The stock market temporarily swung upwards in a matter of minutes after CNBC ran several chyrons falsely stating that President Donald Trump considered a 90-day pause on the tariffs.
Several outlets reported on the now-debunked 90-day pause after White House national economic council director Kevin Hassett told Fox News that Trump will “decide what [he’s] going to decide” on tariffs. Hassett touched upon this issue in response to billionaire Bill Ackman, who called for a 90-pause to prevent an “economic nuclear winter” due to tariffs.
“You know, I think the president is going to decide what the president is going to decide,” Hassett said on “Fox & Friends” Monday. “There are more than 50 countries in negotiation with the president, we’ve got the prime minister of Israel coming today, we’ve had a reach out over night from Taiwan, but I would urge everyone, especially Bill [Ackman] to ease up the rhetoric a little bit. The fact is that a 10% baseline tariff is on 14% of GDP. That’s how much trade we have, how many imports.”
WATCH:
Several outlets, including The Economic Times, misinterpreted Hassett’s comments by saying that a 90-day pause on all nations except China were in consideration. Without receiving any confirmation from the White House, CNBC ran chyrons stating “Hassett: Trump Is Considering A 90-Pause In Tariffs For All Countries Except China” on its program, “Squawk on the Street.”
White House press secretary Karoline Leavitt then told the outlet that these reports are “fake news.”
“[Leavitt] tells me it is ‘fake news’ that the White House is considering a 90-day pause. So the White House is pouring cold water on this idea, wherever it came from, that they are considering a 90-day pause on tariffs saying that the president is committed to his tariff regime and any reports that he’s considering a 90-day pause are ‘fake news,’” CNBC’s Eamon Javers said.
WATCH:
The fake reports led to an 8% surge in the stock markets, which plunged 3.5% in a matter of seconds after Leavitt debunked the allegations, according to Bloomberg podcaster Joe Weisenthal. The tariffs have caused U.S. stocks to take a sharp downturn, with the Dow plunging 2,200 points, its worst decline since June 2020, as a result of the tariffs, on Friday.
Trump imposed these tariffs Thursday in order to return manufacturing to the U.S. and to negotiate fairer trade practices on a global scale. The president announced in February that 25% tariffs would be imposed on Canada and Mexico due to its role in worsening the illegal immigration crisis and fentanyl epidemic in the U.S., prompting both countries to cave to his requests by taking swift action to secure their borders and combat the flow of fentanyl.
The president imposed tariffs on foreign automobiles and auto imports in order increase American car manufacturing. Union auto workers have praised the move, saying the tariffs will significantly benefit their industry.
Trump said on Truth Social Monday that several nations are trying to negotiate with the U.S. on the tariffs.
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