White House dismisses rumor that led markets to jump: 'Fake News'
The White House pushed back on the idea that President Trump is considering a 90-day pause on tariffs as “fake news” after it spread on social media and caused the stock market to jump.
“Wrong. Fake News,” the White House said on X, sharing a post that Trump is reportedly expecting to do a pause.
A White House official also told The Hill “fake news” when asked about the reports.
The social media action began when a user on X, Walter Bloomberg, posted that Kevin Hassett, director of the National Economic Council, said Trump is considering a 90-day pause on all countries except China. The post caused major moves on the stock market, with a surge followed by a plunge within seconds.
The report appeared to be an incorrect interpretation of a Hassett interview on Fox News earlier that day. Before markets opened, Hassett was asked if Trump would consider doing a 90-day pause, and he punted on the question.
“I think the president is going to decide what the president is going to decide,” Hassett said.
Hassett was asked about the idea after billionaire hedge fund investor Bill Ackman, who endorsed Trump last year, argued on Sunday that Trump should consider calling a “90-day time out” that would allow him to negotiate and solve “asymmetric tariff deals, and induce trillions of dollars of new investment in our country.”
In a lengthy post on X, Ackman warned that the tariff plan could cause the economy to collapse and hurt Trump supporters the most.
Trump, meanwhile, has not indicted he is considering a pause. He pushed back on criticism over his tariffs earlier Monday calling on Americans to be patient and not be a “panican.”
The Dow Jones Industrial Average opened sharply down on Monday morning, hitting negative 1,500 points by 9:40 a.m. EDT. Investors are bracing for a tough Monday after the Dow lost nearly 4,000 points over Thursday and Friday following Trump’s announcement on Wednesday.
All three major stock indexes jumped higher on hopes of a 90-day pause, but fell back into negative territory soon after. Stocks have been volatile in the aftermath.