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3471President Donald Trump may have framed his latest tariff move as part of a long-term strategy, but even a Fox News commentator acknowledged that market forces pushed him to act.
During a recent episode of The Five, co-host Jessica Tarlov pointed out that Trump himself admitted he changed course not because of some master plan, but because he was spooked by the bond market.
“Trump even admitted that it wasn’t the art of the deal or ‘be cool,'” Tarlov said. “He said he was watching the bond market and that’s what decided this—he had to cave.”
Market Pressure, Not Strategy
The President paused what he calls “reciprocal” tariffs for 75 countries that hadn’t retaliated, while keeping a 10% blanket tariff and dramatically increasing the rate on Chinese imports to 125%.
Despite the pause, co-host Judge Jeanine Pirro defended the move as a strategic win. “China was always the endgame. Trump won,” she said. “He literally got everybody in the world to come to the table or they’re trying.”
Still, Tarlov wasn’t buying it. She pointed to CNBC’s Steve Liesman, who said Trump “didn’t just flinch, he ducked.” Tarlov continued, “There are trillions still lost, and our very own Charlie Gasparino has been on air saying that he wishes it weren’t so, but the truth is the White House capitulated.”
She also criticized the mixed messaging from the administration. “Caroline Leavitt called it fake news. They were doing interviews, saying ‘absolutely not’—that we’re not capitulating on this,” she said.
Tarlov also raised concerns about the economic impact of the ongoing tariff uncertainty, referencing how difficult it has become for companies like Walmart to make reliable forecasts. She emphasized that the policy reversal shows how volatile the administration’s trade approach is, creating confusion not just for global partners but also for American businesses trying to plan ahead.
Tarlov argued that the flip-flop, which came after escalating rhetoric about not backing down, undermines the White House’s credibility and puts additional pressure on small businesses already struggling with inflation and supply chain issues. “You still have this 10% baseline tariff, which will jack up prices for small businesses,” she added.
Meanwhile, Dana Perino took a wait-and-see approach. “In 90 days, the laws of economics are not going to change,” she said, noting the pause may be smart politically but doesn’t erase long-term economic concerns.
Greg Gutfeld viewed it as part of Trump’s broader Main Street-focused agenda. He said Trump is less concerned with elite opinion or market panics and more interested in creating what he called “bespoke tariffs” to put pressure on trading partners. “Now everyone knows the pain that tariffs can cause,” Jesse Watters added.
The show also touched on how Democrats are struggling to keep up. Gutfeld mocked progressives for having to defend China and criticized the party’s aging leadership.
“If Trump came out in defense of puppies, the Democrats would firebomb the pound,” he quipped.
The panel debated whether Trump’s aggressive moves will pay off long-term or create lasting economic strain. “This is the biggest win for America because we’ve got a level playing field,” Pirro said.
But Tarlov countered, saying most Americans don’t want tariffs and that major companies like Walmart are already having trouble forecasting because of the uncertainty.
For now, the only thing most on the panel agreed on was that Trump isn’t slowing down.
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