President Trump is facing increasing criticism from big businesses over his decision to launch a global trade war.
On Monday, CEOs of Walmart, Target and Home Depot met with Trump at the White House to warn about Trump’s trade policies.
A day later, Trump signaled he is open to substantially lowering tariffs on China. Trump has also toned down his attacks on Federal Reserve Chair Jerome Powell, whom he had previously threatened to fire.
This all comes as global stock markets remain in turmoil over Trump’s trade policies.
The Wall Street Journal reports the Dow Jones Industrial Average is headed for its worst April performance since the Great Depression.
“This is classic Trump,” says Robert Kuttner, co-founder and co-editor of The American Prospect. “You create a crisis. Then you say, 'Well, actually, I'm going to back off,’ and the crisis is over. And you end up with yourself and the country worse than before you started.”
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