On April 9, Eastern Time, the "reciprocal tariff" had just come into effect for several hours, and Trump suddenly announced that the tariff policy was frozen for 90 days.

What happened behind the 180-degree turn? According to US media, the sale of US bonds is the main factor in Trump's decision to suspend "reciprocal tariffs".

Charlie Gasparino, senior Fox Business reporter, disclosed more hidden information. Gasparino said the fuse of the policy shift was a large-scale U.S. bond sale by a Japanese financial institution, which is the largest bondholder in the United States.

Several fund companies confirmed to Gasparino that due to the plunge in the institution's heavy holdings, U.S. bond positions had to be sold to supplement liquidity.

On that day, the yield on the 10-year U.S. Treasury soared by nearly 40 basis points in two days, once hitting the sensitive mark of 4.5%, and the 30-year yield rose more than the psychological defense line of 5%.

Gasparino claimed to have been obtained from within the White House, and that “Japan forces the president to take this action”. “If you sell bonds on a large scale, it means people lose confidence in the U.S. economy and the ability to trade with us. Based on the information I have obtained, we are forced to implement a 90-day moratorium,” Gasparino added.

Gasparino, who regards himself as a patriot, argued that this was not an initiative planned by Trump, but more like the White House's "surrender" in the face of bond market pressure.