I have been considering this topic for a long time myself. After watching the discussion between Brother Wu @qinbafrank and Skipping Class君 @TJ_Research01, I personally lean more towards the idea that the simultaneous decline in the stock market, bond market, and even exchange rates has led to Trump's softening. For Trump, the first concern is that the 10-year U.S. Treasury yield breaking the 4.6% red line has shaken both him and the Treasury Department. If aggressive measures continue to be implemented, it could very likely touch upon the fundamentals of the United States.

However, the 10-year U.S. Treasury yield only began to decline on April 11, while the U.S. stock market started to rebound on April 9 after the announcement of the suspension of reciprocal tariffs. Therefore, it is evident that the stock market reacts more quickly to tariff changes, and the U.S. dollar also began to decline significantly from April 9.

Thus, I believe that the pivot point on April 9 was not triggered by a single market signal, but rather a systemic warning constituted by the simultaneous decline in the stock, bond, and currency markets. The stock market has preemptively reflected the decline in investor confidence, the bond market has shaken the policy foundation with the 10-year yield breaking the 4.6% fiscal red line, and the rapid plunge of the U.S. dollar reflects the marginal weakening of overseas capital's trust in U.S. macro policies.

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