The White House on Monday strongly denied that US President Donald Trump is considering pausing new tariffs for 90 days and termed it "fake news."
White House press secretary Karoline Leavitt called Trump's consideration of pausing new tariffs "fake news," CNBC reported.
Even the video posted by Rapid Response 47, showing CNBC report of denying rumour news, was retweeted by Leavitt.
The market turbulence began when Walter Bloomberg, a user on X, shared that Kevin Hassett, National Economic Council director, indicated Trump was contemplating a 90-day suspension for all nations except China. This post triggered significant stock market fluctuations , with rapid rises and falls occurring within moments.
The posting appeared to misinterpret Hassett's Fox News interview from earlier. When questioned about a potential 90-day pause before market opening, Hassett provided a non-committal response, stating "I think the president is going to decide what the president is going to decide."
The discussion emerged after Bill Ackman, a billionaire hedge fund investor and Trump supporter, suggested on Sunday that Trump should implement a "90-day time out" to address asymmetric tariff arrangements and attract substantial investment to the country.
Ackman expressed concerns via X, suggesting the tariff strategy could potentially devastate the economy, particularly affecting Trump's support base.
Earlier Monday, he dismissed criticisms of his tariffs, urging Americans to remain patient rather than become "panican."
By 9:40 a.m. EDT, the Dow Jones Industrial Average had dropped 1,500 points. This followed significant losses of nearly 4,000 points on Thursday and Friday, after Trump's Wednesday announcement.
The major stock indices briefly increased on speculation about a 90-day pause, before returning to negative territory. The market has continued to display instability in the aftermath.
White House press secretary Karoline Leavitt called Trump's consideration of pausing new tariffs "fake news," CNBC reported.
.@PressSec: Reports that @POTUS is considering a 90-day pause on tariffs are FAKE NEWS. pic.twitter.com/UfXO1BhwYW
— Rapid Response 47 (@RapidResponse47) April 7, 2025
Even the video posted by Rapid Response 47, showing CNBC report of denying rumour news, was retweeted by Leavitt.
The market turbulence began when Walter Bloomberg, a user on X, shared that Kevin Hassett, National Economic Council director, indicated Trump was contemplating a 90-day suspension for all nations except China. This post triggered significant stock market fluctuations , with rapid rises and falls occurring within moments.
The posting appeared to misinterpret Hassett's Fox News interview from earlier. When questioned about a potential 90-day pause before market opening, Hassett provided a non-committal response, stating "I think the president is going to decide what the president is going to decide."
The discussion emerged after Bill Ackman, a billionaire hedge fund investor and Trump supporter, suggested on Sunday that Trump should implement a "90-day time out" to address asymmetric tariff arrangements and attract substantial investment to the country.
Ackman expressed concerns via X, suggesting the tariff strategy could potentially devastate the economy, particularly affecting Trump's support base.
Earlier Monday, he dismissed criticisms of his tariffs, urging Americans to remain patient rather than become "panican."
By 9:40 a.m. EDT, the Dow Jones Industrial Average had dropped 1,500 points. This followed significant losses of nearly 4,000 points on Thursday and Friday, after Trump's Wednesday announcement.
The major stock indices briefly increased on speculation about a 90-day pause, before returning to negative territory. The market has continued to display instability in the aftermath.
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