WSJ: U.S. Treasury Secretary and Commerce Secretary successfully persuaded Trump to delay the implementation of the aggressive tariff plan while trade advisor Navarro was not present.

On April 19, the Wall Street Journal reported that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick had persuaded Trump to hold off on his aggressive global tariff plan in the absence of White House senior trade adviser Peter Navarro on April 9. According to multiple people familiar with the matter, when Navarro met with White House economic adviser Kevin Hassett in other areas that morning, as planned, Ms. Bessant and Mr. Lutnick seized the gap and rushed to the president's office to propose a moratorium on some of the tariffs to Mr. Trump while Mr. Navarro was unable to refute it on the spot. Under the persuasion of the two, Trump agreed to suspend some of the tariffs and announce them immediately to stabilize the market. They didn't even wait until Trump finished his post on Truth Social before leaving, a decision that caught Navarro off guard, according to a person familiar with the matter. Trump's post sent the stock market up and the Treasury market stabilized. On the same day, he explained that the decision was made because of the "abnormal volatility" in the financial markets, especially the early warning signs in the bond market. But just a few hours ago, he posted on Truth Social urging people to "stay calm," hinting that the policy might be maintained. BlockBeats Note: Peter Navarro is a senior trade adviser at the White House and a professor of economics at the University of California. Mr. Navarro, who was favored by Mr. Trump for his views on trade, served as director of the National Trade Council during his last term. He was jailed for 4 months in 2024 for contempt of Congress, when Trump told others that "Navarro went to jail for me." On April 6 this year, Navarro said in an interview with Fox that "if you don't sell stocks, you won't lose money", which once caused heated discussions in the market.