President Donald Trump faced pressure from a group of advisers who pushed him to reconsider his stance on tariffs shortly after declaring a ‘liberation day’ that initiated a week of economic turmoil.
The Wall Street Journal highlighted how one key moment influenced Trump’s thinking when JPMorgan Chase’s CEO, Jamie Dimon, appeared on Fox Business for an interview with Maria Bartiromo to express his reservations about the economy.
Although Dimon acknowledged the importance of seeking fair trade practices for the American economy, he cautioned against the unpredictability of Trump’s tariffs, citing potential risks of inflation and hindered growth.
Bartiromo asked Dimon if he ‘personally’ expected ‘a recession.’
‘I think probably. That’s a likely outcome,’ Dimon replied.
He urged the president to empower his Treasury Secretary Scott Bessent with the time and space to make trade deals with American allies and settle the markets.
‘Take a deep breath, negotiate some trade deals. That’s the best thing they can do,’ he said. ‘I’m taking a calm view. But I think it could get worse if we don’t make some progress here.’
Dimon confirmed he had many conversations with business leaders and investors who were talking about cutting back and waiting to see what happened with Trump’s agenda.
‘That is kind of recessionary talk,’ he said, warning to expect an economic ‘slow down.’
President Donald Trump with financial advisors Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent
CEO of JPMorgan Chase, Jamie Dimon (L) speaks with Maria Bartiromo (R)
Trump also watched a Tuesday evening night town-hall meeting with several Republican senators hosted by Sean Hannity on Fox News.
The host assured the senators that the president would be watching and they gathered to speak directly to the president on the economy.
Senate Majority Leader John Thune (R-South Dakota), and Republican Sens. John Kennedy of Louisiana, Lindsey Graham and Tim Scott of South Carolina, Katie Boyd Britt of Alabama, Tom Cotton of Arkansas, Ted Cruz of Texas and Markwayne Mullin of Oklahoma appeared on the episode with Hannity
Afterwards, the president had a roughly hour-long phone call with the group of senators, according to the Washington Post.
The senators urged Trump to use the leverage he had earned since leveling the tariffs and negotiate some major trade deals to settle the markets.
The Republican senators were just one aspect of the flood of advice that was being offered to Trump as he watched the markets and cable news very closely.
Treasury Secretary Scott Bessent convinced Trump to give him more authority to tease details of upcoming deals with foreign countries who were eager to work with the president to adjust trade and tariff levels, the Wall Street Journal reported.
JPMorgan Chase CEO and Chairman Jamie Dimon gestures as he speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee
President Donald Trump speaks on the phone from the Oval Office
Trump responded by going to social media and urging everyone to ‘be cool’ and also teasing that ‘this is a great time to buy!’
At that point, he had already made a decision.
Trump told reporters he had been considering a pause but made his decision ‘fairly early’ Wednesday morning before drafting and sending a post on social media announcing his decision by the afternoon.
‘Well, I thought that people were jumping a little bit out of line,’ Trump explained later Wednesday afternoon.
The world’s biggest bankers and businessmen, he explained, were suffering from a punishing case of the ‘yips,’ when even the most successful golfers start losing their nerve and messing up.
‘They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid… because we have a big job to do,’ Trump said.
The president had lunch with financier and investor Charles Schwab on Wednesday before announcing his final decision, as he and his financial advisors drafted a social media post that would send stocks skyrocketing to a record recovery.
‘What a day, but more great days coming!!!’ Trump marveled afterwards in the early morning hours of Thursday.
