Wall Street Urges Treasury to Reverse Trump’s Tariff Plan

In Brief:

Wall Street executives pressured Treasury Secretary Scott Bessent to reverse Trump’s new tariffs during this week’s market selloff.

Bloomberg reports Bessent was not the primary driver behind the tariff decision.

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Wall Street executives reportedly flooded U.S. Treasury Secretary Scott Bessent with calls this week, urging him to influence President Trump into reversing course on the administration’s aggressive new tariff policy.

According to a Bloomberg report published on April 6, the outreach came as U.S. stock markets saw one of their worst weeks in years, with the Nasdaq officially entering a bear market and investor sentiment shaken across global asset classes.

The financial leaders hoped Bessent could serve as a moderating force on Trump’s recently enacted 10% blanket tariff on all imported goods, which took effect at the start of April. However, sources confirmed that Bessent was not the architect of the policy and had limited influence over the administration’s decision.

Trump's tariffs have already drawn criticism from both domestic and international stakeholders. Economists warn the move could reignite trade wars, disrupt global supply chains, and strain corporate earnings—especially for tech and manufacturing giants heavily reliant on imports.

Despite the backlash, the White House has maintained that the tariffs are a necessary measure to rebalance America’s trade relationships and stimulate domestic production.

Market watchers are closely monitoring upcoming statements from the Treasury and Federal Reserve, as pressure mounts to stabilize financial conditions in the face of policy-driven volatility.

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