The Return of the Trump Put

In the aftermath of President Donald Trump’s April 2 “Liberation Day,” stock markets around the world plunged. Yet just 13 hours after Trump’s tariffs took effect, the president paused them for 90 days — for countries not named China, that is.

Markets soared in response to Trump’s backpedaling. The S&P 500 Index climbed almost 10% while the Nasdaq Composite Index jumped by the most since 2001. The Trump put, or the belief that the president uses the stock market as his scoreboard, appears to be alive and well after all.

On this episode of Trillions, Eric Balchunas and Joel Weber discuss what just happened, how ETFs fared and where cracks appeared. They also assess flows, volume and what to watch next.

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