A Fox News correspondent claimed on Wednesday that the White House "capitulated" on President Donald Trump's initiative to impose sweeping tariffs after a bond selloff in Asia.
"Let's be clear what happened, who capitulated here and why? You know, I don't want to say this because I am a patriot, I am an American, but it is The White House who capitulated based on everything I hear and all my sources," said Fox Business senior correspondent Charlie Gasparino.
The analyst went on to say that the reason why "is the bond market and what happened last night." "(Treasury Secretary Scott) Bessent knows this better than anybody. When you have yields on the 10-year (bond) rising to 5%, stuff starts shutting down. Who is dumping the bonds? Someone was asking it if was China, Well it wasn't, it was Japan," he added.
Gasparino: Let's be clear what happened, who capitulated here and why? You know, I don't want to say this because I am a patriot, I am an American, but it is The White House who capitulated based on everything I hear and all my sources pic.twitter.com/jR1YlMHxvP
— Acyn (@Acyn) April 9, 2025
"While he was negotiating with Japan, according to my sources, Japan was running major money management firms involved in the bond markets. They were dumping bonds because they believed this was not a great place to do business. That forced their hands," Gasparino added.
Trump announced on Wednesday that he was pausing tariffs for all countries but China, to which it was raising tariffs further. In a post on his social media platform, Truth Social, Trump said that "based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately."
"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," Trump added. Beijing has so far matched most levies imposed by Washington D.C., with the current figure being 84%.
Separately, Trump announced relief for countries that had not imposed retaliatory measures. "Based on the fact that more than 75 Countries have called Representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to Trade, Trade Barriers, Tariffs, Currency Manipulation, and Non Monetary Tariffs, and that these Countries have not, at my strong suggestion, retaliated in any way, shape, or form against the United States, I have authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately."
Stocks are surging as a result, with the S&P 500 climbing over 7% and the Nasdaq 100% doing so almost 10% following three days of heavy losses.
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