Axios - The CEOs of three of the nation's biggest retailers — Walmart, Target and Home Depot — privately warned President Trump in an Office meeting on Monday that his tariff and trade policy could disrupt supply chains, raise prices and empty shelves...
The unvarnished scare seemed to work, officials tell us. For the first time, Trump seems more persuadable that his initial plan was too dangerous and disruptive. This slight shift helps explain why he vowed not to fire Fed chair Jay Powell, and publicly said tariffs on China will come down.
"The big-box CEOs flat out told him [Trump] the prices aren't going up, they're steady right now, but they will go up," an administration official familiar with the meeting told Axios. "And this wasn't about food. But he was told that shelves will be empty."....
Then yesterday, Trump turned the dial down.
- His Treasury secretary, then his press secretary, then Trump himself all indicated optimism about a trade deal with China that would result in much lower tariffs than 145%.
- Treasury Secretary Scott Bessent told investors yesterday at a private investor summit in Washington that he expects "there will be a de-escalation" in the trade war with China in the "very near future," per CNBC.
Trump told reporters in the Oval Office that he had "no intention" of firing Powell, even though his top economic adviser said last week the White House was studying the details of doing exactly that. More
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