Trump scales back tariffs, conceding to economists' warnings

President Trump has finally conceded to the warnings of economists who have criticized him for levying extremely high tariff rates.

Previously, the president implemented a wave of tariffs with very minimal restrictions, going as far as to threaten the People's Republic of China with a 200% tariff; in addition, his "reciprocal tariffs" left virtually no country unscathed with many smaller trading partners targeted, even our strategic allies.

However, economists in recent weeks have raised concerns about the president's tariff mobilization. They lamented of the possibility of trade wars developing, especially with China, which could have immediate consequences on the cost and availability of goods. This could affect the majority of Americans, especially lower class consumers which a small increase in prices could have a very significant impact on their finances. In addition, investors have retreated from the stock market in droves, setting stocks to unsettlingly low levels and thus invoking fear in the government.

Trump, with all of these factors, finally conceded to the warnings of his investors. Not only did he reverse his decision to fire Fed chair Jerome Powell, but he also softened his position on tariffs; the possibility of reducing tariffs on China, for instance, has increased significantly. Many economic analysts have dropped their recession chances, and stocks have surged. We expect this week to be a great boom for the market with back-to-back bull markets facilitating recovery, and creating correction.