Peter Schiff: Trump Backs down on Tariffs

The two things that everybody seems to agree were weighing down the markets were the Fed's relentless drive to normalize interest rates, and figure out where "normal" was, and, of course, the trade war - the threat of additional tariffs overhanging the markets. 

So I think it was pretty clear to President Trump who is hanging his hat on the stock market, has decided that the stock market performance is the best barometer of his Presidency. 

So the fact that the stock market was falling was really a big problem for the President so he had to do what he could to try to get the stock market to go back up.

- Source, Peter Schiff