In a surprising move, former President Trump announced the suspension of U.S. tariffs, which has caused notable market volatility across various sectors, including cryptocurrency. Early reports indicate that at 9:33 AM local time, Trump urged on Truth Social for stability in the markets, accompanied by a call to action that “now is a good time to buy.” This statement coincided with a crucial conversation involving U.S. Commerce Secretary Lutnick and EU’s trade chief Maros Sefcovic, who discussed retaliatory measures against U.S. tariffs related to steel and aluminum.
According to reliable sources, upon entering the Oval Office by midday, Lutnick, alongside Treasury Secretary Besant, engaged in critical discussions regarding the tariff policy revisions. Just hours later, Trump formally announced the suspension at 1:18 PM. Reports suggest that this policy shift caught several top officials by surprise, necessitating immediate consultations among Trump’s aides. Press Secretary Levitt, along with Besant, swiftly convened a press conference to address the announcement’s implications, highlighting that Trump had been deliberating this significant change in strategy.