President Trump pauses tariffs on global trade partners, Treasury Secretary Bessent says they’ll focus on Main Street Americans, and a supply chain expert offers insights from his visit to China. Get the facts first with Morning Wire.Acorns: Join over 14 million all-time customers who have already saved and invested. Visit https://acorns.com/wire or download the Acorns app to get started.Identity Guard: Get a 30 day free trial AND 60% off when you go to https://IdentityGuard.com/wire.
Chapter 1: What are the key updates on Trump's tariff pause?
I did a 90-day pause for the people that didn't retaliate. At the end of a year or shorter, I think we're going to have something that nobody would have dreamt possible.
Trump pauses tariffs and sends the market soaring. I'm Georgia Howe with Daily Wire Editor-in-Chief John Bickley. It's Thursday, April 10th, and this is Morning Wire. While the market recovers, the Trump administration says it's time to focus on everyday Americans.
For the last four decades, Wall Street has grown wealthier than ever before. But for the next four years, the Trump agenda is focused on Main Street.
And will China hold out in the tariff war with Trump? We talked to a supply chain expert about what Beijing will do next.
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In a stunning development Wednesday, President Trump paused tariffs on all trading partners with the exception of China.
Daily Wire senior editor Cabot Phillips is here to break down what led to the decision and how markets responded. So Cabot, a really remarkable 24 hours. Where do things stand now?
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Chapter 2: How has the stock market reacted to the tariff pause?
Yeah, one week ago, President Trump enacted the largest tariffs in a century. And then yesterday, with a single social media post, he put nearly all of them on pause. Trump announced in a Truth Social post that, effective immediately, there would be a 90-day pause on nearly all tariffs. In the meantime, a flat 10% rate will go into effect.
If you walked outside yesterday afternoon and felt a strong breeze, that was actually the collective sigh of relief from world leaders making its way across the globe.
Well, and investors were also joining in that relief. Tell us about the market response.
Well, the president said Wednesday morning that it was a, quote, great time to buy. And he was not kidding. Within five minutes of his announcement, trillions of dollars in value have been added to the markets. By the time markets closed, the Dow was up more than 2,900 points, nearly 8%. The S&P skyrocketed nearly 10%, the largest one-day gain since 2008.
And the Nasdaq saw its biggest daily gain in nearly a quarter century, surging 12%. All told, the broad market index on Wall Street saw its third largest gain since World War II. Hopefully some of our listeners bought the dip because the market appears to be roaring back.
Right. So let's get to China. That's the one country where Trump offered no relief.
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Chapter 3: Why is China excluded from the tariff pause?
Yeah, quite the opposite. Remember, while the vast majority of our trading partners held off on retaliatory tariffs and sought a deal, Beijing raised their rates to 34 percent and then 84 percent. That clearly outraged the president, who said, quote, based on the lack of respect that China has shown to the world's markets,
I'm hereby raising the tariff charged to China by the United States of America to 125% effective immediately. We're talking hundreds of billions of dollars worth of tariffs now on the table. The White House says the Chinese have shown the world their hand and proven once and for all that they cannot be trusted to operate fairly.
As Treasury Secretary Scott Besson put it, Beijing fell into President Trump's trap.
What China is doing will affect their economy much more than it will ours. This was his strategy all along. And you might even say that he goaded China into a bad position. They responded. They have shown themselves to the world to be the bad actors.
And according to the White House, China will be forced to blink first and make a favorable deal with the U.S. That's because they say their economy is so reliant on shipping cheap goods to other countries, mainly America. In Trump's words, China may be projecting strength, but they are desperate for relief.
China wants to make a deal. They just don't know how quite to go about it. President Xi's a proud man. I know him very well. And they don't know quite how to go about it, but they'll figure it out.
So what comes next?
Well, the White House made clear they're going to take the next 90 days to hammer out as many trade deals as possible. And they've made clear what they're looking for. Lower tariffs, lower value added taxes and the removal of import bans on certain American products. If those demands are not met, the tariffs will be back on three months from now.
We've had more than 75 countries contact us, and I imagine after today there will be more. So it is just a processing problem. Each one of these solutions is going to be bespoke. It is going to take some time, and President Trump wants to be personally involved. So that's why we're getting the 90-day pause.
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Chapter 4: What are the next steps for the U.S. in trade negotiations?
Well, in our next segment, we're going to hear from a supply side expert on what China might do next. Cabot, thanks for reporting.
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Amid the terror fallout, the White House is working to make their economic case to Main Street Americans.
Here with a look at what Trump and his team are saying is Daily Wire deputy managing editor Tim Rice. So, Tim, the White House is clearly trying to make sure the conversation doesn't get stuck on tariffs. What other plans are they highlighting?
Well, Georgia, that all comes down to another of Trump's favorite phrases, tax cuts. The president talked about them at the National Republican Congressional Committee dinner on Monday. He spoke about his plan to extend his 2017 tax cuts and urged Republicans to vote for a budget bill that he's calling the Big Beautiful Bill.
It's so important that we pass the Big Beautiful Bill. I really think it actually puts pressure on those few Republicans that just can't get there. You know what the alternative is? A Democrat bill. But just in case there are a couple of Republicans out there, you just got to get there. Close your eyes and get there. It's a phenomenal bill. Stop grandstanding. Just stop grandstanding.
In addition to tax cuts, the bill would raise the debt ceiling and allocate more money for the Trump administration's deportation efforts. Republicans are reportedly hoping to pass the bill by Memorial Day. The White House is clearly trying to shift the focus away from tariffs and to that bill, along with the rest of the administration's economic agenda.
In a speech to the American Bankers Association yesterday, Treasury Secretary Scott Besson gave a summary of what that agenda entails.
For too long, financial policy has served large financial institutions at the expense of smaller ones. No more. This administration aims to give all banks the chance to succeed, whether it's JP Morgan or your local mortgage and loan. It aims to get capital to Americans who need it by getting bureaucracy out of the way. It's Main Street's turn. It's Main Street's turn to hire workers.
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Chapter 5: How is the U.S. leveraging tariffs against China?
Right, well, this is what Trump ran on. Did Besant address concerns about a potential recession?
He did, though he made sure to tie everything back to the broader economic agenda.
Our fiscal situation is a 350-pound, two-pack-a-day smoker on the ICU table, and he or she is not going to get off that table and run the Ironman. We can't do it all at once, or that will cause a recession. What will keep us from having a recession is making sure that the tax bill doesn't expire, adding back 100% depreciation, and then adding some of President Trump's agenda, no tax on tips,
no tax on Social Security, no tax on overtime.
We'll continue to track the progress of this bill. Tim, thanks for reporting.
You bet.
President Trump's suspension of his sweeping tariffs yesterday excluded one key country, China, which now faces some daunting economic decisions.
Joining us now is Jim Nels, an expert supply chain consultant. Jim, thanks so much for joining us. So China retaliated against the U.S. and now Trump is turning up the pressure on them by raising tariffs even further. You've just returned from China. What did you hear on the ground there in terms of their response to this Trump tariff battle?
What people are saying off the record is that they're extremely concerned with a tariff war with the United States. Their economy is hurting a bit. Their manufacturing sector is not where it has been in the past. Some of the factories are running at between 40% and 60% capacity utilization, which is not good. That's also why a lot of my clients, before Trump announced all the reciprocal tariffs,
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