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[ Wed, Apr 23rd 2025 ]: CNN

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Trump was warned of empty shelves and financial turmoil from tariffs and firing Powell. His U-turn pushed stocks higher

President Donald Trump's unprecedented tariffs, particularly on China, and recent attacks on Federal Reserve Chair Jerome Powell caused alarm among some of his top advisers and America's biggest CEOs,
In a report by Bloomberg, it was revealed that former President Donald Trump was warned by his economic advisors about the potential negative impacts of imposing tariffs on China and firing Federal Reserve Chairman Jerome Powell, which could lead to empty shelves and financial turmoil. These warnings were given in the context of the 2020 presidential election, where Trump was trailing in polls. Despite initially considering these actions, Trump ultimately decided against them, a decision that was influenced by his advisors' concerns about the economic repercussions. Following Trump's decision to maintain the status quo, U.S. stock markets reacted positively, with the S&P 500 and Dow Jones Industrial Average both seeing gains. This U-turn by Trump was seen as a relief to investors, who feared the potential economic instability that could have resulted from his proposed actions.

Read the Full CNN Article at:
[ https://www.msn.com/en-us/money/markets/trump-was-warned-of-empty-shelves-and-financial-turmoil-from-tariffs-and-firing-powell-his-u-turn-pushed-stocks-higher/ar-AA1Dsvzh ]