs. I guess the power of God and Anime saved us from this bullshit for the most part. Perhaps this was one of the things discussed between China, Japan, and Korea?

          • orclev@lemmy.world
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            3 days ago

            Nothings been saved yet, this is just a pause. There’s pretty good evidence (although circumstantial) that this was just for a last minute pump and dump, and that once they’ve finished extracting more money from the market he’ll resume tanking it.

  • BassTurd@lemmy.world
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    3 days ago

    Ladies, gentlemen, and others, this is what we call a “pump and dump”. Anyone that understands the markets at even a high level could see this coming from a mile away. A bunch of rich people just made a fuck load of money today.

    • Jhex@lemmy.world
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      I believe this… however, in true Trump fashion, he is going about the stupidest possible way.

      Maybe I am underestimating global greed but trump has made clear the USA is 100000% unreliable; what is the longer term outlook now for defense contractors internationally? Do they think they will continue to sell critical weapons, infrastructure, tech, pretty much anything with strategic value in the international market?

  • barneypiccolo@lemm.ee
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    3 days ago

    Make no mistake, he wasnt making this up as he went along, he knew exactly what he was doing the entire time. The basic outline was in place - announce tariffs, make them really big, get everybody crazy, crash the market, buy options on the decrease, buy stocks at the bottom, and ride them up on the delirious news that the tariffs have been suspended.

    He may have improvised the real-time details like a jazz player, but the basic chord progression was always chugging along in the background.

    This is his 3rd round of this, with each increasingly larger. This one threatened to boil over, so he kicked it down the road 90 days, but he is pathologically incapable of resisting his greed, so he probably won’t wait that long.

  • IEatDaGoat@lemm.ee
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    3 days ago

    I’m actually extremely happy that he changed from 104 to 125. Ending on a 4 is such a big no no. We gotta end our tariff values on 0s or 5s so this change has been tremendous. The greatest tariff ever made… Believe me.

    • djsoren19@lemmy.blahaj.zone
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      Look I don’t want the give the mad king too much praise, but this unironically. 104 was causing me to fling my dick into orbit, I’m at least happy they picked a nice round number.

  • Archangel@lemm.ee
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    They aren’t really “struggling to explain it”, so much as “struggling to explain it, in a way that doesn’t imply market manipulation and insider trading”. Because that IS the only rational explanation for what he’s doing.

  • Ledericas@lemm.ee
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    3 days ago

    hes getting his advice from his billionaire donors, and putin, instead of his own administration.

      • DragonTypeWyvern@midwest.social
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        I don’t mind spreading the idea that he has syphilitic demantia just to fuck with him, and because it’s funny historically, but just in case you didn’t know you should be aware that it’s treatable with antibiotics and that’s not actually why.

  • BigMacHole@lemm.ee
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    3 days ago

    I’m a Free Thinking Republican who just yesterday was Touting how GREAT these Tariffs were for our Economy and how GREAT a Stock Market Crash was for our Economy and I just want to say HAHA SUCK IT LIBARDS THIS was the Plan the Entire TIME! LOOK at that Stock Market SOAR Today thanks to this 5D Chess played by Trump! Even though Yesterday I was saying the Stock Market should be Crashing and Tariffs were GREAT! I THINK for Myself!

  • Nay@feddit.nl
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    3 days ago

    It won’t be long before they’re saying “Just trust that he knows what he’s doing. He works in mysterious ways!”

  • roofTophopper@lemmy.world
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    3 days ago

    He shit his diaper and scared himself. He reversed what was supposed to be billion dollar tariffs. What happened to all the calls and people kissing his ass like he said? Did the bonds spook him?

    I guess the part that is even more impressive is that his people try their best to vomit up some excuse to cover tangerine man. Deep down, without a doubt, you know his crew is like, this dumb mother fucker. There is no way they aren’t.

  • adarza@lemmy.ca
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    3 days ago

    they may not know what to say, but they’re probably thinking: “why ain’t you lettin’ me in on the illegal stock market manipulation and insider trading?”