Donald Trump the Megathread part II - mod warnings in OP, Updated 06/06/25

Most commentators agreeing this is all due to the bond market being about to collapse if he kept going how he was.

Undoubtedly they will frame this as the biggest most beautiful win of all times masterminded by the best, most loved by all, dealmaker in history 😁

I pity all the foreign trade negotiating teams that will have to deal with them. Maybe they should all bring some books to help explain things to the US team

US President Donald Trump has abruptly backed down on his tariffs on most nations for 90 days but raised his tax rate on Chinese imports to 125%.

US treasury secretary Scott Bessent told reporters that Mr Trump was pausing his so-called “reciprocal” tariffs on most of the country’s biggest trading partners, but maintaining his 10% tariff on nearly all global imports.

I wonder if Trump is at least smart enough to see that he was used by far more successful and richer business people

Baseline 10% tariff applies to all except China, Mexico and Canadapublished at 21:1321:13Breaking

We can report that tariffs above 10% are paused for 90 days for everyone except China, Mexico and Canada.

That 10% tariff rate is the "baseline" that came into effect on 5 April.

That rate was never applied to Canada or Mexico, and neither country is getting a 10% baseline tariff now, the White House official says.

The tariffs that were placed on Canada and Mexico to ostensibly fight the fentanyl crisis remain unchanged: US-Mexico-Canada agreement trade is tariff-free, the White House official says, and non-USMCA trade is tariffed at 25%

That's hilarious

Simon Harris was on news at 9. He couldn't rule out pharma tariffs still being brought in during this 90 days

Tariffs on steel, aluminium and automobiles unchanged, White House official sayspublished at 21:1521:15Breaking

Tariffs on steel, aluminium and automobiles remain unchanged, the White House official confirms to the BBC.

Earlier this year, the US president ordered a 25% import tax on all steel and aluminium entering the US, ending previous exemptions for allies including Canada and the EU and marking a major expansion of trade barriers.

Trump and his four goons talking in the Oval office now.

Asked if Europe goes to 10% because of their counter tariffs, Trump said "bad timing for them".

Goon Howard Lutnik interjected in a panicked fashion "Nooooooo they picked a later date." 😀

Then Trump said "I'm glad that they held back"

All 5 of them including Trump had capitulation written all over their faces at the conference.

Truth of the matter was hundreds of billions of Dollars in US Treasury bonds were being sold today and Trumps advisors were spooked.

Dunces.

Some folks close to Trump could have made serious money on the market manipulation over the past week.

Someone said Trumps portfolio is being managed by his sons. I'd include Trump in that list. Maybe his bestie Putin and co as well.

Donald Trump has not forgotten about the pharmaceutical sector, addressing it at a signing of executive orders in front of the media.

“We’re gonna put tariffs of the pharmaceutical companies and they’re l wanna come back,” he said. “They are gonna come back.”

Despite the 90-day reduction to a 10 per cent tariff on most countries, he threw out very high potential figures for the sector.

“The only thing that’s gonna bring them back [is] we have a barrier, you have to pay 50 per cent or 100 per cent or 200 per cent,” he said. “If they have to pay that they’re gonna say, ‘we’re not gonna pay that, were going to build here’,” he added, referring to producers relocating to the United States.

Pharmaceuticals are Ireland’s biggest export to the US. Tánaiste Simon Harris called for their inclusion in wider tariff negotiations, but the Trump administration has thus far treated them separately.

Still refusing to acknowledge who it is that actually has to pay these tariffs I see

What the F is Gretchen Whitmer doing going to the Oval Office to engage with Trump?

They only way to stand up to a bully.