BREAKING: The White House press secretary says “there will be no unilateral reduction in tariffs against China.”
Trump is putting the ball in China’s court.
— The Kobeissi Letter (@KobeissiLetter) April 23, 2025
BREAKING: White House Press Secretary Leavitt right now: There will be a fair trade deal with China, there will be no unilateral reduction on China tariff.
— unusual_whales (@unusual_whales) April 23, 2025
WH Press Sec. Leavitt: Trump won't give up on fair trade practices. It's not fair to say Trump is softening.
— FinancialJuice (@financialjuice) April 23, 2025
Trump Warned by Walmart, Target, and Home Depot CEOs That Disastrous Tariff Policy Will Lead to ‘Empty Shelves’
President Donald Trump “got a scare” from CEOs of the nation’s largest big box retailers that their shelves could soon be empty as a result of his draconian tariff policy announced on April 2. As a result, the White House appears to be pivoting to a much softer position on trade.
Markets rallied on Tuesday as investors learned that the Trump administration was pivoting to a softer position on the controversial tariff policy, which cratered 401ks and led to talk of an inevitable recession.
At the root of this news were comments made by Treasury Secretary Scott Bessent in a private speech to JP Morgan, during which he admitted an ongoing trade war with China was not sustainable.
“I do say China is going to be a slog in terms of the negotiations,” Bessent said, according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.”
But CEOs of Walmart, Target, and Home Depot privately warned Trump in an Oval Office meeting that supply changes will be disrupted, prices will increase, and shelves of their stores will be empty