Ben Shapiro Says Trump's Tariff Reversal Wasn't 4D Chess – 'It Was Just People Getting Yippy And Bond Markets Getting Queasy'

Stocks didn't just stumble—they cratered. From April 3 to April 8, the S&P 500 slid 12%, the Nasdaq Composite dropped 13%, and the Dow Jones Industrial Average fell 11% as investors digested President Donald Trump's sweeping "Liberation Day" tariffs. 

After the rout, Trump stepped into the White House press briefing room on April 9 and paused most levies for 90 days. 

One day later, commentator Ben Shapiro told listeners of "The Ben Shapiro Show" that the U‑turn had nothing to do with "4‑D chess." Instead, he said, "it was just people getting yippy and bond markets getting queasy."

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Tariff Roller Coaster Shakes Investors

Trump announced a 10% tariff on some imports and a hefty 145% tariff specifically on Chinese goods during a speech in Washington on April 2.

Those headline figures, paired with warnings from economists, fed the week‑long sell‑off Business Insider chronicled, while The Guardian traced the China tariff to the administration's "America First" reset.

By April 8, bond traders were in full retreat. The 10‑year Treasury yield jumped to 4.26%, its sharpest three‑day climb since 1982, Reuters reported. Higher yields pushed up borrowing costs and amplified worries that tariff‑driven inflation would hit households already wrestling with rising prices.

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The Wall Street Journal reported within minutes, futures turned green, and by the closing bell the S&P 500 had rebounded 9.5% while the Nasdaq soared 12.2%.

Shapiro replayed Trump's explanation—"people were getting yippy… bond markets getting queasy"—and laughed at claims of hidden strategy.

Institutional investors echoed the skepticism. On April 17, PIMCO said recent U.S. trade policies were weakening the dollar's traditional safe-haven appeal, prompting the firm to recommend trimming exposure to long-dated Treasuries in favor of global alternatives.

Global institutions also flagged risks. International Monetary Fund Managing Director Kristalina Georgieva said April 3 in a statement that newly announced U.S. tariffs "represent a significant risk to the global outlook at a time of sluggish growth," urging the U.S. and its trading partners to resolve tensions and avoid steps that could "further harm the world economy."

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Academic models suggest the U.S. economy could face significant domestic costs from the tariffs. According to the Yale Budget Lab, Trump’s tariff package— combined with anticipated foreign retaliation — could reduce U.S. real GDP growth by 1.1 percentage points and result in 740,000 fewer payroll jobs by December.

Lawmakers sensed an opening. Time reported April 10 that Sen. Adam Schiff (D‑CA) called for an insider‑trading probe to see whether anyone profited from advance knowledge of the pause, a step backed by several House Democrats .

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