Скачать или смотреть 特朗普为何口风反转Why did Trump change his stance?

当地时间9日，加征关税立场坚定的美国总统特朗普突然让步，批准暂停部分贸易伙伴的“对等关税”措施90天。特朗普为何意外按下关税暂停键？据了解，市场对美国经济衰退的恐慌情绪迅速升温，投资者开启“衰退交易”模式，抛售一切投资标的，国际金价下跌、美债价格也在下跌。美债抛售潮加速美债收益率攀升，十年期美债收益率在两个交易日内，就从3.9%一度冲高至4.5%上方。如今，在美联储迟迟不肯降息，而债市又出现收益率狂飙的情况下，特朗普也不得不向市场妥协，最终按下了暂停键。

On the 9th, U.S. President Trump, who had previously taken a firm stance on raising tariffs, suddenly made a concession and approved a 90-day suspension of "reciprocal tariff" measures with certain trade partners. Why did Trump unexpectedly hit the pause button on tariffs?

It is understood that panic over a potential U.S. economic recession quickly escalated in the market. Investors shifted into "recession trading" mode, selling off all types of investments. International gold prices and U.S. Treasury prices both fell. The sell-off in U.S. Treasuries accelerated, pushing Treasury yields higher, with the 10-year Treasury yield surging from 3.9% to above 4.5% in just two trading days. With the Federal Reserve reluctant to cut interest rates and Treasury yields skyrocketing, Trump was ultimately forced to compromise with the market, hitting the pause button.