Donald Trump eventually gave in to mounting pressure. With the financial markets in turmoil, the billionaires who supported him becoming angry and criticism from Republican politicians, on Wednesday, April 9, the US president announced a 90-day suspension of reciprocal tariffs, including the 20% tariff on European products. Nevertheless, he continued to impose a 10% tariff on all US imports – four times more than before – and made an exception for China, which he has announced he wants to tax at 125%.

Among the factors that may have led him to delay the deadline is a financial phenomenon far more significant and dangerous than the stock market slump: the risk of implosion of the American debt market. Valued at $29 trillion (€26.4 trillion), it is by far the largest financial market in the world.

Until now, it was considered the ultimate safe haven. Leading the world's largest economy, the American government was considered secure and the repayment of its debts was not in doubt. Traditionally, when stock markets crash, investors flee to this market to place their capital. Not this time. In recent days, they have instead begun to sell their American debt.

You have 81.1% of this article left to read. The rest is for subscribers only.