US President Donald Trump pivots on tariff threats in record time

Within hours of his declaration via social media to impose a double tariff of 50% on Canadian steel and aluminum, US President Donald Trump has capitulated to pressures from both the market and within his cabinet, floating the suggestion that he may pivot away from his own double-tariff just hours after declaring his intent to double targeted tariffs on Canada on his Truth Social account.

President Trump also leaned back into discussing a possible ceasefire between Ukraine and Russia, but Trump's declarations on the topic have become increasingly non-specific in recent days. Donald Trump also cited that egg and gasoline prices have come down, a claim that remains difficult to corroborate with currently available market data. Egg prices, while they have decreased, have only pared the gains seen since last December, and gasoline price indexes have risen for three consecutive months.

Key highlights

The US had to do tariffs.

US economy is going to blow it away.

Tesla is a great product.

I have to get workers back and factories open.

Musk has never asked me for a favor.

Markets are going to go up and down, but we have to rebuild our nation.

Ontario's Ford to halt electricity tariff.

I respect Ontario's decision to suspend 25% energy surcharge.

Now we have to talk to Russia.

We’re going to meet with Russia later on today or tomorrow.

Hopefully Putin will agree on the plan.

I would invite Zelenskiy back to the White House.

Interest rates have come down.

Price of eggs and gasoline have come down.

Trump: I am looking at reducing tariffs on Canada now, (asked if he would reduce that) probably so.

May back off doubling steel and aluminum Canada tariffs.

I'll let you know if 50% tariffs on Canada are going into effect.

I don't see a recession at all.

I will label violence on Teslas domestic terrorism.

The country is going to boom.

Selloff doesn't concern me.

Some people will make great deals.

I met with IBM, Dell and HP yesterday.

We'll have the greatest markets we've ever had.

I'm very optimistic about the country.

I will talk to Putin, but it takes two to tango.

I think I will talk to Putin this week.

I hope to have a total ceasefire in the coming days.

Big meeting with Russia tomorrow.

I hope buying a Tesla boosts Tesla sales.

Further Trump comments:

Russia easier to deal with than Ukraine.

Aiming to reach 1 trillion dollars of Department of Government Expenditures savings.

ASttempting to reach 1 trillion.

Uncertain if we will reach 1 trillion but it will be substantial.

Tariffs may increase beyond 25%.