In private conversations a week ago, the main advisers close to President Trump warned that some Tariff proposals could have devastating effects on Global financial markets and Send the American economy in spiral.
The White House strives to say that administration officials are unified in the rate effort announced on April 2, that the White House called “Liberation Day. ”
But internal disagreements in that policy demonstrated long before that, with leaders who offer severe economic instability predictions, multiple sources familiar with exchanges to CBS News said.
An argument of place between the Secretary of the Treasury Scott Besent And White House Commercial Advisor Peter Navarro The Office of Susie Wiles in Chief of Staff at the end of March, in the days prior to Trump’s “reciprocal” tariffs.
The next account is multiple sources familiar with the meeting. Navarro wanted 25% rates on the board on all $ 3 billion of imported products. Besent, who made a career as a Wall Street investor, warned about market agitation and described several scenarios.
Heated words flew.
Navarro mocked: “You are doing the same thing they did in the first term. Don’t pull this. Don’t be him.”
The advisors in the room later told people close to them who interpreted that so that they are not like the secretary of the then treasure, Steven Mnuchin or the then economic advisor Gary Cohn, both former executives of Goldman Sachs supported the administration of difficult agents of the Pushinst administration)
The spokesmen of the Treasury Department declined to comment on the dispute.
Navarro told CBS News: “False news from anonymous malevolent sources. Scottie and I don’t argue. We think things.”
In other internal debates before the announcement of the Rose Garden, Secretary of Commerce Howard Lutnick He predicted that certain rates could cause a global disaster.
Besent on multiple occasions pressed for a display calculated with more specific rates than what Navarro pushed.
Elon Musk, the main advice advisor of the administration government, was not part of the key decisions meetings on tariffs. Musk was careful not to transmit his strong disdain for certain aspects of the rates policy, except in very small circles, although some of that arose in criticism or Navarro on social networks. Musk also publicly advocated zero tariffs between the United States and the European Union.
Navarro said there should be no negotiations: rates should remain in place to generate muscle income and manufacturers in national production.
But in the days after the announcement of the “Day of Liberation”, the financial markets staggered, which is corrected by some of the predictions of Trump’s advisors. Billion dollars were erased from the main shares of shares and the bond market sent alarming signals. Wall Street investment firms such as Goldman Sachs predicted greater probabilities of recession and some of the main CEO of the United States publicly expressed their concerns.
In an interview on the morning of April 9, the best banker in the United States, the JPMorgan Chase CEO, Jamie Dimon, told Maria Bartiromo that a recession was “a probable result.”
The CEO of Delta, Ed Bastian, said in CNBC that the agitation was “self -inflicted”, and announced that the company was suspended its great performance of the year of the entire “inexplarally, unprecedented and unprecedented.”
The same morning, Mr. Trump tried to reassure investors and executives and published: “Be great! Everything will work well.”
In the afternoon, with contributions from Besent and Lutnick, Trump opened a pressure release valve and Paus some of the tariffs for 90 days.
“Well, I thought people jumped a little out of line,” Trump said. “They were getting to Yippy, you know, they were getting a little ypy, a little scared.”
