Republican CNN political contributor Scott Jennings on Wednesday defended President Donald Trump’s suggestion that it was a “great time to buy” into the stock market hours before announcing a 90-day tariff pause that sent Wall Street skyrocketing.
The Context
“BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” Trump wrote on Truth Social at 9:33 a.m. ET. Four minutes later, he added in a follow-up post: “THIS IS A GREAT TIME TO BUY!!! DJT”
Trump made the comments while Wall Street continued plunging in the hours after America’s “reciprocal” tariffs on dozens of countries, including its biggest trading partners, kicked in at 12:01 a.m. Wednesday.
Trillions of dollars had evaporated from the market in the last week and the S&P 500 was flirting with bear market territory as of Wednesday morning. Uncertainty over the president’s trade war also hit the bond market as his reciprocal tariffs went into effect.
At 1:18 p.m. ET, a few hours after urging Americans to buy into the market, Trump suddenly pivoted, saying he would pause reciprocal tariffs on most countries—with the exception of China—for 90 days while the U.S. negotiated new trade agreements.
Wall Street took off almost immediately and by market close, the S&P 500 index had soared 9.5 percent, its biggest one-day spike since 2008 and one of its most significant gains since World War II. The Dow Jones Industrial Average went up 7.87 percent, its biggest increase since March 2020, and the tech-heavy Nasdaq composite had its best day in nearly 25 years.
What To Know
The timing of the events—Trump’s suggestion to buy into the market and “be cool,” followed by his announcement of a pause on tariffs, which in turn sparked Wall Street euphoria—prompted a standoff between Richard Quest, CNN’s business editor-at-large, and Jennings.
“To tell people this is a good time to buy … to say this is a good time to buy and then take a decision that you pretty much know is going to rally the market, I’m not going to finish that sentence,” Quest said on CNN Wednesday night.
When host Abby Phillip asked Quest to clarify what he meant, he replied: “Anybody who read that tweet … that social [media post], and had an inkling of what he might do and anything like that, it’s just … you don’t do it.”
“It’s as simple as that,” Quest added, as he got visibly heated. “You don’t tell people now is a good time to buy if you are the person who is about to take a decision that is going to make the market rally.”
Phillip then asked Jennings why he thought Trump did not “tread carefully” when “most presidents know that they have the power to move markets.”
“They tread carefully,” the CNN host said. “Trump is not doing that.”
“Yeah,” Jennings said. “I mean he is radically transparent. Everything that is on his mind, he tends to put out in front of the press in the Oval Office or out on his social media.”
“I don’t think that today’s commentary is any different than how he operates on any other day and I think it’s been true for time immemorial that when a president speaks, however they speak, markets do move. It’s not the first time it’s ever happened.”
When asked earlier Wednesday when exactly he decided to press pause on the tariffs, he said, “I would say this morning. Over the last few days, I’ve been thinking about it.”
“Fairly early this morning,” he added.
The president also said in the afternoon that his decision to pause the tariffs was influenced by JPMorgan chief executive Jamie Dimon warning in an interview that a recession was a “likely outcome” of Trump’s trade war.
Dimon’s interview on Fox Business’ Mornings With Maria occurred in the 6 a.m. ET hour—more than three hours before Trump blasted out his Truth Social posts urging people to buy into the market.
When the White House was asked for clarification about the timing, it told the Associated Press in an email: “It is the responsibility of the President of the United States to reassure the markets and Americans about their economic security in the face of nonstop media fearmongering.”
What People Are Saying
Democratic Representative Alexandria Ocasio-Cortez of New York posted to X, formerly Twitter, on Wednesday: “Any member of Congress who purchased stocks in the last 48 hours should probably disclose that now. I’ve been hearing some interesting chatter on the floor. Disclosure deadline is May 15th. We’re about to learn a few things. It’s time to ban insider trading in Congress.”
Democratic Senator Adam Schiff of California posted to X on Wednesday: “Trump is creating giant market fluctuations with his on-again, off-again tariffs. These constant gyrations in policy provide dangerous opportunities for insider trading. Who in the administration knew about Trump’s latest tariff flip flop ahead of time? Did anyone buy or sell stocks, and profit at the public’s expense? I’m writing to the White House — the public has a right to know.”
Mike Pence, Trump’s former vice president, posted to X on Wednesday: “I am grateful that President Trump has committed to embracing a pause on many of the broad-based tariffs that were imposed on our trading partners around the world. When America trades with allies, it’s a win for the American people. Our goal should be free trade with free nations. I also strongly support the efforts by the Trump Administration to bring China to the table after years of trade abuses and intellectual property theft. It’s time we recognize China is the greatest national and economic security threat of our time.”
What Happens Next
It’s not immediately clear whether Trump will extend his tariff pause beyond the 90-day period announced Wednesday, or if he’ll impose additional tariffs in the interval if trade negotiations don’t go his way.
