Fake News Headlines Dupe CNBC, Cause Insane Stock Market Swing In Matter Of Minutes

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 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 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.”

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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.”