The White House firmly rejected claims on Monday that US President Donald Trump is contemplating a 90-day pause on new tariffs, labeling the statement as “fake news.”
White House press secretary Karoline Leavitt referred to rumors of Trump’s pause on new tariffs as “fake news,” according to a report by CNBC.
A video shared by Rapid Response 47, which featured CNBC’s repudiation of the rumors, was also retweeted by Leavitt.
The market experienced turbulence following a tweet from Walter Bloomberg on X, which indicated Kevin Hassett, the National Economic Council director, suggested that Trump was considering a 90-day suspension for all countries except China. This tweet resulted in significant fluctuations in the stock market, with rapid shifts occurring almost immediately.
This posting seemingly misinterpreted Hassett’s earlier Fox News interview. When asked about a potential 90-day pause before the market opened, Hassett gave a vague reply, stating, “I think the president is going to decide what the president is going to decide.”
This conversation followed remarks made by Bill Ackman, a billionaire hedge fund manager and Trump supporter, who proposed on Sunday that Trump should impose a “90-day time out” to rectify imbalanced tariff policies and encourage significant investments into the country.
Ackman raised concerns via X, arguing that the tariff strategy might severely harm the economy, particularly impacting Trump’s support base.
Earlier on Monday, he dismissed critiques surrounding his tariffs, encouraging Americans to stay calm rather than panic.
By 9:40 a.m. EDT, the Dow Jones Industrial Average had plummeted by 1,500 points, following substantial losses of nearly 4,000 points on Thursday and Friday after Trump’s announcement on Wednesday.
The major stock indices initially rebounded after speculation regarding the 90-day pause, only to quickly sink back into negative territory. The market continues to show instability in the wake of these developments.
