Donald Trump's decision to put his sweeping tariffs on "pause" is doing nothing to tamp down the worries of Wall Street executives who have been watching stocks take radical swings since the president made his much-hyped announcement last week.
During an appearance on MSNBC's "Morning Joe," network host and former Wall Street exec Stephanie Ruhle claimed her phone lit up with panicky calls on Thursday night after the market took another dive and that there is a consensus that Trump trade adviser Peter Navarro has to go.
Speaking with the host, Ruhle explained, "I was at my son's school play, and my phone was ringing off the hook with all of them saying one thing: 'Where's [Treasury Secretary] Scott Bessent? Is he in the room? Is he the one in charge?' Because that's what Wall Street is betting on."
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"The fact that they're, you know –– think about the stories in the last four days that the white house is pushing out –– Scott Bessent in charge. He's the one who's negotiating with Japan and one of the main reasons they're doing this is because that's what Wall Street wants," she elaborated. "Wall Street wants Peter Navarro and his hardline protectionist views miles and miles away from the president, because this idea that we're going to onshore all of our manufacturing and we're not going to need those international trading partners, it will take trillions of dollars and 20 years to recreate the global supply chain and bring it all home."
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She added, "This idea that Scott Bessent, who does truly understand markets and the mechanics, he's an extraordinarily successful finance guy, well, now, all those investors I'm talking to on Wall Street are putting the weight of the world on his shoulders, like he's going to be the one to save us through this. And maybe that's the case, but one of the things that's made them the most frustrated or concerned is that they watch Scott Bessent on TV all week, and they all know it's hard to go on TV, they do it, but they watch him be intellectually dishonest, defending the president's policies."
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