Wall Street may have finally broken through Donald Trump’s hard stance on tariffs.
After a week of escalating fears about a potential economic crisis, two of the biggest names in finance — Jamie Dimon and Bill Ackman — appear to have played pivotal roles in persuading Trump to hit pause on his aggressive trade measures.
According to a Bloomberg report, Trump’s surprise 90-day suspension of new tariffs came shortly after public and private warnings from some of the most powerful voices in the financial industry.
The shift marked a stunning reversal for an administration that just hours earlier had defended the new “Liberation Day” tariffs with full force.
Treasury Secretary Scott Bessent had declared on Wednesday morning, “It’s Main Street’s turn,” suggesting Wall Street’s influence was waning.
Yet by the end of the day, Wall Street was celebrating one of its biggest victories in more than a decade, as stocks staged their best rally in 16 years.
Ackman’s public plea gains traction
Billionaire hedge fund manager Bill Ackman had been outspoken for days, urging Trump to reconsider his tariff strategy.
He warned that continuing on the current path could trigger a “self-induced, economic nuclear winter.”
Ackman’s calls, originally seen as just another voice among many, gained traction within the White House as fears of a financial meltdown grew.
“By placing massive and disproportionate #tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business and as
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When Trump finally announced a 90-day pause on new tariffs, Ackman took to X (formerly Twitter) to celebrate.
“This was brilliantly executed by @realDonaldTrump. Textbook, Art of the Deal,” he wrote, crediting Trump for a strategic move that stabilized markets and calmed recession anxieties.
Jamie Dimon’s influence: a timely warning
At the same time, JPMorgan Chase CEO Jamie Dimon sounded the alarm.
During a televised interview on Wednesday morning, Dimon warned about the severe risks of an economic slowdown if trade tensions were not dialed back.
According to Bloomberg, Trump was watching the broadcast closely.
Dimon’s status as one of the most respected figures on Wall Street, combined with his blunt warning, reportedly helped convince the president that action was necessary.
Dimon wasn’t alone.
Other financial heavyweights like Citadel’s Ken Griffin and legendary investor Stan Druckenmiller had also voiced concerns publicly and privately.
Their collective pressure painted a bleak picture of what could happen if tariffs escalated unchecked.
Wall Street’s power play
While Trump often positioned himself as a champion of Main Street over Wall Street, the latest events suggest the financial elite still hold considerable sway over White House decision-making — especially when markets are at risk.
The dramatic stock market rally following Trump’s tariff pause underscores just how desperately investors had been hoping for a course correction.
The S&P 500 jumped more than 9%, the Nasdaq soared over 12%, and global markets from Tokyo to London followed suit with massive gains.
Trump’s abrupt pivot could have broader political implications as well. While it bought short-term relief for jittery investors, it also raised fresh questions about the president’s decision-making process and the extent to which billionaire financiers can influence national policy.
As the 2024 election cycle heats up, Trump’s critics are likely to seize on this episode to argue that he remains too closely tied to Wall Street interests, despite his populist messaging.
Meanwhile, market participants will be watching closely to see whether the 90-day tariff pause becomes a more permanent policy shift — or merely a reprieve.
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