Ted Cruz says a late-night phone call with a furious Trump came hours before the tariff pause that sent stocks soaring — a reminder that trade policy still turns on a handful of private arguments.

• Cruz and about seven senators called Trump near midnight after the sweeping tariff announcement sank the market, urging him to cut tariffs with at least one country to calm investors.
• Trump was in a foul mood and cursed Cruz out on the call, but by noon the next day he paused the tariffs and the market posted its biggest one-day jump ever.
• Cruz says the White House is split: one camp treats tariffs as leverage to open foreign markets, the other wants high tariffs permanently as part of a go-it-alone foreign policy.
• Scott Bessent sits in the leverage camp; Cruz puts JD Vance's instincts in the permanent-tariff camp.
• Cruz also warned Trump that if retirement accounts fall sharply and grocery bills keep climbing, Republicans face a wipeout in the midterms and endless impeachment fights.

Outlook: The tariff fight inside the administration is unresolved, and which camp wins will drive how markets trade the next round of trade announcements.