- Markets briefly rallied in response to a false claim about Trump considering a 90-day tariff pause
- The White House officially denied the rumor, labeling it “fake news” in a statement to CNBC
- Multiple financial news accounts spread the unverified information, causing temporary market fluctuations before stocks and cryptocurrencies resumed their decline
Financial markets experienced temporary relief Monday when a fabricated headline claiming President Donald Trump might pause tariffs for 90 days spread across social media and news networks. The White House quickly debunked the claim, describing it to CNBC as “fake news,” after which markets resumed their downward trajectory.
The false report specifically suggested that National Economic Council Advisor Kevin Hassett had indicated Trump was considering a 90-day pause on all tariffs except those on China. This misinformation briefly tempered market losses that had been triggered by Trump’s recent protectionist economic announcements.
Tracking the Misinformation’s Origin
The rumor gained significant traction when prominent financial news aggregator @DeItaone, known as “Walter Bloomberg,” shared the claim on X (formerly Twitter), attributing it to Reuters. However, Reuters’ actual reporting appeared to reference a CNBC on-screen graphic rather than original reporting.
Further investigation revealed that other accounts, including Hammer Capital, had circulated the same headline even before the Walter Bloomberg account. CNBC hosts themselves reportedly expressed confusion about the information on-air, suggesting it hadn’t originated from their own reporting.
Market Impact and Recovery
Earlier Monday, Trump had threatened to implement additional tariffs on trading partners, including a 50% tariff increase on Chinese goods scheduled to begin Wednesday. This announcement initially sent markets tumbling.
The fabricated tariff pause headline temporarily reversed these losses, creating a brief rally. However, once the White House issued its denial, major U.S. indices turned negative again. The cryptocurrency market was similarly affected, with Bitcoin falling to approximately $78,000.
The incident highlights the market’s sensitivity to Trump’s economic policies and the potential impact of misinformation on financial markets, particularly when it appears to come from credible sources. The speed at which the unverified information spread across financial news networks and social media platforms demonstrates the challenges of maintaining information integrity in today’s rapid news environment.
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