Markets may have recovered this month only because two scheming advisors worked the president in the absence of a third.
The Wall Street Journal reports Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick both wanted President Donald Trump to pause his market-destroying global tariffs, but Peter Navarro — senior counselor for trade and manufacturing and a tariff enthusiast — allegedly dominated Trump’s attention while playing helicopter.
The U.S. and world markets began cratering within hours of Trump announcing his tariffs, causing what critics called the “worst start to a presidential term in modern history.” The damage was self-inflicted, but Navarro successfully maintained the president’s confidence, according to WSJ sources.
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But when Navarro was scheduled to meet economic advisor Kevin Hassett in a different wing of the White House, Bessent and Lutnick reportedly pounced on the president. Both men, who are seasoned economists, won Trump over to a strategy of pausing and tweaking the tariffs without having to admit surrender on the whole idea. Then they saw to it Trump announced the pause publicly to calm plummeting markets.
They stayed with the president until Trump tapped an announcement on Truth Social, which appears to have surprised Navarro as much as it surprised other staff members.
Still in damage control, Bessent allegedly marched press secretary Karoline Leavitt to a lectern to make the statement official.
“We needed everyone singing from the same song sheet,” an anonymous source told WSJ.
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Later, Trump told reporters he had personally made the decision because financial markets were “getting yippy” and because of warning signs from the bond markets.
Navarro characterized the claims as, “more mischief from anonymous sources seeking to divide and conquer the trade team,” in a text message.
Read the full Wall Street Journal story at this link (subscription required).
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