Economist Craig Shapiro has taken a jibe at President Donald Trump after the administration hinted at a deal with China amid the ongoing market turmoil. He suggested that Trump was caving on all his promises and proposed policies.
What Happened: Shapiro, a macro strategist at the Bears Trap Reports, said in a recent X post that Trump’s new book should be called “Art of the Cave.”
This was also a jibe at the Billionaire Investor Bill Ackman‘s April 9th post, which praised Trump for “brilliantly executing” the 90-day tariff pause, calling it the “Textbook, Art of the Deal.”
Shapiro, in his post, went on to add that “Trump 2.0 same as 1.0,” pointing out that the President has caved to China, Federal Reserve Chairman Jerome Powell, markets, and on cutting the deficit.
This comes after Trump spoke to the reporters at the White House on Tuesday and said that his relationship with President Xi Jinping was great and “it’s been great for a long time.”
"I think we will make a deal with China. If we don’t make a deal, we will set it. I think they will want to be a part of the United States. We’re doing great. This is the Golden Age,” he added.
Why It Matters: Trump was accused of caving by Shapiro following the criticism of Powell in a Truth Social post on Monday, issuing a 90-day tariff pause following bond market turmoil on April 9th, and finally hinting at making a deal with China.
Treasury Secretary Scott Bessent hinted at de-escalation with China during a private session at an event hosted by JPMorgan Chase & Co. JPM in Washington, held alongside the IMF and World Bank spring meetings.
Bessent, during this private meeting, said that a deal is achievable even as the formal negotiations have not begun yet. He said that the current duties were untenable, but did not provide the specifics and the timeline of the deal.
Price Action: Stock markets bounced on the possible de-escalation news on Tuesday.
The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, rose on Tuesday. The SPY was up 2.60% to $527.25, while the QQQ advanced 2.63% to $444.48, according to Benzinga Pro data.
As of Tuesday, the Nasdaq 100 index was down 17.76% from its previous high of 22,222.61 points. The S&P 500 index was 13.98% lower, as compared to the last record high of 6,147.43 points. On the other hand, Dow Jones was 13.06% down from its 52-week high of 45,073.63 points.
On Wednesday, the futures of Dow Jones were up 1.29%, the S&P 500 index futures rose 1.77%. The Nasdaq 100 futures, on the other hand, were higher by 2.10%
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