Stocks plummet after Trump calls web rumor about tariffs a “fake news”
The stock market experienced a roller coaster morning, shooting up after news circulated online that President Donald Trump was considering a 90-day pause in his global tariff policy. However, the White House has dismissed the information as “fake news.” Once it became clear that Trump has no intention of backtracking on a policy that most economists consider completely absurd, the market reacted accordingly and plummeted.
The media confusion and market reaction
Around the same time, the news was briefly replicated by several reputable media outlets. A report from Reuters stated that “White House economic adviser Kevin Hassett said in an interview that President Donald Trump was considering a 90-day tariff pause for all countries except China.” However, the White House quickly denied the reports, causing an immediate market crash.
Later that Monday morning, a Bloomberg business reporter debunked any connection between the media outlet and the “Walter Bloomberg” account. The market experienced extreme fluctuations, with an 8.5% surge followed by a 3.5% drop within seconds.
Trump’s tariff policies have sent the global economy into a downward spiral, with critics warning of an impending recession. The president’s attempt to alleviate concerns by coining the term “Panican” has been met with ridicule and skepticism.
