Dimon, Ackman: How chorus from Big Money triggered Trump rethink

Wall Street has gotten its way for decades, Scott Bessent argued on Wednesday morning, declaring "It's Main Street's turn." Then Wall Street had its best day in 16 years.

- Bloomberg

WASHINGTON:

Hours after the Treasury secretary's full-throated defense of Donald Trump's "Liberation Day" tariffs, the president embraced an idea pushed by billionaire hedge funder Bill Ackman: Pause the levies for 90 days, rather than — as Ackman put it — risking a "self-induced, economic nuclear winter."

For days, Ackman's proposal had been floating around as a symbol of Wall Street's waning influence — one of many public pleas from an industry unable to steer Trump away from what it saw as a cataclysm for global markets and everyday people. Then the president pivoted.

"This was brilliantly executed by @realDonaldTrump," Ackman fired off in response on X. "Textbook, Art of the Deal."

Recession warnings After a week of grinding their teeth, Wall Street executives have prevailed again, re-establishing their political potency. Trump's move followed recession warnings from the likes of Jamie Dimon, whose TV appearance early Wednesday was watched by the president, as well as strong words from billionaires Ken Griffin and Stan Druckenmiller.

When Trump abruptly changed course that afternoon, the industry swung from seething to a moment of levity — even if few trust that it will last. Indeed, US stock futures are pointing down once again on Thursday.