Fox News host Jessica Tarlov criticized Republican officials following President Donald Trump’s unexpected decision to pause broad tariffs that had caused volatility in global financial markets over the past week.
“What always sticks out to me when we go on this Trumpian merry-go-round is the ritualistic humiliation that he subjects for people who work for him,” Tarlov stated on “The Five.”
Trump’s sudden policy shift occurred a week after announcing tariffs labeled as “Liberation Day” by his administration. He posted on Truth Social that he would suspend these import taxes for 90 days for most nations except China.
Treasury Secretary Scott Bessent described the change as part of Trump’s “successful negotiating strategy,” noting that many countries had reached out to the U.S. to renegotiate trade terms amid market fluctuations.
White House Press Secretary Karoline Leavitt defended the president’s reversal, urging reporters to read Trump’s 1987 book, “The Art of the Deal,” for insight into his tactics. She argued that media misinterpretations failed to recognize that Trump’s actions led countries away from China.
The announcement led to a significant rally in U.S. stocks, with the S&P 500 increasing by 9.5%—marking the largest single-day gain since 2008. This reaction underscored the impact of Trump’s initial tariff announcement on global financial systems.
While most countries saw a tariff reprieve, Trump’s administration increased tariffs on Chinese imports to 125%, describing this as a strategy to reward non-retaliating nations while pressuring China, the U.S.’s third-largest import source.
Tarlov noted that Trump admitted the tariff pause was not a part of a broader strategy from “The Art of the Deal.” When questioned about the bond market’s influence, Trump said he observed rising nervousness. Tarlov emphasized that Trump “had to cave” on his initial plan.
She also pointed out the conflicting messages from officials like Bessent, who now claimed the reversal was planned “all along,” despite previous interviews asserting a firm stance on the tariffs.
“So, you were OK then with being made out to be a complete liar because you’ve been doing interviews on our network, going on the Sunday shows, saying, ‘Absolutely not, we’re not capitulating on this, we’re not going back on it,'” Tarlov said.
Some Trump supporters praised the decision as a calculated tactic. Billionaire Bill Ackman described it as part of Trump’s strategy to secure favorable trade terms. House Speaker Mike Johnson agreed with this view.
However, some Republican senators voiced concerns about the “baseline” 10% tariff rate that remains, viewing it as high and potentially harmful to the economy.
The abrupt policy change has led to rapid shifts across global supply chains. Companies are resuming freight orders that had been put on hold, creating a surge in demand for logistics services, including construction equipment, engines, and other goods.
Despite the temporary tariff suspension, uncertainty prevails in many sectors. Industries like automotive and aerospace remain cautious about moving forward with shipments due to potential future policy changes.
The evolving situation is causing importers to continuously reassess their strategies. Border states reliant on trade, such as New Mexico, face particular challenges amid these rapid policy shifts.
The president is considering granting tariff exemptions for specific companies and reviewing potential tariffs for other industries, such as pharmaceuticals and lumber, adding complexity to the trade landscape.
Goldman Sachs and JP Morgan had predicted that Trump’s original tariff plan could lead to a U.S. recession, highlighting the significant economic stakes involved in these decisions.
