NEW YORK (AP) – Fake rumors that President Donald Trump was considering suspending tariffs that temporarily lifted the market on Monday before the White House shot down unfounded reports.
The disruption amplified on social media and some traditional media lasted less than 30 minutes, but reflected the unsettling atmosphere of Wall Street as stocks plunged into worry that Trump’s tariffs were torpedoing the global economy.
The origin of the false report was unknown, but in an interview with FOX News on Monday morning, it appeared to be a misunderstanding of comments by Kevin Hassett, director of the White House National Economic Council.
Asked whether Trump would consider the 90-day tariff suspension proposed by a well-known hedge fund manager, Hassett said, “I think the president will decide what he will decide.”
Almost two hours later, multiple user accounts on social media platform X posted the same message. Hassett said Trump is considering suspending all countries except China. Stock traders and several news outlets picked up stories, and the market spiked on good news tips.
The Dow Jones industrial average temporarily vanished a 1,700-point loss in the morning, shooting over 800 points before returning to a loss of 629 points. The S&P 500 also made sudden movements up and down.
The White House was initially just as confused as everyone else. However, 20 minutes later, the government account rejected the report as “fake news.”
Original issue: April 7, 2025, 3:06pm EDT
