Tariffs pushback from investors and C.E.O.s has begun to put President Trump on the back foot.Credit…Saul Loeb/Agence France-Presse — Getty Images

Bulls see a Trump pivot coming

On earnings calls and in public appearances, business leaders have found their voice against President Trump’s trade war. Even Elon Musk isn’t holding back.

They join restive investors who — as shown by market rallies after every seeming backtrack on tariffs — are growing more convinced that the White House will ease off its protectionist trade threats rather than risk a big blow to the economy and Americans’ stock portfolios.

The latest: The global relief rally lost some steam on Thursday morning. But a belief that a tariff walk back is coming has gathered strength. Stocks rallied around the world on Wednesday, helped by a report by The Financial Times that Trump may buckle on some auto tariffs, and one in The Wall Street Journal that duties on Chinese goods could be cut drastically.

(That said, Treasury Secretary Scott Bessent sought to temper expectations on how far the administration would go.)

Speaking of relief, Jay Powell, the Fed chair whom Trump has repeatedly attacked for not lowering interest rates fast enough, has powerful advocates in the administration.

They include Bessent and Commerce Secretary Howard Lutnick, who helped persuade Trump not to try to fire Powell, avoiding further market turmoil and a protracted legal fight, The Journal reports.