President Donald Trump on Wednesday triggered a market rally not seen in years after announcing a 90-day pause on sweeping global tariffs introduced only a week earlier — a dramatic turnaround that fueled speculation he may have deliberately tanked the stock market to benefit his political and financial allies.

The decision, which exempts China and instead slaps it with an even steeper tariff of 125%, comes amid increasing scrutiny of Trump’s motives after days of turmoil wiped $7 trillion off global markets. The president’s reversal prompted an immediate surge on Wall Street: The Dow leaped more than 2,600 points, while the S&P 500 climbed 7% and the Nasdaq soared 10% within an hour of the announcement.

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately,” Trump wrote on Truth Social. “At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable.”

But alongside his public salvo at China, Trump issued another message earlier in the day to his followers: “This is a great time to buy.” That statement, posted shortly after markets opened Wednesday morning, has fueled the belief that the president may have manipulated the market for political optics — or worse, financial advantage.

Four hours after that post, he announced the 90-day pause on global tariffs, a move that sent markets soaring and led many to believe the sequence was anything but coincidence. A congresswoman is now calling for an investigation.

“I’m calling for an investigation into whether President Trump manipulated the market to benefit his Wall Street donors—all while working people and small businesses paid the price. Did Trump help insiders cash in on his tariff flip-flopping? It sure looks like corruption,” Sen. Elizabeth Warren, D-Mass, said Wednesday.

Trump’s pivot came a day after billionaire hedge fund manager Bill Ackman publicly advised him to halt the global tariff escalation. Ackman hailed his decision to pause the tariffs.

“This was brilliantly executed by @realDonaldTrump. Textbook, Art of the Deal,” Ackman posted on Tuesday, praising the strategy behind the trade maneuver and market timing.

The White House insists the president’s move is strategic. Treasury Secretary Scott Bessent said the reversal came after an “overwhelming” response from more than 75 countries seeking to negotiate rather than retaliate.

“President Trump created maximum negotiating leverage for himself,” Bessent said. “The ones that we have lowered went into effect a week ago, and we have just been overwhelmed — overwhelmed — by the responses from, mostly, our allies, who want to come and negotiate in good faith.”

Press Secretary Karoline Leavitt reinforced that message, dismissing allegations that the president panicked under pressure from Wall Street or banking institutions like JPMorgan Chase and Goldman Sachs, which warned the new trade policy could tip the U.S. into recession.

“Many of you in the media clearly missed the art of the deal,” she said.

However, not everyone is convinced by the White House’s narrative. Some view the tariff maneuvering as fundamentally anti-China from the beginning.

A message from the White House posted Wednesday read bluntly: “DO NOT RETALIATE AND YOU WILL BE REWARDED,” signaling to countries other than China that restraint would be met with favorable treatment — namely the new 10% baseline tariff.

China Responds Swiftly

Beijing, however, chose to strike back.

Just hours after Trump’s announcement, China’s Ministry of Commerce said it would restrict exports of dual-use items, goods with both civilian and military applications, to a dozen U.S. firms. The retaliatory list includes: American Photonics, Novotech Inc., Echodyne, and Teledyne Brown Engineering. Other firms on the blacklist include Kratos Unmanned Aerial Systems, BRINC Drones, and Domo Tactical Communications. Ongoing shipments to these firms are to be terminated immediately.

“From 12:01 p.m. on April 10, the export of dual-use items to these 12 firms will be prohibited, while any ongoing related export activities must be stopped immediately,” the Chinese Commerce Ministry said.

Will China Just Go Through the Backdoor?

Some experts believe China will find ways to skirt the penalties, especially now that the U.S. has lowered tariffs on other countries to 10%.

Spencer Hakimian, founder of Tolou Capital Management, said China could simply reroute its goods through countries like Vietnam or Mexico.

“By the way, now that we’re back to 10% tariffs on Vietnam, Bangladesh, Cambodia, Mexico, etc., isn’t China just going to continue dumping into the U.S. via those middle countries and undercutting American manufacturers yet again?” Hakimian asked.

The loophole he’s referring to, known in trade circles as transshipment, is a long-running concern, and critics argue it renders U.S. tariff policy ineffective unless coordinated multilaterally.

However, Peter Schiff, Chief Economist at Euro Pacific Capital, dismissed the White House’s spin, arguing that Trump’s move amounted to a quiet retreat.

“It looks like Trump has already surrendered in what may go down as the shortest global trade war in history,” Schiff said. “I guess once he saw how badly the U.S. was losing, he needed to find a graceful way to save face.”

Still, Schiff warned that the economic consequences of even a brief tariff war are long-lasting. “Damage is already done. Confidence has been shaken. Global partners will remember this.”

What Comes Next?

For now, investors are celebrating — but the truce may be short-lived.

If China escalates further or if the EU proceeds with its planned retaliatory measures, the White House may be forced to revise its pause. Trump has not said whether countries like the European Union, Canada, or India will continue to enjoy the 10% baseline or if they risk returning to the earlier, much steeper levels.

With China targeting defense-linked companies and dual-use technologies, it’s clear that this economic dispute is no longer confined to trade. It has now moved into national security territory, and that could complicate future negotiations. With the global chessboard shifting by the hour, the next move and market shock may not be far away.

The Central Bank of Nigeria (CBN) says Nigeria recorded a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a dramatic reversal from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.

The apex bank attributed the improvement to macroeconomic reforms, increased exports, and renewed investor confidence.

However, some analysts say the figures raise more questions than answers, partly due to the trust deficit in government economic data.

The CBN, in a statement signed by its Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, said the current and capital accounts posted a combined surplus of $17.22 billion in 2024, largely driven by a goods trade surplus of $13.17 billion. This was attributed to stronger oil and non-oil exports, alongside a significant reduction in imports, notably petroleum products.

Petroleum imports dropped 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. At the same time, gas exports jumped 48.3% to $8.66 billion, and non-oil exports increased by 24.6% to $7.46 billion, which the CBN said reflected progress in Nigeria’s diversification drive.

Remittance inflows also played a central role, climbing 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) flows surged by 43.5%, reaching $4.73 billion. Development assistance climbed to $3.37 billion, and net acquisition of financial assets hit $12.12 billion on the back of a 106.5% jump in portfolio investments and an increase in local foreign currency holdings by $5.41 billion.

The apex bank said Nigeria’s external reserves increased by $6.0 billion, ending 2024 at $40.19 billion, and touted a 79.5% drop in net errors and omissions as evidence of improved transparency and better data management.

Deepening Doubt Over Official Data

In recent months, there has been growing skepticism over the data coming out of the Central Bank and other government agencies, with many accusing authorities of painting a misleading picture of Nigeria’s economic health.

Earlier this month, the CBN claimed that Nigeria’s Net Foreign Exchange Reserves (NFER) stood at $23.11 billion, sparking fresh debate among analysts. The declaration contradicted the 2023 FX report by the central bank, which stated that gross reserves were $37.09 billion in December 2022 and $40.52 billion in December 2021—figures that critics say ignore liabilities such as currency swaps, forwards, and debt obligations.

JPMorgan had in 2023, estimated the CBN’s actual net FX reserves to be just $3.7 billion as of the end of 2022. The apex bank dismissed JPMorgan’s assessment as inaccurate but failed to provide a comprehensive breakdown of its liabilities. The CBN governor said Nigeria’s foreign reserves rose to $39 billion in October 2024. These have deepened doubts about the CBN’s willingness to disclose the true state of the country’s reserves.

“Can the CBN also share with us their short and medium term foreign liabilities for: — swaps (cash calls with interest rollover) — forwards — debt obligations (in their payment schedule)?” asked economist Kelvin Emmanuel.

Concerns over credibility haven’t been limited to the CBN. The National Bureau of Statistics (NBS) came under heavy criticism last year after announcing plans to include the economic value of illegal activities such as drug trafficking and prostitution in GDP calculations. The move, which the NBS said was in line with international standards, was widely condemned as an attempt to artificially inflate Nigeria’s GDP amid economic stagnation and rising poverty.

Concerned Nigerians lament that the trend of questionable data practices appears to be deepening, with economic authorities increasingly focused on shaping narratives rather than confronting hard realities.

However, Cardoso has continued to project confidence, saying the rebound in Nigeria’s external balances reflects “effective policy implementation and the bank’s unwavering commitment to macroeconomic stability.”

But with trust in official figures waning, some say it’s going to take more than upbeat statements to restore confidence. Analysts and investors are demanding transparency – a full, public accounting of the central bank’s liabilities, forward contracts, and swap obligations—not just headline figures that obscure the depth of Nigeria’s economic challenges.