Trump just announced he put a 90-day pause on his global tariffs because people were ‘getting yippie’ about it. (Apparently this is a golf term referring to the ‘yips’ – when golfers start twitching and missing putts.)
Trump waited until the stock market tanked amid his trade war before changing course.
‘I thought that people were jumping a little bit out of line. They were getting yippie, you know, getting a little bit yippie, a little bit afraid,’ he said at the White House.
He added: ‘The bond market is very tricky. I was watching it. But if you look at it now, it’s it’s beautiful. The bond market right now is beautiful. But yeah, I saw last night where people were getting a little queasy.’
But when a Trump-friendly FOX business reporter, Charlie Gasparino, was asked why Trump ‘capitulated’ on his plans he explained bluntly:
‘Let’s be clear what happened. Who capitulated here and why? I don’t 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 my sources.
‘And the reason why is because of the bond market. When you have yields on the 10-year rising to 5 percent, stuff starts shutting down. When you have the lending markets screwed up.’
The president warned his announcement on Wednesday could be ‘temporary.’
No doubt Trump’s rich Republican backers pressured him after they lost millions in stock valuations.