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From Japan to Hong Kong, Asian stock markets jumped at the open on Thursday
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breathing a sigh of relief after Donald Trump announced he would put a raft of tariffs on hold
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This came even as the US president escalated a trade war with China
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hitting it with a 125% import tax. Investor sentiment is positive on Wall Street too
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in stark contrast to that of a few days ago, when trillions of dollars was wiped off the stock market value
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At the time, Trump dismissed the financial chaos, though on Wednesday he drew attention to positive figures, suggesting it was the markets that got him to change course
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I didn't know it would have that kind of an impact, but it's, you know, I think you have the biggest increase in the history of the stock market, that's pretty good
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But it was a sick market four weeks ago, you know, because the trade was sick. It was only a question of time
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I don blame the tariffs I think the tariffs just sort of magnified what was happening Trump also cited queasiness in the bond market U government bonds which are traditionally seen as one of the world safest financial assets had also suffered a dramatic sell suggesting a lack of confidence in the country public finances
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Meanwhile, the administration claimed the flip-flop was always the strategy, playing chicken with trade partners to see who would come to the negotiating table and who would retaliate
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He and I had a long talk on Sunday and this was his strategy all along
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And you might even say that he goaded China into a bad position
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They responded. They have shown themselves to the world to be the bad actors
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The reversal also comes after Trump faced criticism from some of his supporters and within his own party
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They included Senator Ted Cruz, billionaire hedge fund investor Bill Ackman and Elon Musk
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Musk even engaged in a public spat with Trump's trade advisor Peter Navarro
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who claimed tariffs would create a revolution in American manufacturing
